GCC Luxury Goods Market Segmented By Product Type (Apparel, Footwear, Accessories, and Others (Cosmetics, etc.)), By End User (Women and Men), By Distribution Channel (Supermarket/Hypermarket, Exclusive Stores, Online, and Others (Multi-Branded Stores, etc.)), By Country, Competition, Forecast & Opportunities, 2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGCC Luxury Goods Market Segmented By Product Type (Apparel, Footwear, Accessories, and Others (Cosmetics, etc.)), By End User (Women and Men), By Distribution Channel (Supermarket/Hypermarket, Exclusive Stores, Online, and Others (Multi-Branded Stores, etc.)), By Country, Competition, Forecast & Opportunities, 2028
GCC Luxury Goods Market is anticipated to project robust growth in the forecast period on account of increasing preference for branded products, brand sponsorship, increasing working population and increasing spending power.
The region's demand for luxury items for employees is also being driven by an increase in celebrity endorsements and the widespread use of social media marketing. In addition, the demand for used luxury products has been stimulated by the growing appeal of limited capsule collections and fashion drops. Furthermore, to give clients a secure and dependable environment, many personal luxury platforms are increasing their investments in authentication procedures and quality inspections.
Technology has made a lot of changes in recent times. Consumers have more flexibility to search for information whenever and wherever they wanted through the internet and later mobile internet. With additional touch points found at to consumers across the sales funnel's discovery and purchase stages, the consumer journey has consequently grown significantly more complicated.
Emergence Of Online Sales Channels Will Lead to the Market Growth
Growing Younger Generation Population Will Boost The Market Growth
The region's luxury brands are in incredibly interesting position as growing oil prices, economic development and investment, and a rising population of wealthy, youthful consumers. But it is crucial that luxury businesses comprehend the goals and cultural requirements of the region's youthful population before they set out to innovate and get into their budgets. By fusing the physical and digital worlds, it offers a rare potential to push the boundaries of what a luxury shopping experience for a generation of forward-thinking customers looks and feels like. This is in addition to bring an opportunity to boost the growth. According to The Economist, the population of Gulf is amongst the fastest growing in the world, with most of the people being under the age of 25. Additionally, women are starting to take their proper position in Gulf economy. In the Gulf, women make up 33% of the consumer base for luxury goods.
High Spending Power Will Fuel The Market Growth
A significant factor in the retail growth is the region's unique combination of high government spending and extremely low taxes, which are made possible by the enormous profits of state-run oil companies. This combination raises the proportion of personal income that can be spent on consumer luxury goods, which in turn increases the potential for retail growth. International luxury brands are in high demand in the Gulf. The region's Western corporate sector frequently prefers luxury goods, and a regular stream of tourists also helps to support international retail. For instance, Dubai Mall, the largest shopping mall in the world now, receives 65 million visitors annually.
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Market Segmentation
The GCC luxury goods market is segmented based on product type, end user, distribution channel, country, and competitional landscape. Based on product type, the market is further fragmented into apparel, footwear, accessories, and others like cosmetics. Based on end user the market is segmented into women and men. Based on distribution channel, the market is segmented into supermarket/hypermarket, exclusive retailers, online, and others like multi-branded retailers, etc. Based on country, the market is divided into Saudi Arabia, UAE, Qatar, Oman, Bahrin, and Kuwait.
Company Profiles
Al Tayer Group LLC,
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018–2021 |
| Estimated Year | 2023E |
| Forecast Period | 2024F –2028F |
| Quantitative Units | Revenue in USD Million and CAGR for 2018-2022 and 2023E- 2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Product Type End User Distribution Channel Country |
| Regional Scope | Saudi Arabia, UAE, Qatar, Oman, Bahrin, Kuwait. |
| Key Companies Profiled | Al Tayer Group LLC, Etoile Company, AWR Group LLC, M. H. Alshaya Co. WLL, Cartier SA, Radwa Trading Company LLC (Chanel), Guccio Gucci S.p.A, Hermes International, FENDI S.r.l. and Louis Vuitton Malletier SAS |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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