Middle East Luxury Watches Market Size, Share, Demand & Growth Opportunity, Trends, Industry Analysi by Goldstein research

Middle East Luxury Watches Market Outlook

Middle East Luxury Watches Market Outlook 2024: Opportunity & Growth Analysis, 2016-2024

Report Code :HC 1335

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Middle East Luxury Watches Market Outlook Middle East Luxury Watches Share(%), By Region-2016-2024

Middle East Luxury Watches Market Size USD (Million). 2016-2024 XX XX

Sample Request XX% CAGR: (2016-2024)

XX XX

Market

7.00 7.00 33.0 %%2016 0% 25.0 0% 28.0 0%

XX XX

Asia Pacific

XX 2016e 2017e 2018f

2019f

Source: Goldstein Research

m a S 2020f

2021f

7.00 7.00 % % 32.00 % 26.00 2024 % 28.00 %

2022f

2023f

2024f

e l p North America

Europe

Latin America

Middle East and Africa

Source: Goldstein Research

Mechanical Watches accounted for the highest market share XX% in In 2016,

With

XX% share in 2016, UAE dominated the Middle East Luxury Watches market

Middle East Luxury Watches market

Middle East Luxury Watches Market Middle East Luxury Watches Market Share (%), By End Users-2016 Share(%), By Product Type-2016

20.00%

Middle East Luxury Watches Market Share (%), By Distribution Channel2016

35.00% 65.00% 80.00%

Mechanical

Source: Goldstein Research

Men

Digital

Source: Goldstein Research

Women

Source: Goldstein Research

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Online

Offline

Middle East Luxury Watches Market Size (USD Million) & Growth Analysis Middle East Luxury Watches Market Size (USD Million)-2016-2024

m a S XX

XX XX

XX 2016e

2017e

Source: Goldstein Research

2018f

2019f

2020f

e l p

2021f

2022f

2023f

2024f

Middle East Luxury Watches Market

is anticipated to expand at a compound annual growth rate of XX% during the forecast period i.e. 2016-2024. The market is anticipated to reach USD XX million by the end of 2024. Moreover, the UAE has been ranked in the world's top 10 countries for Swiss watch exports in the first 10 months of 2017. Looking at different price segments, high-end watches have outperformed in 2017. In other words, the recovery of the Swiss watch industry has mainly been driven by the strength of high-end watch sales. In 2017 they accounted for nearly XX% of total Swiss watch exports. In contrast, sales of low-end watches fell by XX% in value both in 2017 Smart watch competition has been weighing on less expensive timepieces. Apple has said sales of its Apple Watch have risen more than XX per cent for three straight quarters. That is weighing on less expensive Swiss timepieces the most. Shipments of watches with wholesale values of less than USD 202 fell XX per cent in 2017, the only price category to decline.

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Middle East Luxury Watches Market Outlook  The Middle East showcase solid growth rate globally, overall luxury goods industry growth is promising related to historic period. Middle East premium consumers are among the leading spenders on luxury goods, the tenth highest spenders in the world. According to Goldstein Research analysts, the demand for luxury and top-ofthe -line products remains robust in the Gulf Cooperation Council (GCC) region despite the economic slowdown.

Growing Ecommerce Business

 In Middle East, Especially in GCC countries XX% of consumers claims to have increased their spending over luxury goods compared to XX% in more mature markets such as Europe, Japan and United States. In past few years Middle East luxury goods industry has been through a period of expansion, as major companies have grown by extending their reach of their brand distribution network and opening new stores in the region.

e l p

 The luxury goods market in the Middle East provides immense opportunity for luxury brands: luxury goods markets in Abu Dhabi and Dubai have helped to promote these cities as desirable shopping destinations to shop for luxury brands. Well recognized big-name brands have achieved well in the region, and tourism is a major driver of sales of luxury accessories or watches in Dubai.

m a S

 In 2016, the value of women’s high-end watch sales in the region increased by XX percent year over year; in 2015, the rise was XX percent and the majority of sales are made in United Arab Emirates. In comparison, the value of women’s luxury timepiece sales globally grew only XX percent last year.

