According to the latest report by IMARC Group, titled “GCC Personal Luxury Goods Market Trends: Industry, Share, Growth, Opportunity and Forecast 2021-2026,” the GCC personal luxury goods market exhibited moderate growth during 2015-2020 and is expected to recover from 2021 onwards and to grow at a CAGR of around 5% during (2021-2026).
Personal luxury goods include a wide variety of high-end and premium items, such as apparel, watches, jewelry, cosmetics, bags, fashion accessories, etc. These branded products have premium quality materials, superior craftsmanship, and high aesthetics value. They are generally heavily priced and offer enhanced durability with an extended warranty period. In the GCC region, rising levels of globalization and the increasing penetration of international luxury brands are bolstering the market growth.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
GCC Personal Luxury Goods Market Trends:
Elevating consumer living standards and increasing disposable income levels have augmented the demand for personal luxury goods in the GCC region. Moreover, the growing traction for western fashion trends along with the rising working women population is also catalyzing the product demand. The expanding tourism industry, particularly in Dubai and UAE, along with relaxed trade barriers with several developed nations, is further providing a thrust to the market. Besides this, the rising popularity of limited capsule collections and fashion drops have also catalyzed the market for secondhand luxury goods. Moreover, growing expenditures by various platforms to authenticate procedures through several innovative technologies for mitigating the risk of product replication by counterfeiters is anticipated to further drive the GCC personal luxury goods market in the coming years.
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GCC Personal Luxury Goods Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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, and Versace.
The report has segmented the market on the basis on region, type, gender, and distribution channel.
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
- Speciality Stores
- Departmental Stores
- Online Stores
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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