Amidst the prevailing cost-of-living concerns in the UK, a recent study unveils promising prospects for the luxury watch market.
Recent research indicates a robust upswing for the UK luxury watch segment over the next two years, with consumers earmarking an average of £6,600 for their high-end timepieces. The breakdown showcases an expected expenditure of £7,000 for women and £6,500 for men, according to insights from The Watch Register.
Approximately 13% of UK consumers express their intent to acquire at least one luxury watch by 2025, with this inclination spiking to 22% among London residents.
The allure of prestigious wristwatches remains potent among the under-35 demographic, with 24% planning to acquire a new luxury watch in the next two years, a stark contrast to the 3% among those over 55.
In terms of spending, the younger generation is poised to be a major contributor, with 39% of those under 35 planning to invest £5,000 or more. In contrast, only 7% of those over 55 share a similar spending outlook.
Payment methods for these luxury acquisitions vary, with the majority favoring credit cards (41%), followed by debit cards (28%), and cash (16%). Other financing options include plans from the seller (7%), work bonuses (4%), or personal loans (2%).
In a positive trend for the UK luxury watch market, 22% of respondents state they currently own or have owned a luxury watch.
Katya Hills, Managing Director at The Watch Register, a global crime prevention database, comments, “Despite volatile markets and rising living costs, the luxury watch market continues to thrive and experience steady growth. Our findings highlight the enduring appeal of high-status watches, especially among the next generation with disposable incomes and a keen appreciation for craftsmanship and heritage, hallmarks of major luxury watch brands.”
Hills, noting that The Watch Register has registered over 80,000 stolen or lost watches and traced 620 last year, advises prospective luxury watch owners to take precautions against potential theft. This includes being discreet while wearing prestigious timepieces in public and keeping photographs and the watch’s unique serial number for recovery in case of loss or theft.
The UK luxury watch market sets the stage for growth, driven by discerning consumers and a thriving appreciation for craftsmanship.
