GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The GCC luxury market is currently being catalysed by rising economic growth, a large young population, strong growth of the tourism sector, and an increasing penetration of ecommerce and social media. In 2018, the GCC luxury market was worth more than US$ 35 Billion.
In a region made affluent from strong oil production and exports, GCC economies have experienced strong economic growth over the past decades. Catalysed by rising affluence levels, spending on luxury products has been witnessing a continuous growth. The region has also witnessed strong population growth over the last five years resulting in a large young population. Currently around half of the total population in the region is below 30 years of age. With this generation of the population being bought up during the region’s economic ascendency, they perceive luxury not given but as a gift. It is the young population that represents the biggest driver of the luxury market in the region.
Another major driver of the luxury market in the region is the increasing penetration of ecommerce and social media. The online market continues to drive the sales of luxury products as boundaries blur with the more traditional distribution channels. Social media platforms such as youtube, facebook, instagram, whatsapp, etc. are also influencing consumers, particularly the younger generation. Moreover, the tourism sector of the GCC region has also been expanding in nations like the UAE which has further broadened the growth prospects for luxury goods. Looking forward, the market is expected to reach sales worth more than US$ 54 Billion by 2024, exhibiting a CAGR of 7.4% during 2019-2024.
On the basis of region, the market has been segmented into six regions, Saudi Arabia, UAE, Kuwait, Qatar, Oman and Bahrain. Saudi Arabia and UAE are the prominent regions.
Based on the type, the market has been segmented into travel and hotels, cars, personal luxury goods, food and drinks. Currently, the travel and hotels category dominates this market followed by cars, personal luxury goods, and food and drinks.
On the basis of gender, males dominated the market.
Based on the distribution channel, the GCC luxury market has been segmented into mono-brand stores, multi-brand Store, online stores and others.
This report provides a deep insight into the GCC luxury market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC luxury industry in any manner.
Key Questions Answered in This Report:
How has the GCC luxury market performed so far and how will it perform in the coming years?
What is the breakup of the GCC luxury market on a regional basis?
What are the leading product segments in the GCC luxury market?
What is the breakup of the GCC luxury market on the basis of gender?
What is the breakup of the GCC luxury market on the basis of distribution channel?
What is the value chain of the GCC luxury industry?
What are the key driving factors and challenges in the GCC luxury market?
What is the competitive structure of the GCC luxury industry and who are the key players?
What is the degree of competition in the GCC luxury industry?
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