The United Kingdom luxury watch market reached approximately USD 1.35 Billion in 2024. The market is projected to grow at a CAGR of 3.20% between 2025 and 2034, reaching a value of around USD 1.85 Billion by 2034.

The revenue in the 'Luxury Watches' segment of the luxury goods market in the United Kingdom was modeled to stand at ************ U.S. dollars in 2024. Between 2018 and 2024, the revenue rose by *********** U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The revenue will steadily rise by *********** U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Luxury Watches.

Luxury Watch Market Analysis | Industry Forecast, Size & Report Insights

Dataset updated: Jun 27, 2024

Dataset authored and provided by: Mordor Intelligence

License: https://www.mordorintelligence.com/privacy-policy

Time period covered: 2019 - 2029

Area covered: Global

Variables measured: CAGR, Market size, Market share analysis, Global trends, Industry forecast

Description: The Luxury Watch Market size is estimated at USD 51.31 billion in 2024, and is expected to reach USD 68.17 billion by 2029, growing at a CAGR of 5.84% during the forecast period (2024-2029)

Quantitative Units: Revenue in USD Billion, Volumes in Units, Pricing in USD

Regions and Countries Covered (from Scope of Report):

• North America: United States, Canada, Mexico, Rest of North America
• Europe: Germany, United Kingdom, France, Italy, Russia, Spain, Rest of Europe
• Asia-Pacific: India, China, Australia, Japan, Rest of Asia-Pacific
• South America: Brazil, Argentina, Rest of South America
• Middle East & Africa: United Arab Emirates, South Africa, Rest of Middle East & Africa

Industry Segmentation Covered (from Scope of Report):

Type: Quartz or Mechanical Watch, Digital Watch

End User: Women, Men, Unisex

Distribution Channel: Online Retail Stores, Offline Retail Stores

Market Players Covered: Rolex SA, The Swatch Group Ltd, Compagnie Financiere Richemont SA, Patek Philippe SA, and Audemars Piguet.

Market Estimates and Report Statistics

Report Attribute	Key Statistics
Study Period	2019-2029
Market Size (2024)	USD 51.31 Billion
Market Size (2029)	USD 68.17 Billion
CAGR (2024 - 2029)	5.84%
Fastest Growing Market	South America
Largest Market	Asia Pacific

By Product Type

Product Type	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Quartz/ Mechanical Luxury Watches	2019 to 2029	x%
Digital Luxury Watches	2019 to 2029	x%
Total	2019 to 2029	5.84%

By End User

End User	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Men’s Luxury Watches	2019-2029	x%
Women’s Luxury Watches	2019-2029	x%
Unisex Luxury Watches	2019-2029	6.90%
Total	2019-2029	x%

By Distribution Channel

Distribution Channel	Market Size Data Available from	CAGR % (2024-2029), Revenue in USD Million
Offline Retail Stores	2019-2029	4.13%
Online Retail Stores	2019-2029	x%
Total	2019-2029	x%

Luxury Watch Sales by Region

Region	Study Period	CAGR % (2024-2029), Revenue in USD Million
North America	2019-2029	x%
Europe	2019-2029	x%
Asia Pacific	2019-2029	x%
South America	2019-2029	x%
Middle East & Africa	2019-2029	x%
Total	2019-2029	5.84%

According to a survey on luxury watch brands in Great Britain (UK), during the first quarter of 2024, the most popular luxury watch brand was Casio watches, which was favored by ** percent of respondents. Timex watch brand ranked on third place, receiving the positive opinion of ** percent of respondents.

