Watch sales on the decline but market growth increases, reports indicate

However, the decline in sales of individual units has coincided with an increase in average unit price – a 14.3 per cent rise in the year to date, which has seen market growth of 1.6 per cent in the same period, despite the unit sales decline.

The London 2012 Games throughout July, August and September brought millions of visitors to the UK, and London in particular, but that trading period saw a huge decline in year-on-year sales, too.

The volume of sales dropped by 30 per cent and the value by 10.7 per cent in the London area, which has seen a rise in average sale price of 28 per cent. But gold watches have bucked the trend, proving to be a big seller throughout the Games period – increasing by six per cent in value – and especially popular with Asian tourists.

Even though it was a great success and was watched, embraced and enjoyed by millions, the London 2012 Games seemed to have a negative impact of the UK watch market – particularly in London, which on average contributes around 35 per cent of the value of the UK market.

Between July and September, this share dropped to 31 per cent, which could be attributed to people’s avoidance of the capital during this busy period.