The report, which looks at the UK watch market and was published this summer, found that 24 per cent of people surveyed rarely used their watch to tell the time.

The report also found that 27 per cent of people wear their timepiece as a fashion accessory, and 12 per cent consider it a status symbol.

The women’s watch market is growing strongly, the report finds, with women now almost as likely as men to have bought a watch in the last five years.

The size of the watch face is the most important consideration for women, with 54 per cent citing it as the key factor when choosing a timepiece.

Material was the second most important factor for women and affordability was third.

The research shows that 34 per cent of women aged 16 to 24 prefer watches from fashion brands, while only 19 per cent prefer well-known specialist watch brands.

The young are the most avid purchasers of watches for themselves, with 46 per cent of people aged 16 to 24 buying themselves a timepiece in the last five years. Women under the age of 25 showed the most interest in buying a watch in future.

The average age of people who buy watches as a gift is slightly higher, with 20 per cent of men and women in the 25 to 44 age group having bought a watch for someone else.

Only six per cent of consumers currently own a smartwatch, but the research found that 21 per cent are interested in buying one in future.

Mintel’s studies also show that women are only half as likely as men to own a smartwatch. Out of all female watch buyers, 17 per cent marked themselves as potential smartwatch buyers, peaking among women aged between 16 and 34.

Forty per cent of people surveyed wanted their smartwatch to have the features of a traditional watch, while a quarter want to use their for contactless payment.

Helvetica 1957 by Mondaine
Mondaine’s limited-edition Helvetica 1957 smartwatch, which has features like a traditional watch, sold out at Dezeen Watch Store in under a month
“As the smartwatch develops, it could become the latest desirable fashion accessory, posing a direct threat to the watch market,” the report says.

“While uptake of smartwatches has been slow due to caution surrounding first editions of new technologies, this is likely to change as more companies enter the market and as people get used to their functionality.”