Backup not available when from when watch was unpaired

I had read in apple communities forum that a backup would automatically get created when upairing a watch. I was going to use this to restore into a new Apple Watch.

But after unpairing, and in my attempt to pair the new watch, i cannot see a backup from today to restore from.

(I normally have an encrypted backup of my phone to a laptop and not iCloud)

Please suggest how to get all the health and activity data into the new watch