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Gloucestershire Business News

Sales of luxury watches increase exponentially due to lockdown saving

Sales of Rolex and Omega watches have increased by 43 per cent from pre-pandemic levels as people spent lockdown saving up.

There has also been a surge in sales of wedding and engagement rings as couples spent time stuck inside together, leading some to get engaged. Sales of these have tripled and doubled respectively.

Retailer Watches of Switzerland has nearly doubled sales year on year in the 13 weeks leading up to August 1st, to 297.5 million.

Brian Duffy, CEO of Watches of Switzerland told the Guardian: "People have accumulated disposable income as they have had fewer places to spend and enjoy it because of not travelling or socialising. There's money around and we are getting our share, or more than our share. We anticipated a strong period and so we have invested in marketing, training [for staff] and stock."

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