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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