Executive Summary

Jul 2019
PROSPECTS
Growth tempered by rising ASPs as watches returns to normal

In the aftermath of the Brexit vote in 2016, watches in the UK enjoyed extraordinarily rapid growth, driven by a stock market crash and subsequent swing in the exchange rate of the pound sterling vs other currencies – making the UK an extremely affordable market for the global luxury consumer. This political and economic fallout resulted in bulk-buying and stock-piling of luxury watches and jewellery.

Tourism dependence wavering with increased focus on domestic UK consumer

As highlighted by the post-Brexit scramble, the international market for UK watches is heavily influenced by factors like exchange rates and political developments, making it a somewhat more volatile consumer base. However, the domestic market remains strong and it is becoming an increasing focus for both retailers and brand owners.

Focus on e-commerce expansion continues despite slowdown in online growth

While the online channel continues to enjoy strong year-on-year growth in watches in the UK, these growth rates are set to slow over the forecast period as the barriers that consumers face when it comes to purchasing high-ticket products online persist. Despite the fact that UK consumers are among the most digitally-savvy globally and have wholeheartedly embraced online shopping within the wider retail industry, the share of online sales of watches continues to lag behind.

COMPETITIVE LANDSCAPE
Increased polarisation as basic and mid-market products struggle

While watches has continued to enjoy value growth in the UK, it is becoming increasingly skewed, with heavy reliance on high-end luxury brands, while brands in the sub GBP500 space are facing growing uncertainty. A number of factors are contributing to the slowdown of basic and mid-level watches.

Luxury end continues to shine due to growth of leading brands

The luxury industry is enjoying strong growth, and this has impacted the high-end watch segment, which continues to shine, despite the increase in the average price point of Swiss brands. The most notable gain was made by leading player, Rolex, which has enjoyed outstanding growth in the UK over the past 2-3 years.

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Watches in the United Kingdom

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Overview

Discover the latest market trends and uncover sources of future market growth for the Watches industry in United Kingdom with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Watches industry in United Kingdom, our research will save you time and money while empowering you to make informed, profitable decisions.

The Watches in United Kingdom market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • How do sales of mechanical, quartz analogue and quartz digital watches compare in United Kingdom?
  • Which format of watch underpins most sales: casual, formal or sports?
  • Which retail channel is showing the most future promise?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our watches market research database.

Watches in the United Kingdom - Category analysis

HEADLINES

PROSPECTS

Growth tempered by rising ASPs as watches returns to normal
Tourism dependence wavering with increased focus on domestic UK consumer
Focus on e-commerce expansion continues despite slowdown in online growth

COMPETITIVE LANDSCAPE

Increased polarisation as basic and mid-market products struggle
Luxury end continues to shine due to growth of leading brands

CATEGORY DATA

Table 1 Sales of Watches by Category: Volume 2014-2019
Table 2 Sales of Watches by Category: Value 2014-2019
Table 3 Sales of Watches by Category: % Volume Growth 2014-2019
Table 4 Sales of Watches by Category: % Value Growth 2014-2019
Table 5 Sales of Watches by Price Band: Volume 2014-2019
Table 6 Sales of Watches by Price Band: Value 2014-2019
Table 7 Sales of Watches by Price Band: % Volume Growth 2014-2019
Table 8 Sales of Watches by Price Band: % Value Growth 2014-2019
Table 9 NBO Company Shares of Watches: % Value 2014-2018
Table 10 LBN Brand Shares of Watches: % Value 2015-2018
Table 11 Distribution of Watches by Format: % Value 2014-2019
Table 12 Forecast Sales of Watches by Category: Volume 2019-2024
Table 13 Forecast Sales of Watches by Category: Value 2019-2024
Table 14 Forecast Sales of Watches by Category: % Volume Growth 2019-2024
Table 15 Forecast Sales of Watches by Category: % Value Growth 2019-2024
Table 16 Forecast Sales of Watches by Price Band: Volume 2019-2024
Table 17 Forecast Sales of Watches by Price Band: Value 2019-2024
Table 18 Forecast Sales of Watches by Price Band: % Volume Growth 2019-2024
Table 19 Forecast Sales of Watches by Price Band: % Value Growth 2019-2024

Personal Accessories in the United Kingdom - Industry Overview

EXECUTIVE SUMMARY

Personal accessories continues to grow but competitive landscape rapidly evolving
Luxury players drive growth across categories
A concentrated market contending with digital disruption
Traditional retailers face mounting pressure from new and alternative distribution channels
Growth expected to slow slightly over the forecast period, as competing industries gain momentum

MARKET DATA

Table 20 Sales of Personal Accessories by Category: Volume 2014-2019
Table 21 Sales of Personal Accessories by Category: Value 2014-2019
Table 22 Sales of Personal Accessories by Category: % Volume Growth 2014-2019
Table 23 Sales of Personal Accessories by Category: % Value Growth 2014-2019
Table 24 NBO Company Shares of Personal Accessories: % Value 2014-2018
Table 25 LBN Brand Shares of Personal Accessories: % Value 2015-2018
Table 26 Distribution of Personal Accessories by Format: % Value 2014-2019
Table 27 Forecast Sales of Personal Accessories by Category: Volume 2019-2024
Table 28 Forecast Sales of Personal Accessories by Category: Value 2019-2024
Table 29 Forecast Sales of Personal Accessories by Category: % Volume Growth 2019-2024
Table 30 Forecast Sales of Personal Accessories by Category: % Value Growth 2019-2024

DEFINITIONS

SOURCES

Summary 1 Research Sources