A dramatic rise in the average price paid for every watch sold in Great Britain fuelled a rise in the overall value of sales by 34.4% in October.

Average transaction values rocketed by 57% in the month, far higher than the increase in prices of 19.5% for the calendar year to date.

London, which has been hammered by restrictions designed to limit the spread of covid, saw a massive bounce back in October, with sales rising by one third, according to data from retail analyst GfK.

The rest of Great Britain also benefited from the rise in luxury watch sales, with the total value of sales in October up by almost 30%.

Watch sales have been on course for a perfect V-shaped recovery before restrictions were dramatically tightened across Great Britain in November.

By the end of October, the total value of sales at all price points for the whole of Great Britain over the first 10 months of the year was just 15.6% below the same period in 2019.

The industry’s potential to bounce back at such speed, and without overseas tourists boosting sales, bodes well for a second rapid recovery in December.

Online sales are another cause for optimism that the watch sector can ride out 2020 without significant damage. Ecommerce revenue rose by 63.1% in October and is now 40.3% up for the 10 months since January.

There is still work to do at the volume end of the market, with the value of sales for watches priced at under £1,000 down by around 10% in October, although that is an improvement over recent months.