United Kingdom Luxury Watch Market Report and Forecast 2024-2032

United Kingdom Luxury Watch Market Size

The United Kingdom luxury watch market reached approximately USD 1.35 billion in 2023. The market is projected to grow at a CAGR of 3.2% between 2024 and 2032, reaching a value of around USD 1.80 billion by 2032.

United Kingdom Luxury Watch Market Outlook

• The UK fashion e-commerce sector is forecasted to achieve a value of US$48,204.4 million by the conclusion of 2024, representing 28.4% of the overall e-commerce market in the United Kingdom.

• Approximately 13% of consumers in the UK indicated their intention to purchase a luxury watch between 2023 and 2025, with the demand increasing to 22% among individuals residing in London.

• Women are projected to allocate around £7,000, while men are estimated to spend approximately £6,500 on luxury watches between 2023 and 2025, as reported by The Watch Register.

United Kingdom Luxury Watch Market Growth

The market has experienced a notable shift towards online shopping due to advancements in digital technology and evolving consumer behaviours. The UK's retail sales in 2021 reached £421 billion, marking a 4.5% increase from the previous year. Online sales accounted for 30% of this total, with expectations to rise to 33.5% within the next three years. Approximately 82% of the UK population made at least one online purchase in 2021. Key players in the UK's e-retail market include Amazon, ASOS, eBay, Missguided, N Brown Group, Net-a-Porter, and Very Group. Online platforms offer consumers the flexibility to explore and buy luxury watches at their convenience, a feature that traditional brick-and-mortar stores cannot replicate.

The demand for luxury watches as status symbols and investment pieces is fuelled by a substantial number of consumers with high disposable income levels. The increase in wealth among high-net-worth individuals and the expansion of the upper-middle class led to a rise in spending on luxury goods, such as watches. Exclusive brand boutiques and luxury retail stores in major cities like London offer consumers accessibility and a premium shopping experience.

The Watches of Switzerland Group, the UK's leading luxury watch and jewellery retailer, broadened its customer reach by launching additional stores in key locations. With an investment exceeding £1.5 million, the group inaugurated three new showrooms in Scotland as part of the initial phase of the £1 billion St James Quarter development in Edinburgh on June 24, 2021.

United Kingdom Luxury Watch Industry Segmentation

“United Kingdom Luxury Watch Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Electronic

• Mechanical

Market Breakup by Distribution Channel

• Online

• Offline

Market Breakup by Region

• England

• Wales

• Scotland

• Northern Ireland

United Kingdom Luxury Watch Market Share

Based on product, the market is segmented into electronic and mechanical. The mechanical segment is projected to grow at a CAGR of 3.6% during the forecast period of 2024-2032. A mechanical luxury watch embodies precision, artistry, and sophistication. In contrast to quartz watches that rely on battery-operated mechanisms, mechanical watches are driven by an intricate arrangement of gears, springs, and various components, frequently crafted by hand.

Leading Companies in the United Kingdom Luxury Watch Market

Major players are focusing on the adoption of technological advancement to gain a competitive edge in the market.

• ROLEX SA.

• The Swatch Group Ltd.

• Bremont Watch Company Limited

• Breitling SA

• LVMH Moët Hennessy Louis Vuitton SE

• Seiko Watch Corporation

• Audemars Piguet

• Richard Mille Group

• Movado Group Inc.

• Bell & Ross SARL

• Others

Key Highlights of the Report