 “The ladies like watches with diamonds and bling,” and “Men tend to go for white gold, platinum or steel. The watch has to be very discreet, and often men try to match their watch to a pen and sometimes cuff links.” Middle East watch customers are big fans of ultra-exclusive timepieces such as limited editions and bespoke watches. It is true that they tend to like larger models, high complications and audacious designs.

Growing Tourism Industry

High Disposable Income

Growth of Luxury Shopping Centers and Malls

Middle East Luxury Watches Market (USD Million) Saudi Arabia

2016

USD XX Million

2024

USD XX Million

UAE

Rest of Middle East

USD XX Million

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Growth Drivers E-Commerce Turnover Per of the Global Regions2015-2016

Booming E-Commerce Industry 

Despite strong fundamentals, the GCC is one f the world’s most challenging e-commerce playgrounds. With some of the world’s highest level of GDP per capita, the region is home to many people with large disposable incomes. Average mobile penetration stands at more than XX percent, and smartphones is at more than XX percent. In addition, more than two-thirds of the population uses the internet, with penetration in UA and Qatar exceeding XX% Our study reveals that only XX percent of major GCC retailers have and e-commerce channel, compared with XX percent in the United States. However, with the right enablers in place, we believe the GCC e-commerce market could almost quadruple to reach USD XX billion by 2020.



For GCC retailers, the success of Omni channel strategies will depend mainly on their ability to develop a string online presence, provide robust payment mechanisms and invest in distribution and infrastructure. In addition, they will need to collaborate with regional governments to resolve the bottlenecks in policies that will remain crucial to the ongoing success of cross-border e-commerce ecosystem

Region

2015

2016

Growth

World

USD XX bn

+19.9%

Asia Pacific

USD XX bn

+28.4%

North America

USD XX bn

+12.5%

Europe

USD XX bn

+13.3%

Latin America

USD XX bn

+28.0%

MENA

USD XX bn

+18.6%

Source: Goldstein Research

Online Watch Sales (USD Million), by GCC Countries- 2016 Impact Analysis:-

10.00%

Express Carriers

10.00% 40.00%

Combination Carriers

All Cargo

Passenger Belly Only

 Continuing growth of online-driven business-to-business (B2B) and businessto-consumer (B2C) sales demand has magnified the criticality of meeting customer expectations. Shippers will directly improve win probability by reformulating e-commerce transportation strategy and executing operational practices that enable delivery speed and certainty – along with dependable and flexible service – to yield a better customer experience.

40.00%

Source: Goldstein Research

High

Medium

Low

Impact on Middle East Luxury Watches Market Copyright

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Middle East Luxury Watches Market Outlook : 2016-2024 Middle East Luxury Watches Market Share (%), By Distribution Channels, 2016-2024

15.00% XX%

Online

2024

2016 Offline

XX%

85.00%

Source: Goldstein Research

m a S

Middle East Luxury Watches Transportation, 2016-2024

XX%

2016e

2017e

2018f

XX%

2019f

Market

Y-O-Y

XX%

2020f

2021f

2022f

2023f

Source: Goldstein Research

In 2017, e-tail accounted for XX% of middle east luxury goods consumption, and it is forecast to carve out a XX% share of the market in 2025. Faced with this e-tail acceleration, luxury labels are absolutely forced to adapt their strategies.

e l p

Growth,

XX%

Sample Request

XX%

2024f

The luxury industry has accepted the idea that digital distribution is a priority, since it is one of its most significant growth vectors. Proof of this are the growing presence of luxury brands on the web in China, one of the key markets for the luxury goods industry today, and By the increase in online sales of highend products in the USA. This kind of expansion has several strategic implications. The first, predictable one is the shrinking of brick-and-mortar store networks, starting with monobrand stores but especially affecting wholesale clients. According to analysts, this kind of 'rationalisation' is essential in order to preserve the perceived exclusivity of brands and their longterm value.

