2012-09-26 11:46:36 -
UK watch market dominated by Zeon and Breo
The UK watch market grew by 3% in current value terms and 1% in terms of volume in 2012, with the market set to hit a value of £761 million by the end of the year.As a retail industry, there is a heavy reliance on customer service and satisfaction in the UK watch market. As a result, the industry is regarded as being labour-intensive, requiring the employment of well-trained and knowledgeable staff with excellent customer service skills. Retailers invest in adequate training for staff because they recognise the impact of a good salesperson. Besides their involvement in handling and processing sales, labour is required to restock display shelves, manage inventory and provide customers with advice and assistance. Zeon Ltd continued
to dominate the UK watch market in 2011, with a value share of 8%. Zeon owns a number of watch brands in the UK including Vivienne Westwood, Ventura, Bench, Braun, and Paul´s Boutique among others catering for a large variety of consumers at different income levels.Breo Ltd witnessed the largest increase in value sales in 2011, with growth of 48%. The Breo brand was established in 2008 and grew dramatically over the years due to the success of its colourful and affordable watches with young consumers.Looking ahead to 2017, volume sales within the UK watch market are predicted to stagnate. The economic downturn in the UK is having a direct impact on consumer confidence and lead to consumers refraining from making non-essential purchases.Additionally, an increase in competition in the UK watch market over the last few years has left the future uncertain for some smaller, independent companies, as the large retailers dominate with lower-cost branded goods. The Internet and online stores have also created further competition. Price comparison sites also indicate the cheapest version of products, which are more often than not offered by the larger retailers as opposed to the independents.Furthermore, the increased usage of mobile phones and other electronic devices will continue to have a negative impact on the UK watch market, especially with the younger generation who prefer to use their mobile phones to tell the time instead of wearing an actual watch.For more information on the UK watch market, see the latest research: UK Watch MarketFollow us on Twitter @CandMResearch
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