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IMARC Group, a leading market research company, has recently releases report titled “GCC Personal Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 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.
Report Highlights
How big is the GCC Personal Luxury Goods 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?
What are Personal Luxury Goods?
Personal luxury goods are handmade by master artisans using the finest materials, characterized by their exceptional quality, attention to detail, and uniqueness. The making of personal luxury goods is a delicate process that requires skill and expertise. Each piece is meticulously crafted, with every detail carefully considered to ensure the highest levels of quality and design. They offer several advantages over their mass-produced counterparts, such as using finest materials, longevity, and durability. Additionally, they are a symbol of status and prestige, representing the owner's wealth and refinement. Currently, there are various types of personal luxury goods available in the market spread across different categories, including clothing, accessories, jewelry, cosmetics, and shoes. In the GCC region, increasing globalization and the wide presence of international luxury brands are bolstering the market growth.
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What are the growth prospects and trends in the GCC Personal Luxury Goods industry?
What are the growth prospects and trends in the GCC Personal Luxury Goods industry?
The rising consumer living standards and inflating disposable income levels are some of the key factors providing an impetus to the market growth in the GCC. This is further supported by the growing working women population and the rising influence of western fashion trends. Furthermore, the expanding tourism sector, particularly in the UAE, and relaxed trade barriers are creating a positive outlook for the market in the region. In line with this, personal luxury retail platforms are increasingly investing in authentication procedures and quality checks to maintain brand value, minimize the risk of product replication by counterfeiters, and provide a safe and reliable environment for customers, which, in turn, is accelerating the market growth.
Besides this, the availability of personal luxury goods on online retail platforms and the endorsement of personal luxury goods by celebrities are fueling the market growth. Other factors, such as increasing social media marketing, growing demand for secondhand luxury goods, and rising popularity of limited capsule collections and fashion drops, are driving the market growth.
What is included in market segmentation?
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Country:
Saudi Arabia
United Arab Emirates
Qatar
Kuwait
Oman
Bahrain
Breakup by Type:
Accessories
Apparel
Watch and Jewellery
Luxury Cosmetics
Others
Breakup by Gender:
Female
Male
Breakup by Distribution Channel:
Mono-brand Stores
Specialty Stores
Departmental Stores
Online Stores
Others
Who are the key players operating in the industry?
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.
Loreal
LVMH Moët Hennessy Louis Vuitton SE
Mulberry Group PLC
Prada Group
Cie Financiere Richemont SA
The Swatch Group
Versace
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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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