IJL seminar reveals the numbers characterising the UK timpiece market.
Jonathan Hedges, a specialist in the watch and jewellery retail markets from GfK Retail & Technology this week held an eye-opening seminar focused on the changing watch market in the UK, noting which trends and price points are big hitters.
Hedges revealed at the talk hosted at International Jewellery London (IJL) that GfK is currently tracking the market share of 385 watch brands in the UK and 847 in Europe, and has noticed some interesting changes within the UK market.
“In Q2 of 2011 the volume of watch sales rose 3% while the value of those sales rose 3.5% compared to Q2 2010,” said Hedges.
Department stores have enjoyed the biggest growth, said Hedges, but independent jewellers and watch specialists still have a 8% to 9% share of the watch market. Hedges said that this rise in value is not only due to the VAT increase that occurred in January, but also from consumer demand, as shoppers want to spend a little more money – albeit less often – on better quality timepieces.
Despite gold prices, gold watches continue to sell well at more than £5,000, and more consumers are looking to the second-hand market for the big names.
“In the UK the top 10 watch brands on the market have a 39.7% share, while the top 30 have a 82.4% share,” he said.
Ceramic watch sales have an average spend of £500 but are up 3% this year, while metal watches have coincidentally lost 3% of their market share.
Find out more about these figures in next month’s WatchPro.