GCC Luxury Goods Market By Size, Share, Trends, Growth, Forecast 2028

Summary

Report Description

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. Luxury goods, usually referred to as items that are associated with wealth and exclusivity. Based on of attributes, such as rarity, symbolism, quality, etc., the luxury goods differ from basic necessities of customers. Currently, the GCC region is home to many luxury goods providers that cater to affluent and discerning customers. Watches, luggage, apparel, jewellery, fragrances, and other typically found luxury items are available on the market.

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 available 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

As e-retail in the area continues to expand quickly, firms will need to expand beyond simply selling online. While e-commerce for luxury goods is steadily growing, influencer marketing, social media, and digital marketing all rely primarily on digitization. In the projected period virtually every luxury purchase will be influenced by online interactions, including those made in traditional retail settings. These subjects speak to the sense of individuality of these brands rather than the product or brand itself. COVID-19 has also demonstrated that companies cannot rely solely on foot traffic to reach their goals and must empower their retail teams to create various ways to broaden their customer base and create enduring partnerships. Additionally, the connectivity of Middle Eastern customers is growing. According to a study, while high-net-worth GCC residents have historically favored in-store buying for luxury goods, 70% are now at ease with online shopping. Saudi Arabia and the United Arab Emirates both have 97% and 99% internet penetration, respectively. 90% of purchases in the UAE and KSA are impacted by online content, where social media and digital entertainment platforms are available. Thus, with the increasing number of online sales channels the GCC luxury goods market will grow at a faster rate.

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. With a large portion of its population (almost 90%) living in metropolitan areas and a higher per capita income, the United Arab Emirates is the center of the Middle East's luxury market. Thus, the rising younger population will fuel the luxury goods markets.

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. Ramadan and seasonal sales drove a 20% increase in fashion and accessory, watch, and jewellery spending in the second quarter of 2022 compared to the first three months of the year. Thus, with increasing purchasing power the demand for luxury goods will grow at a faster rate.

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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 stores, online, and others like multi-branded Stores, etc. Based on country, the market is divided into Saudi Arabia, UAE, Qatar, Oman, Bahrin, and Kuwait.

Company Profiles

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 have actively entered the market in recent years and further strengthen the market growth.

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)

Report Scope:

In this report, GCC luxury goods market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

GCC Luxury Goods Market, By Product Type:

Apparel
Footwear
Accessories
Others

GCC Luxury Goods Market, By End User:

Women
Men

GCC Luxury Goods Market, By Distribution Channel:

Supermarket/Hypermarket
Exclusive Stores
Online
Others

GCC Luxury Goods Market, By Country:

Saudi Arabia
UAE
Qatar
Oman
Bahrin
Kuwait

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in GCC luxury goods market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

GCC luxury goods market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Voice of Customer Analysis (B2C Model Analysis)

4.1. Sample Size Determination

4.2. Respondent Demographics

4.2.1. By Gender

4.2.2. By Age

4.2.3. By Occupation

4.3. Brand Awareness

4.4. Factors Influencing Purchase Decision

4.5. Challenges Faced After Purchase

5. GCC Luxury Goods Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Product Type Market Share Analysis (Apparel, Footwear, Accessories, Others (Cosmetics etc.))

5.2.2. By End User Market Share Analysis (Women, Men)

5.2.3. By Distribution Channel Market Share Analysis (Supermarket/Hypermarket, Exclusive Stores, Online, Others (Multi-Branded Stores etc.))