Jewellery and watches aren't essential, so sales depend on people's confidence in the economy and how much they have to spend. Uncertainty surrounding near-term economic prospects has weighed on sales for jewellery and watches and price-sensitive consumers have reduced their spending on luxury goods. More affluent shoppers have sustained sales, as they are less susceptible to economic conditions. Steep inflation and economic uncertainty over 2023-24 constrained spending on luxury items. In response, retailers focused on international growth opportunities like Watches of Switzerland to increase its presence in the US market. However, improving economic conditions in 2024-25 have boosted the market. With consumer confidence hiking in 2024-25, shoppers are feeling more confident about spending, thanks to easing inflation pressures and better financial stability. Retailers can take advantage of this by offering exclusive product launches, personalised customer service and loyalty rewards. These steps help attract new shoppers and keep current customers coming back. Moreover, an increased focus on sustainability, driven by rising environmental consciousness, is transforming the industry. Key players like Pandora have adopted recycled materials and lab-grown diamonds, appealing to eco-conscious consumers. As macroeconomic conditions improve in 2024-25, the UK market is poised for renewed sales. Over the five years through 2024-25, revenue is projected to climb at a compound annual rate of 1.5% to £7.8 billion, with revenue set to inch upwards by 0.4% in 2024-25. The operating profit margin is anticipated to recover to 6.2% in 2024-25. Revenue is expected to climb at a compound annual rate of 0.7% over the five years through 2029-30 to £8.1 billion. Economic conditions are expected to stabilise in the coming years, supporting renewed spending growth and increasing demand for mid-range products. The future outlook for the UK Jewellery and Watch Stores industry will be shaped by growing online shopping trends and the perception of luxury watches as investment assets. Companies like Watches of Switzerland will enhance digital platforms to replicate in-store experiences. While demand for high-end brands remains strong, the industry faces authenticity challenges due to counterfeit crises from cheaper replicas, and rising gold prices will continue to create obstacles for many businesses in the industry.

Consumer confidence, disposable incomes, exchange rates and world prices of precious metals all heavily influence the performance of watch and jewellery wholesalers. Purchases of watches and jewellery are considered discretionary, with many customers opting to reign in the spending during tough economic climates. However, the luxury end of the market is remarkably robust to market cycles. Purchase costs for wholesalers can shoot up in periods of economic uncertainty as demand for precious metals rises as they're considered safe investments. The COVID-19 outbreak sparked a drop in demand for wholesalers as many downstream retail outlets had to shut up shop in line with government restrictions. The ban on international (and internal travel, albeit to a lesser extent) dented sales to tourists heavily. The cost-of-living crisis contributed to a steep drop in revenue in 2023-24 as shoppers tightened their purse strings. Key downstream markets like high-street shops reined in their order volumes, hitting wholesalers' revenue hard. The usually resilient luxury market has also been impacted by the tough trading conditions. Revenue is expected to rise in 2024-25, increasing by 5.4%, as retail sales recover from a long period of inflationary pressure. Over the five years through 2024-25, wholesalers' revenue is forecast to grow at a compound annual rate of 1.8% to £3 billion. Profitability is likely to remain stable as rising purchase costs cancel out rising consumer confidence. Wholesale bypass will remain a severe threat to wholesalers' revenue and margin. The sharp rise in operating costs in recent years has encouraged retailers to reassess their supply chains, with many opting to deal directly with manufacturers in search of lower prices. This trend is particularly prominent among larger retailers with the purchasing power to negotiate favourable supply deals. Consumer confidence will grow, boosting sales of high-margin statement pieces. Improving disposable incomes will also drive demand for ethical gold at a hefty premium. Over the five years through 2029-30, wholesalers' revenue is forecast to grow at a compound annual rate of 7.5% to reach £4.3 billion.

UK consumers bought luxury goods items such as fragrances and accessories mainly as a gift to people in their life. According to a March 2024 survey, the second-most popular occasion to splurge on luxury goods was birthday gifts for themselves. Which kinds of luxury goods to UK consumers purchase? In 2024, UK consumers made **** purchases in fragrances than they did in other luxury goods categories. Still, the luxury fashion market was projected to be the largest category in terms of revenue in the UK in 2024. Another popular spending category within the luxury goods market was watches and jewelry. Leading luxury brands in the UK The UK luxury watch brand Rolex was one of the 10 most valuable luxury brands worldwide in 2024. Within the United Kingdom, however, brands like Hugo Boss (based in Germany) and Ralph Lauren (based in the United States) were some of the most popular. French brands like Yves Saint Laurent and Dior were popular both worldwide and in the UK. These trends make sense when considering the global leaders in the worldwide luxury goods market.

