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Watches - UK - August 2015

“As the smartwatch market develops, the smartwatch could become the latest desirable fashion accessory, posing a direct threat to the fashion watch market as both attract a young demographic. While uptake of smartwatches has been slow due to caution surrounding first editions of new technologies, this is likely to change as more companies enter the market and as people get used to their functionality.”

This report looks at the following issues:

  • What is driving growth in the watches market?
  • How can watch specialists compete with fashion brands?
  • How are smartwatches impacting the watches market?

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this report
      • Executive Summary

          • Watches market grows 4.5% in 2015
            • Figure 1: Best-and worst-case forecast value sales of watches, 2010-20
          • Michael Kors benefits from associations with style and quality
            • Figure 2: Attitudes towards and usage of selected brands, June 2015 and December 2014
          • One in ten affluent ABs owns a smartwatch
            • Figure 3: Ownership of watches, June 2015
          • Watch self-purchasing peaks among under-25s
            • Figure 4: Purchasing of watches, June 2015
          • Argos is the preferred watch retailer
            • Figure 5: Preferred retailers for watch purchases, June 2015
          • Designing watches that women want
            • Figure 6: Most important factors when buying a watch, June 2015
          • Young women prefer fashion watches
            • Figure 7: Attitudes towards buying watches, June 2015
          • A quarter don’t use their watch to tell the time
            • Figure 8: Attitudes towards wearing watches, June 2015
          • 21% plan to buy a smartwatch
            • Figure 9: Attitudes towards smartwatches, June 2015
          • What we think
          • Issues and Insights

            • What is driving growth in the watches market?
              • The facts
                • The implications
                  • How can watch specialists compete with fashion brands?
                    • The facts
                      • The implications
                        • How are smartwatches impacting the watches market?
                          • The facts
                            • The implications
                            • The Market – What You Need to Know

                              • Market grows 4.5% in 2015
                                • Watch sales to reach £1.3bn by 2020
                                  • Changes to Swiss franc impacts watches market
                                    • Declining youth population poses a threat
                                      • Over three quarters own a smartphone
                                        • Swiss watchmakers’ output sees marginal rise
                                        • Market Size and Forecast

                                          • Market grows 4.5% in 2015
                                            • Figure 10: Value sales of watches, 2010-20
                                          • Watch sales to reach £1.3bn by 2020
                                            • Figure 11: Best-and worst-case forecast value sales of watches, 2010-20
                                        • Market Drivers

                                          • Changes to Swiss franc impacts watches market
                                            • Declining youth population
                                              • Figure 12: Trends in the age structure of the UK population, 2010-20
                                            • ABs account for 22% of the population
                                              • Over three quarters own a smartphone
                                                • Figure 13: Personal ownership of mobiles, basic versus smart, November 2014 and April 2015
                                              • Swiss watchmakers output
                                                • Figure 14: % share of all COSC certificates accounted for, by leading Swiss-watch brands, 2013 and 2014
                                                • Figure 15: Number of Swiss watch certificates issued by the COSC, 2013 and 2014
                                                • Figure 16: Number of Swiss watch certificates issued by the COSC, three leading brands, 2010-14
                                            • Key Players – What You Need to Know

                                              • An array of smartwatches are set for release
                                                • Swatch targets the fashionable man
                                                  • Michael Kors benefits from associations with style and quality
                                                    • Swatch users describe their experience as excellent
                                                      • Rolex is the biggest spender
                                                        • Watch retailers by sales
                                                          • Luxury watch brands hit by falling demand in Asia
                                                          • Launch Activity and Innovations

                                                            • An array of smartwatches are set for release
                                                              • Figure 17: Apple watch range
                                                            • Cartier pops up in Harrods
                                                              • Time zone switching watches
                                                                • Swatch targets the fashionable man
                                                                  • Figure 18: The Swatch shoe-shine at London Collections: Men, 2014
                                                                • Designer experiments with 3D printed watches
                                                                  • Chopard makes the move online
                                                                    • Watch store offers personalisation area
                                                                      • Figure 19: Larsson & Jennings’ Seven Dials boutique with espresso bar, 2015
                                                                  • Brand Research

