According to a recent study conducted by The Watch Register, the luxury watch market in the UK is predicted to experience robust growth over the next two years. The research reveals that UK consumers are planning to spend an average of £6,600 on high-end timepieces, with women expected to spend an average of £7,000 and men £6,500. This indicates that despite the cost-of-living crisis faced by many in the UK, there is still a significant interest in luxury watches.

The study also found that 13% of UK consumers are considering purchasing at least one luxury watch between now and 2025, with this demand rising to 22% in London. It seems that the allure of a high-status wristwatch is particularly strong among the under-35 age group, with 24% expressing their intention to buy a new luxury watch in the next two years. In contrast, only 3% of those aged over 55 share the same interest.

Furthermore, the study highlights that the younger generation will be the biggest spenders in the luxury watch market, with 39% of under-35s planning to spend £5,000 or more on their new purchase. This is in contrast to just 7% of over-55s. When it comes to payment methods, the majority of UK consumers who plan to buy a luxury watch intend to use a credit card (41%), followed by a debit card (28%), and cash (16%). Some consumers also plan to take advantage of financing options (7%), receive a work bonus (4%), or take out a personal loan (2%).

The study also reveals that 22% of UK consumers currently own or have owned a luxury watch, implying that there is an existing market for luxury watches in the country, and the appeal of these high-status timepieces remains strong among consumers.

Katya Hills, the Managing Director at The Watch Register, commented on the findings, emphasizing that despite volatile markets and increasing living costs, the luxury watch market continues to flourish and experience steady growth. Hills also pointed out that luxury watches are especially popular among affluent consumers with disposable incomes, as well as those who value the craftsmanship and heritage associated with major luxury watch brands.

Hills also offered advice to potential luxury watch owners, as the value of these timepieces makes them attractive targets for thieves. She urged individuals to be discreet when wearing prestigious watches in public and to take necessary precautions to avoid becoming victims of crime. Keeping photographs of the watch and noting its unique serial number can also aid in its recovery if it gets lost or stolen.

To conclude, the study indicates that the UK luxury watch market is poised for strong growth in the coming years. Despite the cost-of-living crisis, there is still a significant demand for luxury watches among UK consumers, particularly among the under-35 age group. The study also emphasizes the importance of taking precautions to protect these valuable timepieces from theft. By understanding market trends and implementing necessary safety measures, both consumers and luxury watch retailers can benefit from the continued growth of the UK luxury watch market.

Useful links:
1. Vogue Business: Budgeting for luxury: A tale of three markets
2. Esquire: The best luxury watch brands for men