The European watch market, valued at approximately €15 billion in 2025, is projected to experience steady growth, driven by a rising demand for both luxury and smartwatches. A Compound Annual Growth Rate (CAGR) of 5.31% from 2025 to 2033 indicates a substantial market expansion over the forecast period. Key growth drivers include increasing disposable incomes, particularly among younger demographics, fostering a desire for premium timepieces and technologically advanced wearables. Furthermore, the burgeoning popularity of smartwatches, offering fitness tracking and seamless smartphone integration, is significantly impacting the market landscape. The segment comprising online retail stores shows particularly strong growth, propelled by enhanced e-commerce infrastructure and consumer preference for convenient online purchasing. However, the market faces challenges, including fluctuations in raw material prices and the ever-present threat of counterfeit products which undercut legitimate brands. The market is segmented by watch type (analogue and digital), end-user (men, women, unisex), and distribution channel (offline and online retail stores), providing a granular view of market dynamics. Leading brands, such as Seiko, Casio, Timex, Rolex, and Swatch Group, dominate the landscape, each catering to distinct market segments through diverse product offerings and marketing strategies. The market's growth trajectory is influenced by evolving consumer preferences, technological advancements, and economic conditions within the European Union. The diverse nature of the European market presents both opportunities and challenges for established and emerging players. While luxury watch brands continue to capitalize on their heritage and craftsmanship, smartwatches from established tech companies and newcomers offer increased functionality and affordability. The increasing preference for sustainable and ethically sourced products also presents a significant opportunity for watch manufacturers who can highlight these aspects in their marketing campaigns. Competition is fierce, driving innovation and pushing boundaries in terms of design, functionality, and marketing strategies. Geographic variations in consumer preferences within Europe, with certain countries showing a stronger preference for particular watch styles or brands, necessitates a tailored market approach. This complex interplay of factors ensures a dynamic and evolving market landscape in the coming years. Recent developments include: January 2023: Fossil Group launched a new marketplace, 'Katchin,' in the United Kingdom specifically for jewelry and watches. The company claimed that Katchin aims to offer consumers a new way to shop for accessories, bringing together 'the most sought-after names together in a one-stop-shop' alongside curated content and how-to-style guides., October 2022: Huawei launched the Watch D in the German market. The watch was claimed to have a blood pressure monitor feature which already has regulatory approval for the United Kingdom and Europe. The company launched its product through its website and other third-party online retailers as well., October 2022: Amazfit launched its water-resistant smartwatch, Amazfit Falcon, in Germany. The company made the watch available through the Amazon website and the manufacturer's website. It featured a particularly robust titanium case, more than 150 sports modes, and 24/7 health monitoring.. Key drivers for this market are: Blending Adventure Sports With Smarter Wearables, The Preference for Luxury Time. Potential restraints include: Blending Adventure Sports With Smarter Wearables, The Preference for Luxury Time. Notable trends are: Blending Adventure Sports With Smarter Wearables.