                                                                      • What you need to know
                                                                        • Brand map
                                                                          • Figure 20: Attitudes towards and usage of selected brands, June 2015 and December 2014
                                                                        • Key brand metrics
                                                                          • Figure 21: Key metrics for selected brands, June 2015 and December 2014
                                                                        • Brand attitudes: Rolex noted for quality, Swatch for value
                                                                          • Figure 22: Attitudes, by brand, June 2015 and December 2014
                                                                        • Brand personality: Omega struggles to create upbeat personality traits
                                                                          • Figure 23: Brand personality – Macro image, June 2015 and December 2014
                                                                        • Links of London shares an image of style with Michael Kors
                                                                          • Figure 24: Brand personality – Micro image, June 2015 and December 2014
                                                                        • Brand analysis
                                                                          • Michael Kors has potential to increase user base
                                                                            • Figure 25: User profile of Michael Kors, December 2014
                                                                          • Rolex’s strong premium image creates an aspirational image
                                                                            • Figure 26: User profile of Rolex, June 2015
                                                                          • Omega may offer a more accessible alternative to Rolex
                                                                            • Figure 27: User profile of Omega, June 2015
                                                                          • Swatch represents a different option to other brands, with value a key attribute
                                                                            • Figure 28: User profile of Swatch, June 2015
                                                                          • Links of London likely to be noted for fashion-related attributes
                                                                            • Figure 29: User profile of Links of London, June 2015
                                                                        • Brand Communication and Promotion

                                                                          • Falling adspend on watches
                                                                            • Figure 30: Recorded above-the-line, online display and direct mail total advertising expenditure on watches, 2011-14
                                                                          • Rolex is the biggest spender
                                                                            • Figure 31: Recorded above-the-line, online display and direct mail total advertising expenditure on watches, by advertiser, 2011-14
                                                                          • Press advertising dominates among the media types
                                                                            • Figure 32: Recorded above-the-line, online display and direct mail total advertising expenditure on watches, by media type, 2014
                                                                            • Figure 33: Recorded above-the-line, online display and direct mail total advertising expenditure on watches, by media type, 2011-14
                                                                          • A note on adspend
                                                                          • Retail Competitor Analysis

                                                                            • Watch retailers by sales
                                                                              • Figure 34: Watch retailers, by revenue, 2010-14
                                                                            • Watch retailers by operating profit
                                                                              • Figure 35: Figure 36: Watch retailers, by operating profit, 2010-14
                                                                          • Companies and Products

                                                                            • Aurum
                                                                              • Company overview
                                                                                • Financials
                                                                                  • Figure 37: Key financials for Aurum Holdings Limited, 2010-14
                                                                                • Key developments
                                                                                  • Swatch
                                                                                    • Company overview
                                                                                      • Financials
                                                                                        • Figure 38: Key financials for Swatch Group (UK), 2010-14
                                                                                      • Key developments
                                                                                        • LVMH
                                                                                          • Company overview
                                                                                            • Financials
                                                                                              • Figure 39: Key financials for LVMH (Europe excl. France), 2010-14
                                                                                            • Key developments
                                                                                              • Richemont
                                                                                                • Financials
                                                                                                  • Figure 40: Key financials for Richemont, 2010-14
                                                                                                • Key developments
                                                                                                  • Casio
                                                                                                    • Company overview
                                                                                                      • Financials
                                                                                                        • Figure 41: Key financials for Casio Electronics (UK), 2010-14
                                                                                                      • Key developments
                                                                                                        • Seiko
                                                                                                          • Company overview
                                                                                                            • Financials
                                                                                                              • Figure 42: Key financials for Seiko (UK), 2010-14
                                                                                                            • Key developments
                                                                                                              • Breitling
                                                                                                                • Company overview
                                                                                                                  • Financials
                                                                                                                    • Figure 43: Key financials for Breitling (UK), 2010-13
                                                                                                                  • Key developments
                                                                                                                  • The Consumer – What You Need to Know

