IMARC Group, a leading market research company, has recently releases 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 study provides a detailed analysis of the industry, including the GCC personal luxury goods market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the GCC Personal Luxury Goods market?
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.
What are Personal Luxury Goods?
Personal luxury goods refer to high-end, often exclusive items that are primarily designed for personal use and signify prestige, quality, and craftsmanship. These items encompass a wide range of products, including but not limited to designer fashion apparel, accessories, watches, jewelry, perfumes, and leather goods. What distinguishes personal luxury goods from their mass-market counterparts is the meticulous attention to detail, the use of premium materials, and history of excellence of the brand. The personal luxury goods industry has seen significant growth in recent years, driven by an increasing demand for unique, aspirational products. Consumers who purchase personal luxury goods are not merely buying functional items but are investing in a lifestyle and a statement of their individuality. Luxury brands are known for their heritage, brand equity, and ability to consistently innovate and adapt to changing consumer preferences.
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What are the growth prospects and trends in the GCC Personal Luxury Goods industry?
The GCC region possesses a high per capita income, due to its oil-rich economies. This has led to a substantial increase in disposable income among residents, enabling them to indulge in luxury purchases. Additionally, the GCC countries, particularly the United Arab Emirates (UAE), have become major tourist destinations. Tourists from around the world flock to these countries, often seeking luxury shopping experiences. This influx of tourists has boosted the demand for personal luxury goods. Other than this, GCC cities such as Dubai and Abu Dhabi have established themselves as global luxury shopping hubs. The presence of iconic luxury malls, such as The Dubai Mall and Mall of the Emirates, has attracted luxury brands and shoppers alike. Besides this, luxury is deeply ingrained in the cultural fabric of the GCC. Displaying wealth and status through luxury purchases is a common practice, driving a continuous demand for high-end products. In line with this, GCC consumers value exclusivity and prestige, which luxury goods provide.
Owning luxury items is seen as a symbol of success and sophistication. Furthermore, the growth of e-commerce in the region has made luxury goods more accessible to a wider audience. Online platforms have expanded the reach of luxury brands, allowing consumers to shop conveniently. Apart from this, luxury brands have invested heavily in marketing and brand building in the GCC. High-profile events, fashion shows, and collaborations have helped create brand awareness and desirability. Moreover, some GCC governments have implemented initiatives to promote tourism and luxury shopping, such as visa reforms and the development of cultural and entertainment attractions.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Country:
- Saudi Arabia
- United Arab Emirates
Breakup by Type:
- Watch and Jewellery
- Luxury Cosmetics
Breakup by Gender:
Breakup by Distribution Channel:
- Mono-brand Stores
- Specialty Stores
- Departmental Stores
- Online Stores
Who are the key players operating in the industry?
The report covers the major market players including:
- Burberry Group PLC
- Chanel S.A.
- Estee Lauder Companies
- Giorgio Armani SpA
- Kering S.A.
- LVMH Moët Hennessy Louis Vuitton SE
- Mulberry Group PLC
- Prada Group
- Cie Financiere Richemont SA
- The Swatch Group
Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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