KUWAIT CITY, April 3: Acquiring luxury watches continues to be an obsession among Kuwaitis, making watch trading popular day by day, Al-Anba daily reports. Periodic auctions are held to buy and sell second-hand watches on a weekly basis.
According to official figures, Kuwait’s purchase volume of “watch articles and parts thereof” amounted to approximately KD 62.43 million in 2020 (equivalent to approximately $206 million). This means that, despite the COVID-19 pandemic and associated precautionary measures, citizen and resident interest in purchasing watches has remained high, despite the exceptional circumstances.
The latest official statistics reveal that watch imports from Kuwait increased in the first nine months of 2021, reaching KD 64.67 million (equivalent to $213 million). Despite the spread of digital watches from various manufacturers and the desire of many to acquire these models, the demand of Kuwaitis to buy watches continues to increase year by year, making Kuwait one of the main Gulf countries. in the luxury watch market.
With the country registering increasing population growth in recent times, it has contributed to the escalation in the purchasing power of leisure and luxury goods, especially watches. Historically, Kuwait’s procurement volume of watch items and their parts was around USD 1.7 billion in less than seven years, with the country’s import value of these items being around KD 507 million. 2015 to the end of September 2021.
The value of watches and their parts imported by Kuwait amounts to about 244 million USD per year, which is equivalent to about 74 million KD. The value of importing watches indicates that selling and buying them has become a major focus, and not just for a small segment of citizens and residents. This can perhaps become a source of additional income, from profits generated from the buying and selling process, not to mention a source of ongoing income by renting out a bunch of other luxury items for the purpose of “look cool”.