5.2.4. By Country Market Share Analysis

5.2.5. By Company Market Share Analysis

5.3. GCC Luxury Goods Market Mapping & Opportunity Assessment

5.3.1. By Product Type Market Mapping & Opportunity Assessment

5.3.2. By End User Market Mapping & Opportunity Assessment

5.3.3. By Distribution Channel Market Mapping & Opportunity Assessment

5.3.4. By Country Market Mapping & Opportunity Assessment

6. Saudi Arabia Luxury Goods Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Product Type Market Share Analysis

6.2.2. By End User Market Share Analysis

6.2.3. By Distribution Channel Market Share Analysis

7. UAE Luxury Goods Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Product Type Market Share Analysis

7.2.2. By End User Market Share Analysis

7.2.3. By Distribution Channel Market Share Analysis

8. Qatar Luxury Goods Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Product Type Market Share Analysis

8.2.2. By End User Market Share Analysis

8.2.3. By Distribution Channel Market Share Analysis

9. Oman Luxury Goods Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Product Type Market Share Analysis

9.2.2. By End User Market Share Analysis

9.2.3. By Distribution Channel Market Share Analysis

10. Bahrin Luxury Goods Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Product Type Market Share Analysis

10.2.2. By End User Market Share Analysis

10.2.3. By Distribution Channel Market Share Analysis

11. Kuwait Luxury Goods Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Product Type Market Share Analysis

11.2.2. By End User Market Share Analysis

11.2.3. By Distribution Channel Market Share Analysis

12. Market Dynamics

12.1. Drivers

12.1.1. Emergence of online sales channel

12.1.2. Growing younger generation population

12.1.3. High spending power

12.2. Challenges

12.2.1. High pricing

12.2.2. High competition among brands

13. Impact of COVID-19 on GCC Luxury Goods Market

13.1. Impact Assessment Model

13.1.1. Key Segments Impacted

13.1.2. Key Regions Impacted

13.1.3. Key Countries Impacted

13.1.4. Key Distribution Channel Impacted

14. Market Trends & Developments

14.1. Increasing working women

14.2. Increasing Preference for Branded Products

14.3. Increasing urbanization

14.4. Shifting Trend Towards Sustainable Products

14.5. Increasing Brand Sponsorship

15. Porter’s Five Forces Model

15.1. Competitive Rivalry

15.2. Bargaining Power of Buyer

15.3. Bargaining Power of Suppliers

15.4. Threat of New Entrants

15.5. Threat of Substitutes

16. SWOT Analysis

16.1. Strengths

16.2. Weaknesses

16.3. Opportunities

16.4. Threats

17. Competitive Landscape

17.1. Company Profiles

17.1.1. Al Tayer Group LLC

17.1.1.1. Company Details

17.1.1.2. Product & Services

17.1.1.3. Financials (As Per Availability)

17.1.1.4. Key Market Focus & Geographical Presence

17.1.1.5. Recent Developments

17.1.1.6. Key Management Personnel

17.1.2. Etoile Company

17.1.2.1. Company Details

17.1.2.2. Product & Services

17.1.2.3. Financials (As Per Availability)

17.1.2.4. Key Market Focus & Geographical Presence

17.1.2.5. Recent Developments

17.1.2.6. Key Management Personnel

17.1.3. AWR Group LLC

17.1.3.1. Company Details

17.1.3.2. Product & Services

17.1.3.3. Financials (As Per Availability)

17.1.3.4. Key Market Focus & Geographical Presence

17.1.3.5. Recent Developments

17.1.3.6. Key Management Personnel

17.1.4. M. H. Alshaya Co. WLL

17.1.4.1. Company Details

17.1.4.2. Product & Services

17.1.4.3. Financials (As Per Availability)

17.1.4.4. Key Market Focus & Geographical Presence

17.1.4.5. Recent Developments

17.1.4.6. Key Management Personnel

17.1.5. Cartier SA

17.1.5.1. Company Details

17.1.5.2. Product & Services

17.1.5.3. Financials (As Per Availability)

17.1.5.4. Key Market Focus & Geographical Presence

17.1.5.5. Recent Developments

17.1.5.6. Key Management Personnel

17.1.6. Radwa Trading Company LLC (Chanel)

17.1.6.1. Company Details

17.1.6.2. Product & Services

17.1.6.3. Financials (As Per Availability)

17.1.6.4. Key Market Focus & Geographical Presence

17.1.6.5. Recent Developments

17.1.6.6. Key Management Personnel

17.1.7. Guccio Gucci S.p.A

17.1.7.1. Company Details

17.1.7.2. Product & Services

17.1.7.3. Financials (As Per Availability)

17.1.7.4. Key Market Focus & Geographical Presence

17.1.7.5. Recent Developments

17.1.7.6. Key Management Personnel

17.1.8. Hermes International

17.1.8.1. Company Details

17.1.8.2. Product & Services

17.1.8.3. Financials (As Per Availability)

17.1.8.4. Key Market Focus & Geographical Presence

17.1.8.5. Recent Developments

17.1.8.6. Key Management Personnel

17.1.9. FENDI S.r.l.

17.1.9.1. Company Details

17.1.9.2. Product & Services

17.1.9.3. Financials (As Per Availability)

17.1.9.4. Key Market Focus & Geographical Presence

17.1.9.5. Recent Developments

17.1.9.6. Key Management Personnel

17.1.10. Louis Vuitton Malletier SAS

17.1.10.1. Company Details

17.1.10.2. Product & Services

17.1.10.3. Financials (As Per Availability)

17.1.10.4. Key Market Focus & Geographical Presence

17.1.10.5. Recent Developments

17.1.10.6. Key Management Personnel

18. Strategic Recommendations/Action Plan

18.1. Key Focus Areas

18.2. Target Countries

18.3. Target Product Type

18.4. Target End User

18.5. Target Distribution Channel

19. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

What are the key factors driving the growth of the GCC luxury goods market?

The key factors driving the growth of GCC luxury goods market are growing influence of social media sites, increasing spending power, rising urbanization, and increasing online sales channel.

What are examples of luxury goods?

Designer purses, high-end automobiles, jewellery, private aircraft, and haute couture apparel are some of the luxury items on the list. The amount spent on luxury goods is directly related to customers income. Consequently, the demand for luxury goods naturally increases as incomes significantly increase.

What are the top 10 luxury brands in Dubai?

The top 10 luxury brands among UAE consumers were Louis Vuitton, Hugo Boss, Dior, Chanel, Gucci, Cartier, Burberry, Dolce & Gabbana, Hermes, and Prada.

Who are the key players in GCC luxury goods market?

The key players in GCC Luxury Goods Market are 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.

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Press Release

GCC Luxury Goods Market Cleaner Market to Be Dominated By Saudi Arabia During The Forecast Period

Feb, 2023

The increasing spending power of customers and growth of tourism sector will fuel the growth of GCC Luxury Goods Market through 2028.

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