According to the latest report by IMARC Group, titled “GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC luxury market reached a value of more than US$ 35 Billion in 2018. Luxury goods, also known as superior goods, are products related to wealth and exclusivity. These lifestyle products are not essential for a living but are pleasant to possess. Consumers differentiate these products from necessity products and services based on properties such as rarity, symbolism and quality. At present, there are several luxury services providers, including restaurants, hotels and clubs, operating in the GCC region who are targeting wealthy and discerning consumers. Along with this, various international luxury brands have also expanded their presence in the GCC which has further helped in promoting the growth of the sector.
Market Trends:
In the GCC region, there has been a shift in consumer habits towards luxury goods in line with the changing fashion and economic scenario. Apart from this, there has been a significant rise in tourist spending, especially from Chinese and European visitors, which is providing a thrust to the GCC luxury market. The increasing influence of social media is also influencing the sales of luxury products . Moreover, the young population of the GCC countries is wealthier than the millennials in other parts of the world. However, rising geopolitical tensions and conflicts, as well as declining oil prices, are some of the factors that can pose a risk to the stability of the GCC luxury market. Looking forward, the market value is projected to reach more than US$ 54 Billion by 2024, expanding at a CAGR of 7.4% during 2019-2024.
Market Summary:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us
IMARC Group
Email: sales@imarcgroup.com
Phone No: (D) +91 120 433 0800 | www.imarcgroup.com
Americas :- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-702-409-7331 )
( India: +91-120-433-0800 )
Drop us an email at
sales@imarcgroup.com