Growth of GCC Luxury Market Driven by Increasing Tourist Spending

January 09, 2019 | Retail

According to the latest report by IMARC Group, titled “GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the GCC luxury market reached a value of US$ 14.0 Billion in 2022. 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.

GCC Luxury 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 US$ 25.7 Billion by 2028, exhibiting a CAGR of 10.8% during 2023-2028.

Market Summary:

  • Based on types, the market has been segmented into travel and hotels, cars, personal luxury goods, and food and drinks. Amongst these, cars are the most popular luxury segment preferred by consumers in the region.
  • The report has analyzed the GCC luxury market on the basis of genders, wherein males exhibit a clear dominance.
  • The market is categorized according to various distribution channels which include mono-brand stores, multi-brand stores, online stores and others.
  • On a geographical front, the UAE represent the largest luxury markets in the GCC, holding the majority of the market share. This growth is being led by favorable economic changes and increasing tourism in both countries. Some of the other major markets include Saudi Arabia, Kuwait, Qatar, Oman and Bahrain.
  • The competitive landscape of the GCC luxury industry has also been analyzed with the profiles of prominent market players.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units  US$ Billion
Segment Coverage Type, Gender, Distribution Channel, Country
Countries Covered Saudi Arabia, UAE, Qatar, Oman, Kuwait, Bahrain
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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.

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Growth of GCC Luxury Market Driven by Increasing Tourist Spending
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