(PRWEB UK) 21 October 2013
Luxury watch retailers saw a spike in sales figures during the summer months, with a noticeable year-on-year increase. Some have observed that this is likely a due to the ‘Middle East Effect’, when rich Middle East citizens (usually from Arab communities) visit the UK to avoid the sweltering heat of their home nations during the hot and dry summer months.
Usually London is the primary hotspot for these seasonal visitors and the impact that this can have for the luxury goods market in the capital is well-documented. It’s not merely watches but clothes, accessories and other jewellery items that tend to see a spike in sales during these months. Online retailers also saw the benefit however, as Watch and Winders lay testament to. Their sales spiked in from June through to August, the months that usually attract the most visitors from the Middle East.
Why the change from last year?
Year-on-year sales figures for luxury goods were actually down in 2012, something that could be attributed to the recession. However seeing as many of the wealthy Middle Eastern countries have not been affected by the global recession in the same way that the Western world has this is not a satisfying enough explanation. Many trend analysts have based it down to the Olympics, as it’s likely that regular summer tourists would have avoided the capital as it would have been thought that it would be overrun with visitors for the games, rather than for the shopping. Instead it’s believed that Paris likely became the European destination of choice.
Watches are popular items with Arab customers, and it’s believed that many of these would be GCC (Gulf Co-operation Committee) members, who have a lot of disposable income. Whilst typical luxury goods customers based in the UK may still be cutting back on excess spending it is not true of the Middle East states. In fact, there too have sales figures for luxury items such as designer automatic watches are on the up.
Those who have been shopping here have been particularly interested in traditional yet practical pieces with automatic watches with watch winders proving popular. Automatic watch winders mean the wearer can have an elegant and traditional timepiece whilst maintaining a regular and accurate time.
The rising figures in the luxury goods market was also mirrored by general retail figures, with the month of July boasting an overall increase in spend by 1.1%; resulting in an annual rise of 3%. This is the biggest hike in overall retail sales figures for the UK in over two years. Experts attributed the rise to our good weather over the summer. More was spent on food and drink for the outdoors, as well as barbecue items, garden furniture and camping equipment. Many holidaymakers chose to vacation within the UK which would have contributed to the rise.
More about Watch and Winders
Watches & Winders specialises in offering a range of items which are not normally available on the high street. Their products are carefully chosen to suit the discerning customer, upon which their reputation for excellence has been built.