The demand for watches in Kenya has increased by more than 150 percent post Covid-19 following the renewed demand for vintage timepieces.
This has been occasioned by the changing fashion trends where the watch is not only for telling time but an accessory to show status in the society.
In an effort to tap onto this increasing market “Top Time”, CASIO dealer in Kenya has expanded its presence in the Kenyan market with a new store.
The store located in Nairobi seeks to popularise CASIO products and expand its customer base by addressing the needs of users in Kenya and the wider East African region.
CASIO Middle East and Africa Managing Director Takashi Seimiya said they have diverse array of watch series, catering for various preferences and lifestyles.
"Today, we proudly open this store, dedicated to meeting the demands of our esteemed customers in East Africa. Their unwavering support and enjoyment of our timepieces have inspired us to continue delivering excellence,” said Seimiya.
Globally prices for luxury and vintage watches like Rolex, Patek Philippe, and Audemars Piguet skyrocketed in 2022, transcending the new wave of smartwatches.
According to a report by Deloitte pre-owned luxury watch segment will surge by 75 percent by the end of this decade, accounting for nearly half of the overall market, with younger buyers fuelling the trend.
Deloitte says annual sales of second-hand watches will jump to $35 billion (Sh4.9 trillion) by 2030 from the current $20 billion (sh2.8trillion).
Seimiya says that whether one is an adventurer, professional, or style enthusiast, CASIO offers a watch to suit their specific needs and make a statement on their wrist,
"At CASIO, our passion for innovation and dedication to excellence drives us to create exceptional timepieces that transcend boundaries,” added
A Knight Frank report released in Kenya earlier in the year also revealed that appetite for expensive watches features prominently in the spending by the wealthy growing by 18 percent.
“The watch market at the top three auction houses grew 33 percent in 2022 to a total of £475 million (Sh64.3 billion), this included 40 watches that sold for over £1 million (Sh135 million), 12 more than the previous year,” reads the report.
The market is however being led by a small number of models.
The report however notes that Kenya is yet to record a high uptake of premium watches.