GCC Luxury Market to Reach US$ 35.2 Billion by 2032, Accelerated by Burgeoning Disposable Incomes of Consumers

April 17, 2023 | Retail

As per the latest report by IMARC Group, titled "GCC Luxury Market Report by Type (Travels and Hotels, Cars, Personal Luxury Goods, Food and Drinks, and Others), Gender (Male, Female), Distribution Channel (Mono-Brand Stores, Multi-Brand Stores, Online Stores, and Others), and Region 2024-2032," the GCC luxury market size reached US$ 15.5 Billion in 2023. Luxury is a concept that consists of a product or service that is expensive, exclusive, and not widely available. Some of the standard products include accessories, luxury cars, private jets, gourmet restaurants, clothing, and watches, among others. There are several types of luxury products available, including mass-market, accessible, and ultra-luxury. Among these, mass-market luxury products are designed for a broader consumer market, while accessible luxury products cater to a more niche market. On the other hand, ultra-luxury products are mostly exclusive and expensive, with a limited consumer base. The demand for luxury products in GCC is primarily driven by a growing middle and upper class in the region.

GCC Luxury Market Trends: 

The GCC region is known for its high concentration of ultra-high-net-worth individuals (UHNWIs) and affluent consumers, who are attracted to luxury goods and services. As a result, the luxury market in the region is experiencing significant growth. In line with this, the rapidly increasing population and burgeoning disposable incomes are bolstering the market growth. This is further supported by increasing tourism, which, in turn, has surged the demand for luxury hotels, restaurants, and other high-end services. Additionally, the GCC region has experienced strong economic growth in recent years, which has increased consumer confidence and contributed to higher spending levels on luxury items, further accelerating the market growth. Moreover, the increasing urbanization and the rising construction of the luxury real estate, including high-end apartments and villas, are acting as other growth-inducing factors. Furthermore, the surging interest in luxury fashion and escalating brand awareness are fueling the market growth. Other factors, such as the easy product availability in online retail stores and increasing penetration of leading brands, are providing an impetus to the market growth in the region. Looking forward, the market value is projected to reach US$ 35.2 Billion by 2032, expanding at a CAGR of 9.3% during 2024-2032.

Market Summary: 

  • By the country, the market is segregated into Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, and Bahrain. Among these, Saudi Arabia and UAE are dominating the market.
  • Based on the type, the market is divided into travel and hotels, cars, personal luxury goods, food and drinks, and others. Presently, the cars segment leads the market.
  • On the basis of the gender, the market is bifurcated into male and female. The male segment dominates the market.
  • By the distribution channel, the market is categorized into mono-brand stores, multi-brand stores, online stores, and others.
  • The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Scope:

Report Features Details
Base Year of the Analysis 2023 
Historical Period 2018-2023
Forecast Period 2024-2032
Units  US$ Billion
Segment Coverage Type, Gender, Distribution Channel, Country
Countries Covered Saudi Arabia, UAE, Qatar, Oman, Kuwait, Bahrain
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GCC Luxury Market to Reach US$ 35.2 Billion by 2032, Accelerated by Burgeoning Disposable Incomes of Consumers
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