The UK’s largest seller of Rolex and Omega watches said that as Britons locked up their savings for luxury watches and jewelry, including wedding rings and engagement rings, sales surged.
In the 13 weeks ending August 1st, sales of Swiss watches in the UK increased by 43% compared to pre-pandemic levels as the company recovered from the coronavirus lockdown.
The strong performance of the United Kingdom helped the group’s sales in the quarter more than doubled year-on-year to 297.5 million pounds, as transactions in the United States also began to take off.
According to Brian Duffy, CEO of the Leicestershire-based retailer, 2019 floatingSaid that despite the decrease in tourist traffic in the UK and fewer customers patronizing shops, sales have increased. Only 7% of UK sales come from overseas tourists, compared with approximately 30% in 2019.
He said: “People accumulate disposable income because they don’t have travel or socializing, so there are fewer and fewer places to spend and enjoy. With money around, we get our share, or exceed our share. We Expect a strong period, so we invest in marketing, training [for staff] And stocks. “
He said that the sales of Cartier and Rolex watches have been strong, and the sales of Omega have also been strong. Omega benefited from its sponsorship of the Olympic Games.
He said that with the relaxation of restrictions on social occasions, the resurgence of weddings and engagements has boosted sales to a certain extent. Sales of wedding rings have almost tripled, and sales of engagement rings have doubled year-on-year, which is in line with the overall increase in jewelry sales.
Duffy said that tstore staff believe that customers, especially women, will buy more gifts and jewelry for themselves rather than others, as a treat after a hard year.
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He said that the consumer frenzy was partly due to pent-up demand. Watch Due to Covid-19-related trade and travel restrictions, Switzerland’s 2019 sales lost approximately 100 million pounds.
But he said that he expects Christmas Eve to be “very good” because after another difficult year in response to the pandemic, people will want to enjoy themselves.
The group is opening a new store in Battersea, London, And the branches of Cincinnati, Ohio and the American Dream Mall in New Jersey, although many high-street chains closed during the pandemic.
