Table of Contents
Introduction and Abbreviations
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- Definition
- Consumer research
- Socio-economic group
- Lifestage and Special Groups
- ACORN
- Abbreviations
Executive Summary
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- Strong market growth
- Key factors
- Increasing competition
- Gift buying
- Jewellers dominate sales
- Nearly three in four GB consumers own a watch
- The future
Market Drivers
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- Needs versus desires
- The means to an end
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- Figure 1: PDI and consumer expenditure, at constant 1998 prices, 1998-2007
- Figure 2: Trends and projections in the UK population, by socio-economic group, 1998-2007
- The age factor
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- Figure 3: Trends and projections in total UK population, by age group, 1998-2007
- Changing attitudes and perceptions
- Style and fashion
- Designer and brand
- Targeting the extreme sports enthusiast
- Gift buying
- Do we need watches?
Market Size and Trends
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- Retail growth continues
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- Figure 4: UK retail sales of watches, by volume and value, 1998-2003
- Design and willingness to pay more key to market growth
- New entrants help drive growth upwards
- Suppliers playing to their strengths
- Brand extension into other markets
Market Segmentation
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- The importance of luxury watches to overall market value
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- Figure 5: UK retail sales of mainstream and luxury watches, by sector, volume and value, 1998-2003
- Figure 6: Mainstream watch sales as proportion of total watch sales in UK, by volume and value, 1998-2003
- Mainstream watches: value grows faster than volume
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- Figure 7: UK retail sales of mainstream watches, by volume and value, 1998-2003
- Quartz analogue dominates mainstream sector
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- Figure 8: UK retail sales of all watches, by movement, volume and value, 1999, 2001 and 2003
- Mechanical watches: a tiny presence in mainstream sector
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- Figure 9: UK retail sales of mainstream watches, by movement, volume and value, 1999, 2001 and 2003
- Digital enjoys a boost
- Men’s watches account for half of total volume…
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- Figure 10: UK retail sales of all watches, by gender, volume and value, 1999, 2001 and 2003
- …but women’s watches show stronger growth
- Children look to trade up
The Supply Structure
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- Foreign trade
- Manufacturer/brand share
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- Figure 11: Brand shares in the UK watch market, by volume, 1999-2003
- Companies and brands
- Accurist Watches Ltd
- Casio
- Citizen Watch UK Ltd
- Fossil
- Rotary Watches Ltd
- Seiko UK Ltd
- The Avia Watch Company
- The Inter-City Watch Company
- The Swatch Group
- Time Products UK
- UK Time Ltd
- Zeon
- Other companies
Advertising and Promotion
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- Above the line – consistent growth
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- Figure 12: Main monitored media advertising expenditure on watches, 1998-2003
- Print is the medium of choice
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- Figure 13: Main monitored media advertising expenditure on watches, by selected high-spending advertisers, 2001 and 2002
Distribution
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- Increased share of sales for jewellers and department stores
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- Figure 14: UK retail sales of watches, by outlet type and volume, 1999, 2001 and 2003
- Figure 15: Percentage change in retail volume sales of watches, by outlet type, 1999-2003 (est)
- A focused approach
- Retail multiples
- Specialists
- Catalogue showrooms
- Mail order and the Internet
- Fashion outlets and department stores
The Consumer – Ownership and Important Features
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- Nearly three in four GB consumers own a watch
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- Figure 16: Ownership and purchase of watches, 1998-2003
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- Figure 17: Ownership and purchase of watches, by gender, age and socio-economic status, 2003
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- Figure 18: Ownership and purchase of watches, by presence of children, lifestage and Mintel's Special Groups, 2003
- Figure 19: Ownership and purchase of watches, by region and household size, 2003
- Trends in expenditure reflect trading up…
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- Figure 20: Expenditure on any watch, 1999, 2001 and 2003
- …although price remains the most important consideration
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- Figure 21: Aspects considered important when buying a wristwatch, November 2001 and October 2003
- Popular responses by demographics
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- Figure 22: Aspects considered important when buying a wristwatch, by gender, age and socio-economic status, October 2003
- Women look for price and suitability for everyday use
- Few variations by age
- ABs have stronger views
- Price an issue for young families
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- Figure 23: Aspects considered important when buying a wristwatch, by presence of children, lifestage and Mintel’s Special Groups, October 2003
- Quartz movement important to the retired
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- Figure 24: Aspects considered important when buying a wristwatch, by marital and working status, October 2003
- Affluence equals knowledge?
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- Figure 25: Aspects considered important when buying a wristwatch, by region and ACORN categories, October 2003
- Light TV viewers are important
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- Figure 26: Aspects considered important when buying a wristwatch, by hours spent per day watching commercial TV and media usage, October 2003
- Men’s attitudes changing
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- Figure 27: Other aspects considered important when buying a wristwatch, by gender, age and socio-economic status, October 2003
- Niche brands appeal to young buyers
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- Figure 28: Other aspects considered important when buying a wristwatch, by presence of children, lifestage and Mintel’s Special Groups, October 2003
- Fashion important among singles and the working
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- Figure 29: Other aspects considered important when buying a wristwatch, by marital and working status, October 2003
- Fashionable Londoners
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- Figure 30: Other aspects considered important when buying a wristwatch, by region and ACORN categories, October 2003
- Heavy TV viewers want a well-known brand
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- Figure 31: Other aspects considered important when buying a wristwatch, by hours spent per day watching commercial TV and media usage, October 2003
The Consumer – Reasons for Purchase and Typologies
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- Replacement the most important reason to purchase a new watch
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- Figure 32: Reasons for buying a watch, October 2003
- Over one in two women give watches as gifts
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- Figure 33: Reasons for buying a watch, by gender, age and socio-economic status, October 2003
- Figure 34: Reasons for buying a watch, by presence of children, lifestage and Mintel’s Special Groups, October 2003
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- Figure 35: Reasons for buying a watch, by marital and working status, October 2003
- Figure 36: Reasons for buying a watch, by region and ACORN categories, October 2003
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- Figure 37: Reasons for buying a watch, by hours spent per day watching commercial TV and media usage, October 2003
- Consumer typologies
- Classic (19% of sample)
- Image Aware (25% of sample)
- Practical (24% of sample)
- Apathetic (32% of sample)
- Typologies by demographics
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- Figure 38: Consumer typologies, by gender, age and socio-economic status, October 2003
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- Figure 39: Consumer typologies, by presence of children, lifestage and Mintel’s Special Groups, October 2003
- Figure 40: Consumer typologies, by marital status, working status and household size, October 2003
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- Figure 41: Consumer typologies, by region and ACORN categories, October 2003
- Figure 42: Consumer typologies, by time spent per day watching commercial TV and media usage, October 2003
- Typologies and reasons for buying
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- Figure 43: Consumer typologies and the reasons they would buy a watch, October 2003
The Future
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- The desire to be different
- The importance of a strong economy
- The aspiring young – an important target market
- Technical innovation and styling
- Market growth looks set to continue
Forecast
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- Steady growth to 2007
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- Figure 44: Forecast of the market for watches, at current and constant prices, 2003-07
- Total volume sales will lag behind values
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- Figure 45: Forecast of the market for watches, by volume, 2003-07
- Figure 46: Mainstream watch sales as a proportion of total watch sales, 2003-07
- Factors used in the forecast
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