GCC Luxury Goods Market Cleaner Market to Be Dominated By Saudi Arabia During The Forecast Period

The increasing spending power of customers and growth of tourism sector will fuel the growth of GCC Luxury Goods Market through 2028.

According to TechSci Research report, “GCC Luxury Goods Market – By Country, Competition, Forecast & Opportunities, 2028F” GCC Luxury Goods Market is anticipated to project robust growth in the forecast period due to increasing standard of living, rising income levels, preference for branded products with sponsorship. Luxury goods that are not necessary but are greatly coveted and connected to the wealthy or affluent. They are purchased for a variety of reasons, such as the craftsmanship and quality of the item, or to reinforce one's position and sense of worth.

Modern GCC luxury consumers are young, tech-savvy, and well-informed. Customers enjoy experimentation, novelty, and uniqueness and are looking for meaningful brands and individualized experiences. Local designers who are passionate and have cutting-edge ideas are growing in popularity. International brands are focusing on localization when developing capsule collections, exclusives, and GCC-first launches to appeal to local consumers. The demand for personal satisfaction and aspirations has caused a greater emphasis to be placed on owning things that make life better and easier. Customers' desire for better lives is inferred by this. Along with trophies and status symbols, luxury encompasses things that offer an indulgent aesthetic experience. This is a result of women's increased purchasing power in society, which is good news for high-end sectors like wellness, fashion, and tourism.

More jobs have been created because of the shift to online shopping and the rise of the "tech savvy" consumer, and it is anticipated that clients will seek candidates with experience in fields like digital transformation, ecommerce, CRM, and influencer marketing. Most luxury goods buyers, including travelers, will continue to prefer traditional in-store shopping, but covid-19 has shown that brands cannot rely on footfall alone to achieve their targets and instead need to empower their retail teams to develop various strategies to increase their client network and create lasting relationships.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "GCC Luxury Goods Market"

Saudi Arabia, the largest GCC nation, has experienced extraordinary development in personal luxury, expanding at a faster rate, driven by spend repatriation, female empowerment, a strong retail market, events and activities, and a surge in e-commerce. Due to government-led measures like legislation revisions, Ministry of Culture activities, new retail developments, luxury brand ambitions to invest in stores and services, and tourism ambition supported by Vision 2030, Saudi Arabia is set to be the driving force behind regional growth.

The millennial population and young people in the Middle East are wealthier than the global average, which is another factor driving the demand in these nations. With a high percentage of its people living in cities (almost 90%) and a higher per capita income, the United Arab Emirates is the center of the Middle East's luxury market. More than half of the people in the country live in Dubai and Abu Dhabi.

The GCC Luxury Goods Market is segmented based on product type, end user, distribution channel, country and competitional landscape.

Based on product type, the market is fragmented into apparel, footwear, accessories, and others (cosmetics etc.). The most advanced and luxurious goods available in the market are available in Gulf Cooperation council. Premium goods consumers are increasing because of social networks and digital gadgets. Accessories account for most of the market followed by apparel and footwear in GCC luxury goods market due to higher disposable income of people and considerable elite tourism.

Based on end user the market is segmented into women and men. The market for luxury goods is growing on account of people being influenced by social media sites and brand sponsorship.

Based on distribution channel, the market is segmented into supermarket/hypermarket, exclusive stores, online, and others like, multi-branded stores etc. Based on country the market is divided into Saudi Arabia, UAE, Qatar, Oman, Bahrin, Kuwait.

Key market players in the GCC Luxury goods Market include:

• Al Tayer Group LLC
• Etoile Company
• AWR Group LLC
• M. H. Alshaya Co. WLL
• Cartier SA
• Radwa Trading Company LLC (Chanel)
• Guccio Gucci S.p.A
• Hermes International
• FENDI S.r.l. 
• Louis Vuitton Malletier SAS

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"Growing emergence of social media sites and brand sponsorship are a significant trend expected to impact growth over the forecasted period. The rising demand of luxury goods, increasing standard of living, increasing tourism, increasing spending power and changing lifestyle are the leading factors that will positively impact the luxury goods market. Due to the wide range of products available to meet the specific needs of customers and the growing popularity of the internet channel, the market is growing.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

GCC Luxury Goods Market, By Product Type (Apparel, Footwear, Accessories, Others (Cosmetics etc.)), By End User (Women, Men), By Distribution Channel (Supermarket/Hypermarket, Exclusive Stores, Online, Others (Multi-Branded Stores etc.)), By Country, Competition, Forecast & Opportunities, 2028F, has evaluated the future growth potential of luxury goods and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in luxury goods in GCC.

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