GCC Personal Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

GCC Personal Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A2339
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Market Overview:

The GCC personal luxury goods market 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.

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 goods market 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.

Breakup by Country:

  • Saudi Arabia
  • United Arab Emirates
  • Qatar
  • Kuwait
  • Oman
  • Bahrain
     

Breakup by Type:

  • Accessories
  • Apparel
  • Watch and Jewellery
  • Luxury Cosmetics
  • Others
     

Breakup by Gender:

  • Female
  • Male
     

Breakup by Distribution Channel:

  • Mono-brand Stores
  • Specialty Stores
  • Departmental Stores
  • Online Stores
  • Others
     

Competitive Landscape:

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.

Report Coverage:

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, United Arab Emirates, Qatar, Kuwait, Oman, Bahrain
Companies Covered 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
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)

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GCC Personal Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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