Switzerland is a world leader in watchmaking, with iconic brands like Rolex, Omega, TAG, etc. However, according to Euromonitor, exports of Swiss watches to Africa have fallen by up to 47% between 2017 and 2020. While lower purchasing power in Africa are easy explanations for this decline, an exciting new opportunity appears to be opening up for African watchmakers.
Local African luxury watchmakers like #Caveman in Ghana, #Asorock in Nigeria, and #Bettél in South Africa are taking on international watch brands and forging a reputation for artistry and reliability.
But while watch sales by global brands are declining on the continent, these local watchmakers — whose timepieces sell between $75 and $350 — are ramping up their production and taking a foothold in the market, especially among urban, aspirational, and fashion-conscious middle-class customers.
Globally, watch sales are proving resilient even in the era of the smartphone, with the global market valued at $62bn in 2020 by Business Wire. While Africa’s watchmaking industry is still in its infancy, it appears the time has come for timepieces made in Africa to share shelf spaces with Swiss-made brands.
John-Paul Iwuoha
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