Abstract
The watches market is increasing in value to an estimated £880 million in 2008 - up by 19% on 2003 - although volume sales are slightly down in the mass market. The more successful brands have been those that have focused on new product development and design innovation to meet changing consumer preferences. At the same time, a continuing shift upmarket is favouring the premium and luxury brands in particular. However, the key for all brands, irrespective of their positioning, is to develop and promote the point of difference and demonstrate just why consumers should choose their brand above all the competition.
Main themes of the report:
- Are watches moving upmarket?
- Is investment in product development driving the market?
- How is the increasing choice of brands and styles helping the market?
- Are consumers interested in the widening availability of niche brands?
- Is online retailing developing the market?
Table of Contents
- Issues in the Market
- Main themes
- Definition
- Abbreviations
- Market in Brief
- Vigorous current growth
- Where are the hotspots
- Impact on suppliers
- Looking forward
- A small note of caution
- Internal Market Environment
- Key points
- Form and function
- Fashion and brand
- Figure 1: Agreement with selected lifestyle statements, 2001-07
- Figure 2: Agreement with selected lifestyle statements, 2007
- The importance of men
- A good gift at any price
- Extending the offer
- Limiting the edition to add value
- Have mobiles done for the watch?
- The real and the counterfeit
- Broader Market Environment
- Key points
- More potential volume
- Figure 3: Age structure of the UK population, 2003-13
- And more potential for value
- Figure 4: Forecast adult population trends, by socio-economic group, 2003-13
- But what about the economy?
- Figure 5: Trends in PDI and consumer expenditure, 2003-13
- Competitive Context
- Key points
- What competes
- So how are sales of jewellery?
- Figure 6: UK retail sales of watches & jewellery, 2003-08
- Technology, gadgetry, music and more
- Figure 7: UK retail sles of selected technology products, 2003-07
- Strengths and Weaknesses in the Market
- Strengths
- Weaknesses
- Market Value and Forecast
- Key points
- Total sales
- Figure 8: UK retail sales of watches, 2003-08
- Key indicators mainly positive
- The future
- Forecast
- Figure 9: UK retail sales of watches, by volume and value, at current and constant prices, 2003-13
- Average price continues to rise
- Figure 10: Forecast of mainstream and luxury watches, by value and volume, 2008-13
- Mainstream and luxury to grow
- Factors used in the forecast
- Segment Performance
- Key points
- Fashion and excellence -- the common threads
- Fashion, style and brand
- Cross-overs
- Current style detail
- Enhancing quality and performance
- Mainstream and luxury
- Figure 11: UK retail sales of mainstream and luxury watches, by sector, volume and value, 2003-08
- Value outweighs volume
- Luxury on the ascendant
- The technical side
- Figure 12: UK retail sales of all watches, by movement/display, volume and value, 2003-07
- The classic face
- Alternatives to analogue
- Mechanical resurgence?
- Men, women and children
- Figure 13: UK retail sales of all watches, by gender, volume and value, 2003-07
- Male attitudes and interests
- Women cover all price points
- Children look and learn
- Market Share
- Key points
- Fragmentation rules
- Figure 14: Brand shares in the UK watch market, by volume, 2003-07
- The jostle for space continues
- Design development key to performance
- Explanatory note
- Companies and Products
- Seiko Group
- Flagship Seiko moves on up
- Reaching forward
- Pulsar and Lorus add volume
- Sekonda
- Casio
- Accurist
- Timex
- Citizen
- Rotary Watch
- Swatch
- Leading companies in the luxury sector
- Other key companies
- Fossil
- Intercity Watch Company
- Zeon
- Major groups of brands
- LVMH
- Movado Group
- Richemont
- Swatch Group
- Time Products
- Timex Group
- Brand Communication and Promotion
- Key points
- Ad budgets rising
- Figure 32: Main monitored media advertising expenditure on watches, 2003-07
- Taking a closer look
- Figure 33: Main monitored media advertising expenditure on watches, by leading advertisers, 2006 and 2007
- Size speaks
- Media choices and creativity
- The alternatives to above the line
- Sponsors and ambassadors
- Figure 34: Examples ofambassadors and sponsorship, April 2008
- Channels to Market
- Key points
- Share by category
- Figure 35: UK retail sales of watches, by outlet type and volume, 2003-07
- Some shifting
- Who' s who among jewellers
- Figure 36: Leading jewellery multiples, 2008
- A resilient Signet group
- The Baugur presence
- Other multiples
- The potential is there for the independent jewellers
- Argos
- Online growing
- Figure 37: Online vendors of watches, April 2008
- Expansion and choice
- Fashion and accessory outlets
- Department stores hold on in there
- Reasons For Purchasing a Watch
- Key points
- Recent purchase
- Figure 38: Reasons for buying a wrist watch, April 2008
- Enduring functionality
- The more considered approach
- Attributes Sought When Buying a Watch
- Key points
- What qualities buyers look for
- Figure 39: Most important attributes sought when buying a watch, April 2008
- Practicality the first consideration
- How consumers differ
- How consumers differ -- age and socio-economic groups
- Change over time
- Appendix
- Advertising data
- Appendix -- Internal Market Environment
- Figure 42: Agreement with statement ' I often wear a valuable watch' , by gender, age and socio-economic group, 2005 and 2007
- Figure 43: Agreement with statement ' a designer label improves a person' s image' , by gender, age and socio-economic group, 2005 and 2007
- Appendix -- Reasons For Purchasing a Watch
- Figure 44: Watch ownership and purchase, 2005-07
- Figure 45: How much is spent on watches, 2007
- Figure 46: Reasons for buying a watch, by gender, age and scoio-economic factors, April 2008
- Figure 47: Reasons for buying a watch, by gender, age and socio-economic factors, April 2008
- Figure 48: Reasons for buying a watch, by Mintel' s Special Groups, region, ACORN categories, technology users, daily newspapers, commercial TV viewing and supermarket used, April 2008
- Figure 49: Reasons for buying a watch, by Mintel' s Special Groups, region, ACORN categories, technology users, daily newspapers, commercial TV viewing and supermarket used, April 2008
- Appendix -- Attributes Sought When Buying a Watch
- Figure 50: Attributes sought when buying a watch, by gender, age and scoio-economic factors, April 2008
- Figure 51: Attributes sought when buying a watch, by gender, age and socio-economic factors, April 2008
- Figure 52: Attributes sought when buying a watch, by gender, age and scoio-economic factors, April 2008
- Figure 53: Attributes sought when buying a watch, by Mintel' s Special Groups, region, ACORN categories, technology users, daily newspapers, commercial TV viewing and supermarket used, April 2008
- Figure 54: Attributes sought when buying a watch, by Mintel' s Special Groups, region, ACORN categories, technology users, daily newspapers, commercial TV viewing and supermarket used, April 2008
- Figure 55: Attributes sought when buying a watch, by Mintel' s Special Groups, region, ACORN categories, technology users, daily newspapers, commercial TV viewing and supermarket used, April 2008
- Figure 56: Attributes sought when buying a watch, by Mintel' s Special Groups, region, ACORN categories, technology users, daily newspapers, commercial TV viewing and supermarket used, April 2008
- Figure 57: Product attributes sought when buying a watch, 2003, 2005 and 2008
- Figure 58: Number of attributes sought when buying a watch, April 2008
- Figure 59: Number of attributes sought when buying a watch, by gender, age, socio-economic factors, ACORN categories, TV viewing, region, daily newspapers, and supermarkets used, April 2008
