According to the latest report by IMARC Group, titled “GCC Personal Luxury Goods Market Trends: Industry, Share, Growth, Opportunity and Forecast 2023-2028,” 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.
Personal luxury goods refer to a wide array of premium items, such as apparel, watches, jewelry, cosmetics, bags, fashion accessories, etc. These branded products have superior craftsmanship, high-quality components, enhanced aesthetic value, etc. Personal luxury goods are generally heavily priced and offer improved durability with an extended warranty period.
GCC Personal Luxury Goods Market Trends:
The rising purchasing power and the growing disposable incomes among individuals are primarily driving the GCC personal luxury goods market. Moreover, the expanding acceptance of Western fashion trends and the increasing penetration of international luxury brands are further catalyzing the market growth. Besides this, the elevating number of celebrity endorsements and the inflating popularity of social media marketing are acting as significant growth-inducing factors. Additionally, the widespread adoption of personal luxury goods as a signifier of ethnic and religious beliefs, a symbol of personal meaning, or a marker of social status is also augmenting the market growth across the GCC.
Apart from this, the increasing imports of fashion goods from countries like France and Italy to GCC countries, especially since the signing of the European Free Trade Agreement (EFTA), are also positively influencing market growth. Furthermore, the escalating investments by numerous luxury platforms in improving authentication procedures for providing a reliable environment to customers and mitigating the risk of product replication by counterfeiters are anticipated to fuel the GCC personal luxury goods market over the forecasted period.
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GCC Personal Luxury Goods Market 2023-2028 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.
- LVMH Moët Hennessy Louis Vuitton SE
- Mulberry Group PLC
- Prada Group
- Cie Financiere Richemont SA
- The Swatch Group
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 (2017-2022)
- Market Outlook (2023- 2028)
- 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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