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Retail sales across the entire sector rose by 10.4% year on year in March 2022, according to the Office for National Statistics.
Growth was just 6.7% if you exclude petrol station sales, where prices at the pump have soared over the last year.
It is worth remembering that the country was still in the grip of draconian covid restrictions in the first quarter of 2021, so the relatively weak growth is a worrying sign of trouble both in stores and particularly online.
This background retail landscape makes the performance of the British watch sector all the more remarkable.
The value of all watch sales in Great Britain in March was up by 56.8% over the same month last year, according to retail analyst GfK, thanks largely to the average transaction value rising by 38.3%.
Unusually, the volume of sales was also up in March by 13.4%, reversing a long term trend in making more money from fewer unit sales.
All price points and all regions of Great Britain have enjoyed dramatic growth in sales in March and the entire first quarter of 2022.
The only weakness was in online sales, which boomed during lock downs, but have trailed off since. The value of online watch sales was down 25.8% in the first quarter of 2022 compared to the year before.
When it comes to brick and mortar stores, sales rose by 75.9% in the first quarter in London and by 73.5% outside the capital.
There was encouraging growth at the volume end of the market, with sales of watches priced at under £500 up 23.2% in Q1 and 30.3% in March (perhaps MoonSwatch mania contributed a little).
But the £3,000 to £10,000 price range was hottest of all, with sales rising in Q1 by 65%, faster than the ultra-luxury over £10,000 category, which rose by 47%.
