GCC Luxury Goods Market: Worldwide Industry Analysis and New Market Opportunities Explored

 Infinium Global Research’s recent report on the “GCC Luxury Goods Market (By Country-  Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman, Bahrain; By Type- Accessories, Apparel, Watch and Jewelry, Luxury Cosmetics, and others; By Gender- Female and Male; By Distribution Channel- Mono-brand Stores, Specialty Stores, Departmental Stores, Online Stores, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2027 revised according to the impact of COVID-19” provides a comprehensive outline of the factors responsible for the growth of the market. The GCC Luxury Goods market was valued at USD 29.50 billion in 2020 and is expected to reach USD 37.15 billion in 2027, with a CAGR of 3.48% during the forecast period.

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"We are Now Including the Impact Analysis of COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2023-2030." 

The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.

An increasing GCC population with an expanding consumer base dominated by a higher proportion of youth and the working-class population is driving the growth of the market. Furthermore, the booming tourism sector is driving the market growth. A number of large-scale malls and shopping centers are presently under development in the GCC amid governments and private players’ investments in developing infrastructure.

The ongoing COVID-19 outbreak is hitting the luxury goods market hard in GCC countries. The luxury goods market in the GCC declined in 2020 with different countries impacted by varying degrees depending on their exposure to changes in tourism flows and repatriation of spending. While the pandemic-induced decline in tourism hurt the growth of the GCC luxury goods market. The UAE especially, where tourists account for 60 percent of the luxury market. This is an undeniably large portion of spending power that was wiped out rapidly by ongoing Covid-19 travel restrictions.

Jewelry Type Segment Seeing the Growth in The GCC Luxury Goods Market During the Forecast Period

GCC luxury goods market based on type is categorized into Accessories, Apparel, Watch and Jewelry, Luxury Cosmetics, and others. Among this Jewelry category seeing growth. The Jewelry category saw spurred by local GCC customers, especially in Saudi Arabia, due to weddings, investment buying, and the launch of new collections. Jewelry was the only luxury category to achieve value growth in 2020. with top brands outperforming and growing their presence in Saudi Arabia is driving the growth of this segment.

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UAE Dominates the GCC Luxury Goods Market

Dubai has continued to be the key regional hub for the purchase of luxury goods, and it is also a leader in the quality of retail space. The other cities of the UAE have also risen up their rankings in terms of the cost of living. UAE has always been an appealing location for expats due to the highly competitive high safety standards, and a healthy economy in place. Dubai and Abu Dhabi are among the top 10 cities globally in terms of new retail space infrastructure development. Hence, UAE acquires the highest shares in the GCC luxury goods market with clothing and apparel taking the highest amount of share.

Companies Operating in GCC Luxury Goods Market are Focusing on Mergers and Acquisitions

The GCC luxury goods market is a competitive market with the presence of various major players in the region. The companies present in the market are Rolex SA, Prada S.p.A., Kering S.A. (GUCCI), Burberry Group PLC, Christian Dior SE, Chanel S.A., Dolce & Gabbana, and Giorgio Armani S.p.A. The key luxury goods players are focusing on mergers and acquisitions and entering into partnerships with other players. The GCC countries represent a big opportunity for luxury brands. Luxury malls in cities such as Abu Dhabi and Dubai have helped put these cities on the map for the industry, and the United Arab Emirates as a whole continues to enjoy strong growth.

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of the GCC luxury goods.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and market size forecast up to 2027.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.