The GCC secondhand luxury goods market is currently witnessing strong growth. Secondhand luxury goods, also known as pre-owned luxury goods, refer to premium products purchased by the second or later end user. The prices of these goods are significantly lower than the original product, due to which they attract a larger section of society. Individuals generally sell and buy used high-end products through auctions, bazaar-style fundraisers, charity events or privately-owned consignment shops.
The GCC secondhand luxury goods market is primarily driven by the rising penetration of western trends, particularly in the urbanized parts of the region. The diminishing stigma regarding the use of preowned goods, coupled with the improving trade conditions with the European countries, is also propelling the market growth. Besides this, several companies engaged in the manufacturing of luxury products have started dealing in secondhand luxury goods to maintain the unique identity of their brand and cater to the needs of the consumers. Moreover, the expanding retail sector, rising living standards and growing disposable incomes of the consumers are some of the other factors that have significantly increased the product demand. On account of these factors, the market is expected to witness moderate growth during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC secondhand luxury goods market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, product type, demography and distribution channel.
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The competitive landscape of the industry has also been examined along with the profiles of the key players.
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