GCC Personal Luxury Goods Market Trends, Demand & Share Analysis 2024-2032
IMARC Group has published a market research report titled "GCC Personal Luxury Goods Market Report by Type (Accessories, Apparel, Watch and Jewellery, Luxury Cosmetics, and Others), Gender (Female, Male), Distribution Channel (Mono-brand Stores, Specialty Stores, Departmental Stores, Online Stores, and Others), and Country 2024-2032", The GCC personal luxury goods market size reached US$ 9.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.
Personal luxury goods are high-end items that are usually purchased for their aesthetic appeal, exclusivity, and status symbol. They comprise designer clothing and high-quality handbags, shoes, and jewelry, watches, perfumes, cosmetics. They are crafted using the finest materials and adhere to rigorous quality standards to ensure durability and longevity. They are often associated with luxury brands and are characterized by superior quality, craftsmanship, and design. They cater to individuals who are willing to pay premium prices for these exclusive and prestigious products. They offer customization options and allow individuals to personalize their items to suit their preferences and tastes. Besides this, they assist in expressing the personal style and social status of individuals. As they benefit in ensuring a luxurious feel and appearance, the demand for personal luxury goods is rising in the GCC region.
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GCC Personal Luxury Goods Market Trends and Drivers
At present, the growing demand for personal luxury goods due to the thriving tourism sector in the GCC region represents one of the major factors influencing the market positively. Besides this, the rising social media influence on individuals is strengthening the market growth in the region. Additionally, the escalating demand for personal luxury goods on account of changing lifestyles of individuals is offering a positive market outlook in the GCC region. Furthermore, the increasing focus on experiential luxury is contributing to the growth of the market in the region. In addition, the rising desire for exclusivity and status is offering lucrative growth opportunities to industry investors in the region. Apart from this, there is an increase in preferences for personalized luxury goods. This, coupled with the wide availability of personal luxury products via online and offline stores, is supporting the market growth in the GCC region. Moreover, key players are adopting a limited-edition release strategy to create a sense of urgency and exclusivity, which is impelling the market growth.
Report 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
Leading Companies Operating in the GCC Personal Luxury Goods Industry:
- 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 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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