GCC Personal Luxury Goods Market Report by Type (Accessories, Apparel, Watch and Jewellery, Luxury Cosmetics, and Others), Gender (Female, Male), Distribution Channel (Mono-brand Stores, Specialty Stores, Departmental Stores, Online Stores, and Others), and Region 2023-2028
The GCC personal luxury goodsmarket size reached US$ 9.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
GCC Personal Luxury Goods Market Size in 2022
US$ 9.5 Billion
GCC Personal Luxury Goods Market Forecast in 2028
US$ 12.5 Billion
GCC Personal Luxury Goods Market Growth Rate 2023-2028
Personal luxury goods refer to the high-end and premium items, including apparel, watches, jewelry, cosmetics, bags, fashion accessories, etc. These branded products offer premium quality materials, superior craftsmanship, and high-value aesthetics. Most of the personal luxury goods are highly durable with extended warranty period, thereby being heavily priced. In the GCC region, rapid globalization along with the wide presence of international luxury brands is currently bolstering the market growth.
The rising consumer living standards supported by their increasing disposable income levels are augmenting the sales of personal luxury goods in the GCC region. Moreover, the high prevalence of western fashion trends coupled with the rising working women population is also catalyzing the product demand. The expanding tourism sector, particularly in Dubai and UAE, along with the relaxed trade barriers with several developed countries, is also driving the market growth. For instance, the GCC member states signed the European Free Trade Agreement (EFTA), allowing the trade of personal luxury goods from countries like Italy and France. Besides this, the wide availability of personal luxury goods on online retail platforms is also propelling the market growth in the region. The growing number of celebrity endorsements and the high prevalence of social media marketing are also driving the demand of personnel luxury goods in the region. Apart from this, the rising popularity of limited capsule collections and fashion drops have also fueled the market for secondhand luxury goods. Moreover, various personal luxury platforms are increasingly investing in authentication procedures and quality checks for providing a safe and reliable environment for customers. Several innovative technologies are being adopted to maintain brand value and minimize the risk of product replication by counterfeiters.
The sudden outbreak of COVID-19 across the GCC region in early 2020 has negatively impacted the growth of the personal luxury goods market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC personal luxury goodsmarket report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on type, gender and distribution channel.
The competitive landscape of the industry has also been examined with some of the key players being Burberry Group PLC, Chanel S.A., Estee Lauder Companies, Giorgio Armani SpA, Kering S.A., Loreal, LVMH Moët Hennessy Louis Vuitton SE, Mulberry Group PLC, Prada Group, Cie Financiere Richemont SA, The Swatch Group, and Versace.
Base Year of the Analysis
Type, Gender, Distribution Channel, Country
Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman, Bahrain
Burberry Group PLC, Chanel S.A., Estee Lauder Companies, Giorgio Armani SpA, Kering S.A., Loreal, LVMH Moët Hennessy Louis Vuitton SE, Mulberry Group PLC, Prada Group, Cie Financiere Richemont SA, The Swatch Group and Versace
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Key Questions Answered in This Report
The GCC personal luxury goods market was valued at US$ 9.5 Billion in 2022.
We expect the GCC personal luxury goods market to exhibit a CAGR of 4.6% during 2023-2028.
The emerging western fashion trends, along with the growing number of celebrity endorsements, are primarily driving the GCC personal luxury goods market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for purchasing personal luxury goods across the GCC.
Based on the type, the GCC personal luxury goods market can be categorized into accessories, apparel, watch and jewellery, luxury cosmetics, and others. Among these, accessories currently account for the majority of the total market share.
Based on the gender, the GCC personal luxury goods market has been segregated into female and male, where female currently holds the largest market share.
Based on the distribution channel, the GCC personal luxury goods market can be bifurcated into mono-brand stores, specialty stores, departmental stores, online stores, and others. Currently, mono-brand stores exhibit a clear dominance in the market.
On a regional level, the market has been classified into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain, where United Arab Emirates currently dominates the GCC personal luxury goods market.
Some of the major players in the GCC personal luxury goods market include Burberry Group PLC, Chanel S.A., Estee Lauder Companies, Giorgio Armani SpA, Kering S.A., Loreal, LVMH Moët Hennessy Louis Vuitton SE, Mulberry Group PLC, Prada Group, Cie Financiere Richemont SA, The Swatch Group, and Versace.
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