The UK’s largest supplier of Omega and Rolex watches sees 43% increase in sales compared to pre-pandemic levels.
According to the UK’s largest seller of Omega and Rolex watches, sales have risen as Britons spend lockdown savings on expensive watches and jewellery including wedding rings.
As the company recovered from the coronavirus lockdowns, Watches of Switzerland saw UK sales rise by 43%.
Strong UK sales helped more than double the group’s year-on-year sales to PS297.5m. Trading in the USA also saw a boost.
Chief executive of the Leicestershire-based retailer, Brian Duffy, said that sales have risen despite a decrease in tourist traffic to the UK and fewer customers visiting the stores. Only 7% of UK sales were made by overseas visitors in 2019, compared to 30% in 2019.
He stated that people have accumulated disposable income because they have less to spend it on and have more time to socialize or travel. “We are getting more of our share because there is money out there. We expected a strong period so we invested in stock, marketing and training staff.”
He stated that sales of Rolex and Cartier watches were strong, as well as Omega’s sales, which had benefited greatly from its sponsorship of Olympics.
He said that sales had been partly boosted by the revival in weddings and engagements, as social restrictions were eased. In line with an overall increase in jewellery sales, wedding ring sales nearly tripled and engagement ring sales doubled each year.
Duffy stated that tstore employees believed customers were buying jewellery and gifts for themselves after a difficult year.
He said the spending spree was also partly down to pent-up demand after .Watches .of Switzerland lost out on about PS100m of sales in 2019 due to Covid-19 related trading and travel restrictions.
He said that he expects the Christmas run-up to be “very positive” because people will want to relax after another difficult year of dealing with the pandemic.
The group is opening a new store in Battersea, London, as well as outlets in Cincinnati, Ohio, and at New Jersey’s American Dream mall, despite closures from numerous high-street chains during the pandemic.