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?
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 are crafted by skilled master artisans, utilizing the highest quality materials and characterized by their attention to detail and uniqueness. The fabrication of these goods is an intricate process that requires expertise and care. They offer several advantages over their mass-produced counterparts, including superior materials, exceptional longevity, and outstanding durability. In addition, they symbolize status and prestige, reflecting the owner's sophistication and affluence. At present, various personal luxury goods are available in the market across different categories, such as clothing, accessories, jewelry, cosmetics, and shoes, across the GCC countries.
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What are the growth prospects and trends in the GCC Personal Luxury Goods industry?
The GCC personal luxury goods market is primarily driven by the increasing number of working women and the growing influence of Western fashion trends. Moreover, the rapid expansion of the tourism sector in the GCC region and relaxed trade barriers are positively influencing market growth. Additionally, rising investments in authentication procedures and quality checks by personal luxury retail platforms to maintain brand value and reduce the risk of counterfeit products has catalyzed market growth. Besides this, the widespread availability of personal luxury goods on online retail platforms and increasing celebrity endorsements are other major growth-inducing factors. Furthermore, the escalating demand for secondhand luxury goods and the surging popularity of limited capsule collections and fashion drops are contributing to the market growth. Other factors, including the rising penetration of international luxury brands, rapid globalization, and inflating consumer disposable incomes, are also anticipated to propel the market growth.
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?
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
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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