The European e-commerce watch market is experiencing robust growth, driven by increasing online shopping preferences, the rising popularity of smartwatches, and the expanding reach of e-commerce platforms. A Compound Annual Growth Rate (CAGR) of 9.04% from 2019 to 2024 suggests a significant market expansion. This growth is fueled by several factors: the convenience and accessibility of online shopping, the increasing affordability of smartwatches and other technologically advanced timepieces, and the aggressive marketing strategies employed by major players like Apple, Fitbit, and others. The market segmentation reveals strong performance across both product types (Quartz/Mechanical, Smart) and platforms (third-party retailers and company websites). Smartwatches, in particular, are driving significant market expansion due to their integration with health and fitness tracking features appealing to a tech-savvy consumer base. Looking forward to 2033, this upward trajectory is expected to continue. While challenges like economic fluctuations and potential supply chain disruptions may exert some pressure, the overall growth outlook remains positive. The market's diverse product offerings, coupled with ongoing technological advancements and innovative marketing approaches, are positioned to maintain a strong consumer appeal, stimulating further market penetration and driving revenue increases within the European Union. The continued expansion of reliable and user-friendly e-commerce platforms across the various European countries will further facilitate this growth. This creates a ripe market for both established players and emerging brands looking to capitalize on the increasing demand for watches purchased online within the European region. Market analysis suggests that segments focusing on premium brands and specialized features, like those offered by Rolex or Richemont, will also contribute significantly to overall market value. Recent developments include: October 2022: Huawei launched the Watch D in the United Kingdom market. The watch was claimed to have a blood pressure monitor feature, which already has regulatory approval for the United Kingdom and Europe. The company launched its product through its website and other third-party online retailers as well., October 2022: Amazfit launched its water-resistant smartwatch, Amazfit Falcon, in Germany. The company made the watch available through the Amazon website and the manufacturer's website. It featured a particularly robust titanium case, more than 150 sports modes, and 24/7 health monitoring., June 2021: Fossil launched its first LTE smartwatch in the United Kingdom in partnership with Vodafone through various online retailing platforms, including its own. The watch included features like heart-rate sensor hardware, GPS, activity tracking, sleep tracking, and NFC payments.. Key drivers for this market are: Increasing sports participation, The Preference for Luxury Time Pieces. Potential restraints include: Increasing sports participation, The Preference for Luxury Time Pieces. Notable trends are: Increasing Demand for Connected Wearables.

Mechanical Wrist Watches Market Outlook

The global mechanical wrist watches market size was valued at approximately USD 7.5 billion in 2023, and it is projected to reach USD 12.5 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period. This robust growth is driven by a resurgence in the appreciation of traditional craftsmanship and luxury, as well as an increasing consumer inclination towards timeless fashion accessories. The unique blend of intricacy, craftsmanship, and heritage associated with mechanical wrist watches has created a thriving market landscape where consumers are willing to invest in these pieces as status symbols and heirlooms, driving the market forward.

One of the primary growth factors for the mechanical wrist watches market is the increasing consumer demand for luxury and premium products. As disposable incomes rise globally, there is a growing trend towards purchasing high-end luxury items, including mechanical wrist watches. These timepieces are often associated with status and sophistication, attracting affluent consumers who value exclusivity and timeless elegance. Furthermore, the mechanical wristwatch market benefits from an enduring appeal among collectors and enthusiasts who value the craftsmanship and heritage of traditional watchmaking. This demographic is willing to invest considerable resources to acquire unique and rare pieces, further driving market growth.

Another significant growth factor is the resurgence of interest in horological craftsmanship and artisanal excellence. In an era dominated by digital and smart devices, many consumers are seeking a return to the traditional and the tangible. Mechanical wrist watches, with their intricate inner workings and handcrafted precision, embody this desire. They offer a tactile and visual experience that digital devices cannot replicate, thus appealing to consumers who appreciate craftsmanship and the artistry involved in watchmaking. Additionally, the increasing number of watchmaking exhibitions, fairs, and events around the world has bolstered consumer interest and awareness, thereby contributing to market expansion.

The growth of the mechanical wrist watches market is further propelled by strategic marketing and branding initiatives by key industry players. Leading watch manufacturers are investing significantly in marketing campaigns that highlight the heritage and legacy of their brands, as well as the timeless appeal of their products. Collaborations with fashion designers, celebrities, and influencers have also played a pivotal role in enhancing brand visibility and reaching newer customer segments. Moreover, the evolution of e-commerce and online retail platforms has made mechanical wrist watches more accessible to a global audience, enabling consumers to explore and purchase products from a diverse range of brands and boutiques. This ease of access has been crucial in driving market growth.