                                                                                                                    • Watch self-purchasing peaks among under-25s
                                                                                                                      • One in ten affluent ABs own a smartwatch
                                                                                                                        • Argos is the preferred watch retailer
                                                                                                                          • Designing watches that women want
                                                                                                                            • Young women prefer fashion watches
                                                                                                                              • Men favour specialist watch brands
                                                                                                                                • 21% plan to buy a smartwatch
                                                                                                                                  • Preference for smartwatches sold by technology specialists
                                                                                                                                    • Appealing to women
                                                                                                                                    • Ownership and Purchasing of Watches

                                                                                                                                      • Nearly three quarters own a watch
                                                                                                                                        • Figure 44: Ownership of watches, June 2015
                                                                                                                                      • One in ten affluent ABs own a smartwatch
                                                                                                                                        • Figure 45: Profile of watch owners, by gender, age group and socio-economic group, June 2015
                                                                                                                                      • Watch self-purchasing peaks among under-25s
                                                                                                                                        • Link between healthy financial situation and watch purchasing
                                                                                                                                          • Figure 46: Purchasing of watches, June 2015
                                                                                                                                        • Watches for gifting peak among 25-44s
                                                                                                                                          • Figure 47: Profile of watch buyers, by age group, June 2015
                                                                                                                                      • Preferred Retailers for Buying Watches

                                                                                                                                        • Argos is the preferred watch retailer
                                                                                                                                          • Figure 48: Preferred retailers for watch purchases, June 2015
                                                                                                                                        • H Samuel popular among women and parents
                                                                                                                                          • Figure 49: Preferred retailers for watch purchases, by gender, June 2015
                                                                                                                                        • Over a quarter of under-25s buy watches from fashion stores
                                                                                                                                        • Most Important Factors When Buying a Watch

                                                                                                                                          • Designing watches that women want
                                                                                                                                            • Figure 50: Most important factors when buying a watch, June 2015
                                                                                                                                          • A third look for discounted watches
                                                                                                                                            • Figure 51: Most important factors when buying a watch, June 2015
                                                                                                                                        • Attitudes towards Buying and Wearing Watches

                                                                                                                                          • Young women prefer fashion watches
                                                                                                                                              • Figure 52: Attitudes towards buying watches, June 2015
                                                                                                                                            • Men favour specialist watch brands
                                                                                                                                                • Figure 53: Attitudes towards buying watches, by gender, June 2015
                                                                                                                                              • Young men want to personalise their watch
                                                                                                                                                • A quarter don’t use their watch to tell the time
                                                                                                                                                  • Figure 54: Attitudes towards wearing watches, June 2015
                                                                                                                                                • Men aged 45+ favour watch brands
                                                                                                                                                  • Figure 55: Attitudes towards Watches – CHAID – Tree output, June 2015
                                                                                                                                              • Attitudes towards Smartwatches

                                                                                                                                                • 21% plan to buy a smartwatch
                                                                                                                                                    • Figure 56: Attitudes towards smartwatches, June 2015
                                                                                                                                                  • Preference for smartwatches sold by technology specialists
                                                                                                                                                    • Appealing to women
                                                                                                                                                        • Figure 57: Attitudes towards smartwatches by gender, June 2015
                                                                                                                                                    • Appendix – Data Sources and Abbreviations

                                                                                                                                                      • Data sources
                                                                                                                                                        • Fan chart forecast
                                                                                                                                                          • Consumer methodology
                                                                                                                                                            • Abbreviations

                                                                                                                                                            Companies Covered

                                                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                                                            Watches - UK - August 2015

                                                                                                                                                            £1,995.00 (Excl.Tax)