GCC Secondhand Luxury Goods Market Size, Growth, Demand And Forecast 2024-2032

IMARC Group has published a market research report titled “GCC Secondhand Luxury Goods Market Report by Product Type (Handbags, Jewelry & Watches, Clothing, Small Leather Goods, Footwear, Accessories, and Others), Demography (Women, Men, Unisex), Distribution Channel (Offline, Online), and Country 2024-2032” The GCC secondhand luxury goods market size reached US$ 544.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,368.8 Million by 2032, exhibiting a growth rate (CAGR) of 10.5% during 2024-2032.

The growing popularity of sustainability and the allure of luxury brands at reduced prices are the factors contributing to the growth of the GCC secondhand luxury goods market. Additionally, as global awareness of environmental issues increases, consumers in the GCC are becoming more conscientious about their purchasing decisions, driving demand for pre-owned luxury items that offer a more sustainable alternative to fast fashion, which is fueling the market. This shift is supported by the affluent consumer base, which possesses high purchasing power and a penchant for luxury brands, making the market ripe for the resale of high-end products. Moreover, the stigma previously associated with used goods is diminishing, replaced by a value-driven approach to luxury shopping where history and rarity enhance the appeal of the item, not diminish it, contributing to the expansion of the market.

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GCC Secondhand Luxury Goods Market Trends and Drivers:

Advancements in technologies with the rise of digital platforms have significantly transformed the GCC secondhand luxury goods market. In addition to this, online marketplaces and specialized apps for buying and selling pre-owned luxury items are gaining popularity, providing authenticity verification and secure transaction processes that build trust among consumers, thereby escalating the market. These platforms not only make it easier for buyers to access a wide range of luxury products from anywhere in the region but also offer sellers a convenient avenue to reach potential buyers. Furthermore, the economic diversification efforts in the GCC, moving away from oil dependence, have led to a surge in entrepreneurial ventures, including in the luxury resale sector, which is anticipated to drive the GCC secondhand luxury goods market over the forecasted period.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Product Type:

• Handbags
• Jewelry & Watches
• Clothing
• Small Leather Goods
• Footwear
• Accessories
• Others

Breakup by Demography:

• Women
• Men
• Unisex

Breakup by Distribution Channel:

• Offline
• Online

Breakup by Country:

• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain

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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