According to the latest report by IMARC Group, titled “GCC Personal Luxury Goods Market Size: Industry, Share, Growth, Trends Opportunity and Forecast 2023-2028,” 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 represent high-end and premium items, which include apparel, cosmetics, watches, jewelry, handbags, fashion accessories, perfumes, etc., that are mostly desired and associated with wealthy people. These products are designed with superior-quality materials and craftsmanship. Personal luxury goods prove to be extremely durable, offer high-value aesthetics, mostly come with an extended warranty period, and have a high-income elasticity of demand. Consequently, personal luxury goods are extensively preferred by consumers in GCC.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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GCC Personal Luxury Goods Market Trends:
The increasing globalization and the elevating presence of international luxury brands are among the key factors driving the GCC personal luxury goods market. In addition to this, the emerging trend of western fashion and the growing working women population are further stimulating the market growth. Besides this, the expanding tourism sector and the escalating relaxation of trade barriers with numerous developed countries are acting as significant growth-inducing factors. Moreover, the development of online platforms that retail a comprehensive range of personal luxury items and the inflating investments by leading market players on innovative social media marketing strategies and celebrity endorsements to promote consumer awareness and increase sales are also positively influencing the market across the country.
Apart from this, the shifting preferences toward limited capsule collections and fashion drops, the rising expenditure by manufacturers on authentication procedures and quality checks for ensuring a safe and reliable environment for customers, and the launch of several advance technologies which are adopted to maintain brand value and reduce the risk of product replication by counterfeiters are expected to propel the GCC personal luxury goods market over the forecasted period.
GCC Personal Luxury Goods Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis on region, 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
Speciality Stores
Departmental Stores
Online Stores
Others
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Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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