IMARC Group’s report titled “GCC Personal Luxury Goods Market Report by Type (Accessories, Apparel, Watch and Jewellery, Luxury Cosmetics, and Others), Gender (Female, Male), Distribution Channel (Mono-brand Stores, Specialty Stores, Departmental Stores, Online Stores, and Others), and Region 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.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/gcc-personal-luxury-goods-market/requestsample
Factors Affecting the Growth of the GCC Personal Luxury Goods Industry:
- Changing Consumer Preferences:
The rising demand for personal luxury goods due to changing preferences of individuals in the GCC region is supporting the growth of the market. In line with this, people are increasingly purchasing luxury products as a means of self-expression and status symbol. Moreover, there is an increase in the desire to purchase exclusive products that are not readily available to everyone. Besides this, key players are recognizing the preferences of individuals and are tailoring their marketing strategies to appeal to a wider consumer base.
- Burgeoning Tourism Industry:
The growing demand for personal luxury goods among individuals on account of the thriving tourism sector is offering a positive market outlook. Apart from this, tourists are seeking exclusive products and are taking advantage of tax-free shopping opportunities. Additionally, luxury brands strategically position themselves in popular tourist destinations, making it convenient for visitors to indulge in luxury shopping. In line with this, the GCC region is a luxury shopping destination due to the presence of key market players, along with the various personal luxury goods stores.
- Thriving E-Commerce Sector:
The rising demand for personal luxury goods due to the burgeoning e-commerce sector is supporting the growth of the market. In addition, e-commerce platforms offer convenience, a wide selection of products, and personalized shopping experiences to individuals. Apart from this, luxury brands are establishing their online presence and offering exclusive collections to attract a larger consumer base. Furthermore, people are increasingly preferring personal luxury goods via online stores due to their doorstep delivery solutions and a wider range of products.
Leading Companies Operating in the GCC Personal Luxury Goods Industry:
- 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
- Versace.
GCC Personal Luxury Goods Market Report Segmentation:
By Type:
- Accessories
- Apparel
- Watch and Jewellery
- Luxury Cosmetics
- Others
Accessories represented the largest segment as they benefit in enhancing the personal style of individuals.
By Gender:
- Female
- Male
Female accounted for the largest market share due to their changing tastes and preferences.
By Distribution Channel:
- Mono-brand Stores
- Specialty Stores
- Departmental Stores
- Online Stores
- Others
Mono-brand stores hold the biggest market share on account of the rising demand for personalized services among individuals.
Regional Insights:
- Saudi Arabia
- United Arab Emirates
- Qatar
- Kuwait
- Oman
- Bahrain
United Arab Emirates enjoys the leading position in the GCC personal luxury goods market, which can be attributed to the presence of renowned shopping spaces.
GCC Personal Luxury Goods Market Trends:
Key players are focusing on investing in marketing and brand building, which is propelling the market growth. They are creating a sense of exclusivity for their products through collaborations with local influencers. This branding strategy resonates with individuals seeking unique items.
The increasing number of various international events and exhibitions related to fashion, art, and luxury is supporting the market growth in the GCC region. These events attract individuals and fashion enthusiasts, providing opportunities for luxury brands to showcase their products and generate sales.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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