DUBLIN, Dec. 13, 2024 (Globe Newswire) — The “GCC Luxury Goods Market by Type, Gender, Distribution Channel and Region, 2024-2032” report has been added to ResearchAndMarkets.com’s offering .
GCC luxury goods market size reached USD 15.5 billion in 2023. In the future, the market is projected to reach USD 35.2 billion by 2032, registering a growth rate (CAGR) of 9.5% from 2023 to 2032.
This report provides deep insights covering all important aspects of the GCC luxury goods market. It ranges from a macro overview of the market to micro details of industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s Five Forces analysis, value chain analysis, etc.
The GCC luxury goods market is currently being driven by rising economic growth, a large young population, strong growth in the tourism sector, and increasing penetration of e-commerce and social media. In a region enriched by strong oil production and exports, the economies of the GCC countries have experienced strong economic growth over the past few decades.
Spending on luxury goods continues to increase due to the rise in wealth. The region has experienced significant population growth over the past five years, resulting in a large youth population. Currently, about half of the region’s total population is under 30 years old. Amidst the region’s economic upsurge, this generation sees luxury goods as gifts, not givens. The biggest driver of the region’s luxury goods market is its young population.
Another key driver for the region’s luxury goods market is the growing penetration of e-commerce and social media. Online marketplaces continue to drive the sale of luxury goods as the boundaries with traditional distribution channels blur. Social media platforms such as YouTube, Facebook, Instagram, and WhatsApp are also influencing consumers, especially the younger generation. Furthermore, the tourism sector in the GCC region is also expanding in countries such as the UAE, further expanding the growth prospects for luxury goods.
Market segmentation
The report provides an analysis of key trends for each sub-segment of the GCC Luxury Goods market report, as well as regional and country level forecasts from 2024 to 2032. The report segments the market on the basis of type, gender, and distribution channel.
Regional breakdown:
Saudi Arabia United Arab Emirates Qatar Kuwait Oman Bahrain
Saudi Arabia and the UAE are prominent regions.
Breakdown by type:
Travel/HotelsCarsPersonal Luxury ItemsFood/BeveragesOthers
Currently, the automotive category dominates the market.
Breakdown by gender:
Based on gender, men dominated the market.
Breakdown by distribution channel:
Mono brand store Multi brand store Online store Others
Based on distribution channel, the GCC luxury goods market is segmented into mono-brand stores, multi-brand stores, online stores, etc.
competitive environment
The competitive landscape of the industry was also investigated, along with the profiles of key companies.
Key questions answered in this report:
1. What is the size of the Gulf luxury goods market in 2023?
2. What is the expected growth rate of the GCC luxury goods market from 2024 to 2032?
3. What is the impact of COVID-19 on the GCC luxury goods market?
4. What are the key factors driving the GCC luxury goods market?
5. What is the segmentation of GCC luxury goods market based on type?
6. What is the breakdown of the Gulf luxury goods market based on gender?
7. What is the segmentation of GCC luxury goods market based on distribution channel?
8. What are the key regions for the GCC luxury goods market?
key attributes
Report attribute details No. Forecast period 2023-2032 Estimated market value in 2023 (USD) 15.5 billion USD Predicted market value by 2032 (USD) 35.2 billion USD Average annual growth rate 9.5% Target region Middle East
For more information on this report, please visit https://www.researchandmarkets.com/r/pfeyn9.
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