The turnover for watches and clocks in the UK has shown significant fluctuations from 2013 to 2023, with the value standing at 24.2 million euros in 2023. The highest value in this period was in 2013 with 116.4 million euros, and it dramatically dropped by 2024. Year-on-year variations show substantial volatility, particularly sharp drops in 2014 and 2016, and moderate recoveries in 2015 and 2018. The overall compound annual growth rate (CAGR) for the past five years (2018 – 2023) was -11.27%, indicating a declining trend. Forecasts suggest further decreases with a CAGR of -17.7% over the next five years.
Future trends to watch for:
- The continuous decline in demand for traditional watches and clocks, potentially driven by technological advancements and shifting consumer preferences towards smartwatches.
- Possible market opportunities in vintage watch collections and luxury segments that might counterbalance the decline in mass-market segments.
- Impact of economic factors such as disposable income levels and consumer sentiments on the market recovery or further decline.
