A recent study has provided optimistic insights into the luxury watch market in the UK, despite the ongoing financial challenges faced by consumers. The research reveals that a significant number of individuals are considering investing in high-end timepieces, with an average spend of £6,600. Men are projected to spend an average of £6,500, while women are expected to spend slightly more at £7,000.
The study highlights that 13% of UK consumers are contemplating buying at least one luxury watch by 2025. Interestingly, residents of London show greater interest in luxury watches, with 22% expressing a desire to make a purchase. The appeal of prestigious wristwatches is particularly strong among individuals under the age of 35, with 24% of this age group planning to buy a new luxury watch within the next two years. In contrast, only 3% of consumers aged 55 and above share the same intention. Moreover, the younger generation is expected to be the largest spending group, with 39% planning to spend £5,000 or more on their new timepiece, compared to just 7% of those aged 55 and above.
The study also examines the preferred payment methods for luxury watches in the UK. A majority of consumers surveyed indicate that they intend to use credit cards (41%) for their purchase, followed by debit cards (28%) and cash (16%). A smaller percentage plans to finance their watch through seller-provided finance plans (7%), work bonuses (4%), or personal loans (2%).
In a positive development for the UK luxury watch market, 22% of respondents note that they currently own or have previously owned a luxury watch. Katya Hills, Managing Director at The Watch Register, a global crime prevention database, commented on the findings, stating that despite economic uncertainties, the luxury watch market continues to flourish. Hills attributes this trend to the persistent allure of high-status watches for affluent consumers who have disposable incomes, as well as their appreciation for the craftsmanship and heritage associated with renowned luxury watch brands.
However, Hills also highlights the potential risks associated with owning a luxury watch, given their significant financial value. To avoid becoming victims of theft, Hills advises potential owners to exercise caution and take necessary precautions. This includes being discreet when wearing prestigious timepieces in public settings and maintaining records, such as photographs and unique serial numbers, which can aid recovery efforts in case of loss or theft.
Overall, the study’s predictions of robust growth in the UK luxury watch market mirror the continued popularity that high-end timepieces hold among consumers, particularly the younger generation and affluent individuals. Given their increased disposable incomes and appreciation for the craftsmanship and heritage of luxury watch brands, it is likely that the market will continue to thrive in the coming years.
Useful links:
– The Watch Register: Learn more about The Watch Register, a global crime prevention database for luxury watches.
– Luxury Watch Brands: Explore luxury watch brands and gain insights into their craftsmanship and heritage.
