2020 was a difficult year for most watches players. Indeed, the COVID-19 pandemic put a halt to tourism and a lockdown in the UK, forcing a great range of businesses and non-essential shops to close for an extended period.
As luxury outlets reopen for longer and international travel progressively resumes, luxury watches benefit from a “revenge spending” trend, especially as the segment offers plenty exciting news for collectors and investors. Omega has a particularly interesting year.
2021 continues to see a mitigated transition to e-commerce for luxury players. Certainly an increasing number of traditional brands such as Cartier, IWC, Jaeger-LeCoultre, Longines, Omega, Tissot, and TAG Heuer now sell watches online.
Low and mid-range watches have been losing to smartphones and smart wearables in the past few years and will continue to do so over the forecast period. Besides being able to check the time on one’s phone, smart wearables from Apple, Samsung or Fitbit to name a few have gained significant traction, notably owing to the boom in the fitness trend across consumers.
As e-commerce increasingly takes its place in the watches industry, digital innovations are to become the norm. Augmented reality with virtual try-ons have already been on the market for a few years yet very few players actually offer that functionality.
The impact of Brexit on watches remains unclear. Indeed, Brexit could spur a decline in local demand for luxury watches, notably through strategies to go to neighbouring countries such as Switzerland to purchase said watches and pay less taxes.
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Understand the latest market trends and future growth opportunities for the Watches industry in United Kingdom with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Watches are timekeeping instruments usually worn on the wrist or carried as an accessory in a pocket. Includes wristwatches, pocket watches, and watch jewellery (gemstone-studded watches).See All of Our Definitions
This report originates from Passport, our Watches research and analysis database.
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