A critical component that contributes to the allure and functionality of mechanical wrist watches is the Escapement System. This intricate mechanism is responsible for regulating the release of energy from the mainspring to the gear train, ensuring precise timekeeping. The escapement system's design and construction are pivotal in maintaining the accuracy and reliability of a mechanical watch, making it a focal point for watchmakers who strive for excellence in horological craftsmanship. The balance wheel and escapement work in harmony to control the oscillations, which are essential for the watch's timekeeping function. This system not only exemplifies the complexity and artistry of mechanical watches but also highlights the dedication to precision that defines the industry. As consumers become more knowledgeable about the inner workings of their timepieces, the escapement system's role in delivering unparalleled performance and durability becomes a key selling point for luxury watch brands.

Regionally, the mechanical wrist watches market is experiencing varied growth dynamics across different geographies. Asia Pacific is emerging as a major market for mechanical wrist watches, fueled by the rising affluence in countries such as China and India. The increasing middle-class population and the growing influence of Western luxury brands in these regions are significant factors contributing to market expansion. Meanwhile, North America and Europe continue to dominate the luxury segment, with established markets in the United States, United Kingdom, and Switzerland. These regions are characterized b

The Europe Watch Market is segmented by Product Type (Analogue Watch and Digital Watch), End User (Women, Men, and Unisex), Distribution Channel (Offline Stores and Online Stores), and Country (United Kingdom, Germany, Spain, France, Italy, Russia, and Rest of Europe). The market size and values in (USD Million) during the forecasted years for the above segments.

The Europe Watch Market caters to various end-user segments, including women, men, and unisex. Watches designed specifically for men typically feature larger dials, bolder designs, and robust materials, while women's watches are characterized by their elegance, smaller sizes, and intricate detailing. Unisex watches offer a versatile option, combining elements from both men's and women's styles. In terms of functionality, analogue watches provide a timeless look, while digital watches offer advanced features such as timekeeping, alarms, and fitness tracking. Recent developments include: January 2023: Fossil Group launched a new marketplace, 'Katchin,' in the United Kingdom specifically for jewelry and watches. The company claimed that Katchin aims to offer consumers a new way to shop for accessories, bringing together 'the most sought-after names together in a one-stop-shop' alongside curated content and how-to-style guides., October 2022: Huawei launched the Watch D in the German market. The watch was claimed to have a blood pressure monitor feature which already has regulatory approval for the United Kingdom and Europe. The company launched its product through its website and other third-party online retailers as well., October 2022: Amazfit launched its water-resistant smartwatch, Amazfit Falcon, in Germany. The company made the watch available through the Amazon website and the manufacturer's website. It featured a particularly robust titanium case, more than 150 sports modes, and 24/7 health monitoring.. Key drivers for this market are: Blending Adventure Sports With Smarter Wearables, The Preference for Luxury Time. Potential restraints include: Increased Prevalence of Counterfeit Products. Notable trends are: Blending Adventure Sports With Smarter Wearables.

The size of the Europe E-Commerce Watch Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 9.04% during the forecast period. E-commerce (electronic commerce) refers to the buying and selling of goods and services over the internet. It involves various types of transactions, including business-to-consumer (B2C), business-to-business (B2B), consumer-to-consumer (C2C), and consumer-to-business (C2B). E-commerce platforms enable businesses and individuals to conduct transactions through websites, mobile apps, and social media channels. This industry has grown significantly due to the convenience and accessibility it offers, allowing consumers to shop from anywhere at any time. Recent developments include: October 2022: Huawei launched the Watch D in the United Kingdom market. The watch was claimed to have a blood pressure monitor feature, which already has regulatory approval for the United Kingdom and Europe. The company launched its product through its website and other third-party online retailers as well., October 2022: Amazfit launched its water-resistant smartwatch, Amazfit Falcon, in Germany. The company made the watch available through the Amazon website and the manufacturer's website. It featured a particularly robust titanium case, more than 150 sports modes, and 24/7 health monitoring., June 2021: Fossil launched its first LTE smartwatch in the United Kingdom in partnership with Vodafone through various online retailing platforms, including its own. The watch included features like heart-rate sensor hardware, GPS, activity tracking, sleep tracking, and NFC payments.. Key drivers for this market are: Increasing sports participation, The Preference for Luxury Time Pieces. Potential restraints include: Availability of Counterfeit Products. Notable trends are: Increasing Demand for Connected Wearables.

