GCC Luxury Market Size Worth US$ 24.0 Billion Globally by 2027, at 11.7% CAGR

According to the latest report by IMARC Group, titled, "GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the GCC luxury market size reached a value of US$ 12.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.0 Billion by 2027, exhibiting a CAGR of 11.7% during 2022-2027. Premium and luxury products are the essential entities that showcase the status symbol of the owner. The excellent quality and durability of such goods come with the highest price point, which is affordable only to a small group of the population across the globe. Luxury products consist of personal goods, cars, travel and hotels, food and drinks, etc. Various companies are targeting the millennial and GenZ population with customized offerings to gain their attention. Luxury goods are extensively available in mono- and multi-brand stores and online or offline distribution channels across the region and are utilized by the male and female population.

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GCC Luxury Market Trends:

The escalating economic growth, a large young population, the expanding travel and tourism sector, and the rising penetration of e-commerce and social media platforms are among the primary factors fueling the GCC luxury market. Besides this, the elevating sales of cars, watches, fragrances, and leather products and the development of infrastructures in the region are further augmenting the market growth. Moreover, the introduction of leading luxury brands, such as Prada, Tiffany, and Mulberry, are advancing their presence by establishing mono-brand stores, which is also catalyzing the market across GCC. In addition, the establishment of upscale malls in the region to provide these brands ample space to expand their operations is acting as another significant growth-inducing factor. Apart from this, the extensive utilization of social media platforms, including YouTube, Facebook, Instagram, WhatsApp, etc., is also influencing consumers, particularly the younger generation, which is anticipated to propel the GCC luxury market over the forecasted period.

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GCC Luxury Market 2022-2027 Analysis and Segmentation:

Breakup by Type:

• Travel and Hotels
• Cars
• Personal luxury Goods
• Food and Drinks

Breakup by Gender:

• Male
• Female

Breakup by Distribution Channel:

• Monobrand Stores
• Multibrand Stores
• Online Stores
• Others.

Breakup by Region:

• Saudi Arabia
• UAE
• Kuwait
• Qatar
• Oman and Bahrain
• Saudi Arabia and UAE

Competitive Landscape:

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

Key highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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