GCC Luxury Market

GCC Luxury Market Overview:

The GCC luxury market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Luxury goods refer to premium or high-end products available in the market. These products display high-income elasticity of demand, wherein investment in luxury goods is directly proportional to the income of individuals. Luxury items include private yachts, jewelry, designer handbags, exclusive fashion apparel, premier watches, and high-end automobile. In the GCC region, the luxury market is gaining traction due to the rising economic growth and a large segment of the young population.

One of the primary factors driving the market is the rapidly growing population in the region. Additionally, the increasing penetration of social media and the e-commerce industry in the region is creating a positive market outlook. Other than this, the exponentially growing tourism sector, especially in the UAE, has escalated the demand for luxury items. Besides this, the introduction of technology-embedded products is another major growth-inducing factor. In line with this, on account of the rising environmental consciousness amongst the masses, luxury business owners are becoming more inclined toward sustainable products while focusing on producing products using eco-friendly raw materials. This, along with the rising consciousness regarding personal appearance amongst the masses, is accelerating the adoption of luxury products in the GCC countries. Furthermore, key players are adopting numerous innovative and creative advertising and marketing techniques to attract consumers. They are also focusing on a different segment of consumers, High-Earners-Not-Rich-Yet (HENRY), as they are expected to become highly relevant to the market in the coming years. Moreover, the promotion of luxury products by eminent personalities and celebrities and extensive investment in the research and development (R&D) activities by market players to introduce innovative product variants to expand the consumer base and gain a competitive edge in the market is creating lucrative growth opportunities for the key players operating in the industry.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC luxury market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2027. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC luxury market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC luxury market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC luxury market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC luxury market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC luxury market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC luxury market industry. Furthermore, the value chain analysis of the GCC luxury market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Luxury Market Segment Insights:

The GCC luxury market has been analysed as followed:

By Type:

• Travels and Hotels
• Cars
• Personal Luxury Goods
• Food and Drinks
• Others

By Gender:

• Male
• Female

By Distribution Channel:

• Mono-Brand Stores
• Multi-Brand Stores
• Online Stores
• Other

By Country:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Luxury Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC luxury market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs