GCC Personal Luxury Goods Market

GCC Personal Luxury Goods Market Overview:

The GCC personal luxury goods 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. Personal luxury goods refer to non-essential, premium, and high-end products that are highly desirable in a culture or society and serve as a status symbol. It includes designer handbags, haute couture clothing, premium watches, jewelry, fashion accessories, perfumes, and high-end cosmetics. Highly durable, the products are manufactured from premium materials and offer superior craftsmanship, high-value aesthetics, and an extended warranty period. Personal luxury goods exhibit uniqueness, quality, exclusivity, and rarity. They also provide an unforgettable and personalized experience in terms of high-touch service, luxurious packaging, and an affluent in-store environment.

The rising living standards, coupled with the increasing expenditure capacities of consumers, is one of the key factors driving the market growth in the region. In line with this, evolving fashion and aesthetic trends and shifting consumer inclination towards quality and stylish products with advanced technical fabrications are favoring the market growth. Additionally, the rising demand for luxury goods due to their association with extravagance and elitism that acts as a social marker and assists individuals in displaying status and a particular position in society is acting as another growth-inducing factor. Furthermore, the incorporation of sustainability and digitalization by luxury goods manufacturers to align with consumer demands and new regulatory requirements is providing a thrust to the market growth. Moreover, the shifting focus of the global luxury brands on regional requirements through collaborations, dedicated collections, and local events is positively impacting the market growth.  Apart from this, the growing popularity of high-end fashion brands and the increasing demand for premiumization and customization for superior quality and design are propelling the market growth. Besides this, the increasing number of celebrity endorsements and the high prevalence of social media marketing is augmenting the market growth. Other factors, including increasing initiatives by several regional governments to relax trade barriers, easy product availability across e-commerce platforms, and a rising working women population, are supporting the market growth.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC personal luxury goods 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 2028. 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 personal luxury goods market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC personal luxury goods market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC personal luxury goods 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 personal luxury goods market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of personal luxury goods in the GCC personal luxury goods 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 personal luxury goods market industry. Furthermore, the value chain analysis of the GCC personal luxury goods 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 Personal Luxury Goods Market Segment Insights:

The GCC personal luxury goods market has been analysed as followed:

By  Type:

• Accessories
• Apparel
• Watch and Jewellery
• Luxury Cosmetics
• Others

By Gender:

• Female
• Male

By Distribution Channel:

• Mono-brand Stores
• Speciality Stores
• Departmental Stores
• Online Stores
• Others

 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 Personal Luxury Goods 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 personal luxury goods 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