Jewellery manufacturing revenue is forecast to contract at a compound annual rate of 0.7% over the five years through 2024-25 to £1.3 billion. Before COVID19 hit, falling unemployment and rising disposable incomes supported jewellery sales. However, the pandemic sent shockwaves through the industry, wreaking havoc on commodity prices and prompting the introduction of lockdown restrictions, resulting in the decimation of downstream markets. Jewellery manufacturers revenue was supported, though, by the weak pound bolstering export markets and helping to keep imports at bay. As the COVID-19 pandemic started to wind down, jewellers experienced a boom in sales as consumers cashed in on their newly inflated savings. However, inflationary pressures brought on by the pandemic has begun to take a toll on the market. The resulting cost-of-living crisis caused consumer confidence to plummet and reduced disposable incomes, weighing on jewellery sales. Inflationary pressures are set to ease a little over 2024-25, but consumer confidence is set to remain depressed, causing a 1.6% drop in revenue. Over the five years through 2029-30, jewellery makers' revenue is expected to climb at a compound annual rate of 0.2% to £1.3 billion. Growth in export revenue will contribute to revenue expansion, though export competition will remain fierce as overseas jewellery producers continue improving quality standards and change customer perceptions. In the long term, recovering economic conditions and stabilising inflation will spur renewed growth in consumer spending, aiding jewellery sales.

Bremont Watch Company Limited is a British luxury watchmaker headquartered in England. The company generated a vast share of its revenue in the United Kingdom. In the financial year 2023 ending June 30, Bremont reported revenues of approximately **** million British pounds attributed to the UK.

Number of Businesses statistics on the Jewellery & Watch Stores industry in the UK

This statistic shows the revenue of the industry “repair of watches, clocks and jewellery“ in the United Kingdom from 2012 to 2019, with a forecast to 2025. It is projected that the revenue of repair of watches, clocks and jewellery in the United Kingdom will amount to approximately ****** million U.S. Dollars by 2025.

From 2018 to 2020, the company reported negative EBITDA. While the company reported positive EBITDA of *** million British pounds in 2022, in 2023 Bremont had a negative EBITDA of ** million GBP. Bremont Watch Company Limited is a British luxury watch manufacturer headquartered in England.

How high is the brand awareness of Rolex in the UK?When it comes to watches users, brand awareness of Rolex is at **% in the UK. The survey was conducted using the concept of aided brand recognition, showing respondents both the brand's logo and the written brand name.How popular is Rolex in the UK?In total, **% of UK watches users say they like Rolex. However, in actuality, among the **% of UK respondents who know Rolex, **% of people like the brand.What is the usage share of Rolex in the UK?All in all, **% of watches users in the UK use Rolex. That means, of the **% who know the brand, **% use them.How loyal are the owners of Rolex?Around **% of watches users in the UK say they are likely to use Rolex again. Set in relation to the **% usage share of the brand, this means that **% of their owners show loyalty to the brand.What's the buzz around Rolex in the UK?In September 2022, about **% of UK watches users had heard about Rolex in the media, on social media, or in advertising over the past three months. Of the **% who know the brand, that's **%, meaning at the time of the survey there's little buzz around Rolex in the UK.If you want to compare brands, do deep-dives by survey items of your choice, filter by total online population or users of a certain brand, or drill down on your very own hand-tailored target groups, our Consumer Insights Brand KPI survey has you covered.

Bremont Watch Company Limited is a British luxury watchmaker headquartered in England. In its financial year 2023, the company generated an annual revenue of **** million British pounds, growing from just over ** million British pounds in 2015.