As per the latest report by IMARC Group, titled "GCC Personal Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the GCC personal luxury goods market size reached US$ 9.5 Billion in 2022. Personal luxury goods are handmade by master artisans using the finest materials, characterized by their exceptional quality, attention to detail, and uniqueness. The making of personal luxury goods is a delicate process that requires skill and expertise. Each piece is meticulously crafted, with every detail carefully considered to ensure the highest levels of quality and design. They offer several advantages over their mass-produced counterparts, such as using finest materials, longevity, and durability. Additionally, they are a symbol of status and prestige, representing the owner's wealth and refinement. Currently, there are various types of personal luxury goods available in the market spread across different categories, including clothing, accessories, jewelry, cosmetics, and shoes. In the GCC region, increasing globalization and the wide presence of international luxury brands are bolstering the market growth.
GCC Personal Luxury Goods Market Trends:
The rising consumer living standards and inflating disposable income levels are some of the key factors providing an impetus to the market growth in the GCC. This is further supported by the growing working women population and the rising influence of western fashion trends. Furthermore, the expanding tourism sector, particularly in the UAE, and relaxed trade barriers are creating a positive outlook for the market in the region. In line with this, personal luxury retail platforms are increasingly investing in authentication procedures and quality checks to maintain brand value, minimize the risk of product replication by counterfeiters, and provide a safe and reliable environment for customers, which, in turn, is accelerating the market growth. Besides this, the availability of personal luxury goods on online retail platforms and the endorsement of personal luxury goods by celebrities are fueling the market growth. Other factors, such as increasing social media marketing, growing demand for secondhand luxury goods, and rising popularity of limited capsule collections and fashion drops, are driving the market growth. Looking forward, the market value is projected to reach US$ 12.5 Billion by 2028, expanding at a CAGR of 4.6% during 2023-2028.
- By country, the market is divided into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain.
- Based on the type, the market is classified into accessories, apparel, watch and jewellery, luxury cosmetics, and others.
- On the basis of the gender, the market is segregated into female and male.
- By distribution channel, the market is categorized into mono-brand stores, specialty stores, departmental stores, online stores, and others.
- 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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