The demand for second-hand luxury goods is growing in the Middle East due to an increasing wealthy population and desire for luxury items.
WILMINGTON, Del., USA, Sept. 24, 2024 (GLOBE NEWSWIRE) — The Middle East second-hand luxury goods market (중고명품시장) is projected to grow at a CAGR of 13.3% from 2024 to 2035. Transparency Market Research predicts that total sales of second-hand luxury goods in the Middle East will reach USD 3.5 billion by the end of 2035.
The region’s rich cultural heritage has fostered an appetite for vintage and traditional luxury goods, driving interest in the secondhand market as a means of preserving tradition. Increasing awareness of environmental issues has led consumers to seek sustainable alternatives, and secondhand luxury offers a greener option compared to fast fashion.
The growing recognition of luxury as an investment asset is driving demand for second-hand goods, especially limited edition or discontinued items that increase in value over time. Influencers and social media platforms are playing a key role in shaping consumer tastes and driving interest in second-hand luxury goods through their curated content and endorsement of vintage fashion trends.
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Key findings of the market report
Jewelry, including bracelets, earrings, necklaces, rings, watches and other accessories, leads the second-hand luxury goods market in the Middle East.
The Middle East’s second-hand luxury goods market is led by the men’s segment, driven by demand for designer clothing, watches and accessories.
The UAE leads the Middle East’s second-hand luxury goods market thanks to its affluent population and well-established luxury retail infrastructure.
Drivers and trends of the Middle East second-hand luxury goods market
The Middle East is a popular tourist destination, stimulating demand from tourists looking for bargains on luxury items and fuelling the second-hand goods market.
Fluctuations in economic conditions affect consumer spending habits and their ability to purchase luxury goods, thus impacting market growth.
Changing tastes and fashion trends among Middle Eastern consumers are driving interest in second-hand luxury goods.
Partnerships between luxury brands and second-hand retailers increase accessibility and legitimize local resale markets.
The growth of online platforms makes buying and selling easier, caters to the needs of tech-savvy consumers, and expands market reach.
The story continues
The Middle East second-hand luxury goods market: country profile
As a regional hub for luxury retail, the UAE boasts a thriving second-hand market, fuelled by affluent residents and tourists seeking bargains on luxury brands. Dubai, in particular, is home to a plethora of luxury consignment stores and online platforms catering to the needs of discerning buyers.
With a large population and a growing middle class, Saudi Arabia is an attractive market for second-hand luxury goods, with demand growing in major cities such as Riyadh and Jeddah, driven by a desire for luxury goods at more affordable prices.
Qatar’s affluent population and high disposable income levels have contributed to a thriving market for second-hand luxury goods, particularly in Doha, with luxury malls and online resale platforms catering to the needs of discerning customers who demand quality and exclusivity.
Kuwait’s affluent society and taste for luxury goods make it a key player in the region’s second-hand market, with its cosmopolitan capital, Kuwait City, home to high-end boutiques and online platforms selling a carefully selected range of second-hand luxury items.
Secondhand luxury goods market in the Middle East: Competitive landscape
The competitive landscape of the Middle East second-hand luxury market sees a range of players vying for market share and consumer attention. Established luxury consignment stores such as The Luxury Closet and Vestiaire Collective compete with online resale platforms such as Reebonz and Bagatelle Boutique.
Regional players such as Garderobe and Designer Exchange also contribute to the diversity of the market. Each player offers a unique combination of luxury products, pricing strategies, and customer service to attract buyers. Collaborations with luxury brands and strategic marketing efforts further intensify competition in this fast-growing sector, driving innovation and improving the overall shopping experience for consumers. Key players include:
Dwaisi
Farfetch’d
Garderobe
Jemaah – UAE
La Suite
Ounas
Luxury is back in the spotlight
closet
Luxury Closet
Plush Posh
Product Portfolio
DWISI provides innovative smart home solutions designed to simplify life. From automated lighting to intelligent security systems, DWISI products bring convenience and peace of mind to homeowners. With cutting-edge technology and seamless integration, DWISI transforms homes into connected, efficient living spaces.
Farfetch is the ultimate destination for luxury fashion lovers. With a handpicked selection of designer clothing, accessories and shoes, Farfetch puts style from around the world at your fingertips. We offer unique pieces from established brands and emerging designers, along with unparalleled service and a seamless shopping experience.
Garderobe is revolutionizing the fashion industry with its sustainable approach to luxury shopping. Offering pre-owned designer fashion, Garderobe enables customers to buy and sell luxury clothing, reducing their environmental impact without sacrificing style. Garderobe guarantees authenticity and fosters a community of conscious consumers and fashion-forward people.
For more information on the complete report, request a sample copy here – https://www.transparencymarketresearch.com/middle-east-second-hand-luxury-goods-market.html
The Middle East second-hand luxury market: key segments
By Product Type
bracelet
Earrings
necklace
ring
watch
Others (brooches, etc.)
By end use
By country
United Arab Emirates
Saudi Arabia
Qatar
Kuwait
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About Transparency Market Research
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