GCC Luxury Market Expanding at a CAGR of Nearly 8% During 2018-2023

GCC Luxury Market Trends, Growth, Report and Forecast Till 2023

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Report Description

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Report Description and Highlights

Report Description

GCC Luxury Market Report By Type (Travel & Hotels, Cars, Personal Luxury Goods, Food & Drinks and Others), Gender (Male and Female), Distribution Channel, Region The GCC luxury market has witnessed positive growth over the past few years. This can be attributed to the affluent young population, rapidly changing economic and fashion scenario as well as increasing tourism from China and Europe.

Market Overview: According to the latest report by IMARC Group, titled “GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the GCC luxury market reached a value of US$ 32.5 Billion in 2017. Luxury goods, also known as superior goods, are products related to wealth and exclusivity. These lifestyle products are not essential for a living but are pleasant to possess.

Consumers differentiate these products from necessity products and services based on properties such as rarity, symbolism and quality. At present, there are several luxury services providers, including restaurants, hotels and clubs, operating in the GCC region who are targeting wealthy and discerning consumers. Along with this, various international luxury brands have also expanded their presence in the GCC which has further helped in promoting the growth of the sector.

Report Description and Highlights

Report Description Market Trends:

In the GCC region, there has been a shift in consumer habits towards luxury goods in line with the changing fashion and economic scenario. Apart from this, there has been a significant rise in tourist spending, especially from Chinese and European visitors, which is providing a thrust to the GCC luxury market. The increasing influence of social media is also influencing the sales of luxury products .

Moreover, the young population of the GCC countries is wealthier than the millennials in other parts of the world. However, rising geopolitical tensions and conflicts, as well as declining oil prices, are some of the factors that can pose a risk to the stability of the GCC luxury market. Looking forward, the market value is projected to reach more than US$ 50 Billion by 2023, expanding at a CAGR of nearly 8% during 2018-2023.

GCC Luxury Market Segmentation: Market Segmentation by Type • •

Travel and Hotels Cars

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Market Forecast

Sample Figure: GCC: Luxury Market Forecast: Value Trends (in US$ Billion), 2018-2023

184.3

191.7

199.3

207.3

2018

2019

2020

2021

215.6

224.2

2022

2023

Market Segmentation

Report Description • • •

Personal Luxury Goods Food and Drinks Others

Based on types, the market has been segmented into travel and hotels, cars, personal luxury goods, and food and drinks. Amongst these, travel and hotels are the most popular luxury segment preferred by consumers in the region.

Market Segmentation by Gender • •

Male Female

The report has analyzed the GCC luxury market on the basis of genders, wherein males exhibit a clear dominance.

Market Segmentation by Distribution Channel •

Monobrand Stores

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Market Segmentation

Report Description • • •

Multibrand Stores Online Others

The market is categorized according to various distribution channels which include mono-brand stores, multi-brand stores, online stores and others.

Market Segmentation by Region • • • • • •

Saudi Arabia United Arab Emirates Qatar Kuwait Oman Bahrain

On a geographical front, Saudi Arabia and the UAE represent the largest luxury markets in the GCC, holding the majority of the total share. This growth is being led by favorable economic changes and increasing tourism in both countries. Some of the other major markets include Kuwait, Qatar, Oman and Bahrain.

Market Segmentation

Report Description Competitive Landscape:

The competitive landscape of the GCC luxury industry has also been analyzed with the profiles of prominent market players.

In case you have a very specific customized or specific niche needs, we can work around the scope of work and assist you with the tailor made solution. The topics covered could be technology, markets, competition, pricing trends, P&L analysis, cost analysis, price bench marking or it could also be supplementing you with the weekly or fortnight reports.

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Report Description and Highlights

Report Description

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