Online watch sales stall in the first quarter of the year

GfK data has indicated that the value has been more robust with a 2.3 per cent decline, compared to volume, which is down 4.6 per cent. However, the longer term trends of sales online continue to look positive with year-on-year growth rates at 8.9 and 24.8 per cent for volume and value respectively.

“What is clear from these numbers is that the average online sale price is continuing to rise, now standing at £66 for the last 12 months, compared to £57 for the previous year. With an increase of 14.6 per cent this is well ahead of the growth on the high street, which is 10.1 per cent for the last 12 months. Having said that, the average sale price is still £42 lower online, than on the high street,” said GfK’s Jonathan Hedges.

“Without a strong presence from the high-end Swiss brands online, the average price will continue to sit below the high street average, but it is clear that people are becoming more confident in shopping online and there are more and more products available to the consumer through this form of retailing.

“For retailers then, the need to multi-channel retail is now very clear, especially when looking at the market under £500,” he concluded.