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Middle East Luxury Watches Market Outlook By Online Distribution Channels: 2016-2024 Middle East Luxury Watches Market Size (USD Million), By Online Distribution Channels, 2016-2024 XX XX XX XX

XX XX XX 2016e

2017e

m a S

2018f

2019f

2020f

2021f

2022f

2023f

Source: Goldstein Research

Sample Request "The web acts as a magnifying glass, exposing the shortcomings of brands with regards to their commercial policies, and their lack of control on their own distribution. This adds extra pressure to labels which are more dependent on the wholesale channel,“

e l p

2024f

"The most likely scenario is that, in the next five years, luxury e-tail will become extremely crowded. Luxury brands will have largely developed their own e-tail capabilities. With the entry of global brands,

Middle East Luxury Watches Market Y-O-Y Growth, By Online the GCC became a sizeable and one Distribution Channels, 2016-2024 of the main growth markets

XX%

2016e

2017e

2018f

XX%

2019f

XX%

2020f

2021f

2022f

2023f

Source: Goldstein Research

XX%

2024f

globally. For the retailers, particularly in the luxury and premium segments, the period between 2004 and 2014 were their golden years. In the UAE alone, luxury goods market has grown from USD XX billion in 2004 to USD XX billion during the decade, of which luxury watches comprises significant share and more than XX % of the total sales took place in physical stores.

Consumer Preferences To Shop For Watches Within Different Channels, By Different Demographics XX% XX% XX% XX%

XX%

In Physical Stores

XX% XX%

Online

XX% XX%

XX%

Millenials (18-33)

Generation X (34-49)

Baby Boomers (50-68)

XX% XX%

Source: Goldstein Research

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GCC Luxury Watches Market Size (USD Million) & YO-Y growth (%), By Region- 2016-2024 GCC Luxury Watches Market Size (USD Million)-2016-2024

Sample Request

XX% XX

XX%

XX XX

CAGR: (2016-2024)

XX XX

XX%

e l p XX% XX%

XX%

XX XX

XX%

m a S

XX XX XX 2016e

XX%

2017e

2018f

Source: Goldstein Research

2019f

North America GCC Luxury Watches Market Size (USD Millions), By Country-2016-2024

XX%

2020f

2021f

XX% XX% XX XX%

XX%

XX% XX%

2022f

2023f

XX XX

XX 2016

XX% 2016

UAE

Saudi Arbia

2024

2024 Mechanical Qatar

Kuwait

Oman

Source: Goldstein Research

XX%

XX XX

XX%

North America GCC Luxury Watches Market Size (USD Million), By Transportation Mode-2016-2024

XX%

Digital

Bahrain

Source: Goldstein Research

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UAE Luxury Watches Market Size (USD Million) & YO-Y growth (%), 2016-2024 UAE Luxury Watches Market Size (USD Million), Compound Annual Growth Rate (%), Y-O-Y Growth Rate (%), 2016-2024 Sample Request

XX%

XX XX

XX XX XX

XX%

XX XX XX 2016e

XX%

m a S XX%

2017e

XX%

CAGR: (2016-2024)

XX XX

XX%

2018f

2019f

Source: Goldstein Research

Key Insights

2020f

e l p 2021f

XX%

2022f

XX% XX% XX% XX% XX% XX% XX% XX%

2023f

UAE consumers Purchase of Luxury Goods Based on Locations

In 2016, Switzerland exported USD XX billion in timepieces globally, a decline of XX percent from the previous year. Exports to the United Arab Emirates, Switzerlandâ&#x20AC;&#x2122;s 10th-biggest watch market, declined XX percent over the same period to reach USD XX million. Dubai is the most affected market as tourists being the major source of income for the emirateâ&#x20AC;&#x2122;s luxury market. For the first time in a decade, consumer consumption in Saudi Arabia dropped in the first quarter of 2016, owing to drop in international tourist arrival in 2016. The retail market, luxury in particular, is also witnessing major fundamental changes. Consumers are increasingly becoming more informed and assertive on price and value.

XX%

XX% Home Country

XX% XX%

Abroad 3rd Qtr

Source: Goldstein Research

The UAE and Saudi Arabia were the top performing markets in the region with major chunk of revenue coming from the tourists than their residents. Fashion, beauty, watch and jewelry were the leading segments in the luxury sector. Beauty and footwear were very much resilient even during economic downturns in the region during the period. E-commerce penetration in the region was very low compared to the Europe and the US markets. Copyright

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Middle East Luxury Watches Market Outlook

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