KUWAITIS ARE OBSESSED WITH BUYING FANCY TIMEPIECES

  • 04/04/2022

Kuwait City: The acquisition of luxury timepieces remains a passion among Kuwaitis, causing the watch trade to grow in popularity day by day. On a weekly basis, weekly auctions are held to buy and sell secondhand timepieces. 


According to official estimates, Kuwait's purchase of "watch-making items and their parts" totaled approximately KD 62.43 million in 2020 (equal to approximately $ 206 million). This suggests that, despite the Covid-19 epidemic and the corresponding preventative measures, people and residents' interest in acquiring timepieces remained high, despite the unusual conditions. 

According to the most recent official statistics, Kuwait's watch imports climbed over the first nine months of 2021, reaching KD 64.67 million (equal to $ 213 million). Despite the proliferation of digital watches from various manufacturers and the desire of many to obtain these models, demand for watches among Kuwaitis continues to rise year after year, making Kuwait one of the leading Gulf countries in the luxury watch market. 

With the country's recent population boom, it has contributed to an increase in the spending power of leisure and luxury products, particularly watches. Historically, Kuwait's acquisitions of watchmaking devices and their parts totaled around USD 1.7 billion in less than seven years, with the value of these imports into the country totaling approximately KD 507 million from 2015 through the end of September 2021. 

The annual value of watches and their parts imported by Kuwait is approximately USD 244 million, which is equivalent to approximately KD 74 million. The value of watch imports implies that selling and buying them has become a vital goal for a large number of individuals and inhabitants. It might become a source of additional income from the profits made by the buying and selling process, as well as a source of continuing revenue by renting a variety of other luxury things for the goal of "looking cool."

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