GCC Personal Luxury Goods Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers GCC Products Online By Country and is segmented by Type (Clothing and Apparel, Footwear, Bags, Jewelry, Watches, and Other Accessories), by Gender (Male, Female), By Distribution Channel (Offline Retail Store, Online Retail Store, and Others), and by Geography (Saudi Arabia, United Arab Emirates, Qatar, and Rest of Gulf Cooperation Council). The report offers market size and forecasts for the luxury goods market in value (USD million) for all the above segments.

GCC Personal Luxury Goods Market Size

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GCC Luxury Goods Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 5.42 %
Market Concentration Low

Major Players

GCC Luxury Goods Market

*Disclaimer: Major Players sorted in no particular order

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GCC Personal Luxury Goods Market Analysis

The GCC Luxury Goods Market size is expected to grow from USD 10.52 billion in 2023 to USD 13.70 billion by 2028, at a CAGR of 5.42% during the forecast period (2023-2028).

  • Long-term growth in the GCC luxury goods industry is anticipated due to rising disposable income, a growing millennial population, rising tourism, and the penetration of international market players in the area. Customer's attention is being drawn by the introduction of products in the market by major players on the international scene, including Gucci, LMVH, PVH, and Rolex.
  • For instance, in April 2022, the Alshaya franchise group's fash-leisure clothing brand Tribe of 6 debuted in Kuwait, the Kingdom of Saudi Arabia, and the United Arab Emirates. The brand promotes diversity and body positivity by offering various items, such as unisex styles in a range of sizes.
  • Apart from this, the establishment of upscale malls has also offered these brands ample space to expand their operations in the country. Moreover, social media and the trend of online shopping have positively influenced the luxury footwear market in Saudi Arabia since shoppers may now access luxury brands through online platforms.
  • In 2021, a collaboration between Adidas Originals and designer Arwa Al Banawi resulted in the launch of a highly personalized version of the iconic forum silhouette. These new sneakers, appropriately designed in sand tones, were called the Adidas Originals by Arwa Al Banawi Forum Lo Sneaker. They were made available for sale through an exclusive early-access virtual release at a prominent location on the Saudi Arabian tourist map on May 25. The sneakers quickly sold out, reflecting their popularity among consumers.
  • The emergence of e-commerce has provided consumers with easy access to product-related information and prices through online sources. This factor has further contributed to the overall growth of the luxury goods market. Consumers in the GCC are highly conscious of their luxury cosmetics and fragrances choices. Hence, the companies operating in the market are working to enhance their sustainable packaging styles.

GCC Personal Luxury Goods Market Trends

Increasing Use of E-commerce Platform for Buying Luxury Goods

  • The GCC online retail market is growing fast and is drawing massive attention from investors across the globe. Bahrain, United Arab Emirates, and Qatar have the highest internet penetration rates in the world at present. The rapid growth was fueled by improved product range, ease of buying, customer choice of delivery date, and a smooth purchasing experience. Luxury fashion has developed itself in the digital world.
  • Also, the rise in Internet use has led to consumers' exposure to various luxury goods, which is expected to propel the market during the forecast period. As per the World Bank data, the percentage of the population using the Internet across Saudi Arabia reached 100% in 2021.
  • Consumers now engage with most brands through their online stores and multi-brand e-tailers. About half of the luxury goods buyers are now swayed by what they hear or watch online. From Louis Vuitton to Chanel and Gucci, luxury fashion houses have been rushing to embrace digital, whether by partnerships with multi-brand sites like Farfetch, creating their websites, or combining the two.
  • The shift to digital makes sense as online purchases are projected to fuel potential luxury goods demand growth. As a result, sales of brick-and-mortar retailers will decline. Some well-known online stores offering luxury products across the market include Tutus Kurniati, Goshopia, The Luxury Closet, Ounass, Tryano, Farfetch United Arab Emirates, Bloomingdale's, and Elilhaam.
Gulf Cooperation Council Luxury Goods Market: Individuals Using Internet, in %, Saudi Arabia, 2017-2021

United Arab Emirates as the Regional Hub for Luxury Shopping in the GCC

  • Dubai has continued to be the key regional hub for purchasing luxury goods and has stood out as a leader in retail space quality. Also, other cities in the United Arab Emirates have risen in their rankings in terms of the cost of living. The United Arab Emirates has always been an attractive location for ex-pats. Due to the highly competitive compensation packages, falling real estate prices, high safety standards, and a healthy economy, it continues to be so. Dubai and Abu Dhabi feature among the top 10 cities globally in terms of the new retail space under construction.
  • The rise in the number of tourists across the region also drives the United Arab Emirates luxury market. Dubai rose in popularity as a travel destination for Indian tourists in 2022. As per the Government of Dubai's data published by the Dubai Statistics Center, Dubai welcomed more than 500,000 Indian tourists to the city in 2022. 
  • In contrast to other years, fewer foreign visitors, or about eight million individuals, arrived in the United Arab Emirates in 2020. However, as more people traveled in 2021, the tourism sector has been progressively regaining strength. Hence, the rise in tourism across the nation is also expected to boost the demand for luxury goods across the region.
Gulf Cooperation Council Luxury Goods Market: Number of Visitor Arrivals in Dubai, By Country of Origin, in Thousands, 2022

GCC Personal Luxury Goods Industry Overview

The GCC luxury goods market is highly competitive, with global and domestic players. The key players in the market studied are Prada S.p.A., Kering Group, Rolex SA, LVMH Moët Hennessy Louis Vuitton and Capri Holding. However, other players like Chanel, Burberry Group Plc, and others show dominance over the market. 

The strategies majorly adopted by the top luxury goods companies across the region include expansion and product innovations. Companies in the market have been competing on different factors, including product offerings, quality, sustainable packaging, marketing, and brand omnichannel activities, to gain a competitive advantage in the market and expand their business. The emergence of e-commerce further contributed to the overall growth of the Gulf Cooperation Council luxury goods market.

GCC Personal Luxury Goods Market Leaders

  1. Prada S.p.A.

  2. Kering Group

  3. LVMH Moët Hennessy Louis Vuitton

  4. Rolex SA

  5. Capri Holdings

*Disclaimer: Major Players sorted in no particular order

GCC Luxury Goods Market Concentration
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GCC Personal Luxury Goods Market News

  • March 2022: The Italian House of Gucci, a subsidiary of Kering Group, was newly launched in the United Arab Emirates. The brand's new launch featured its glittering high jewelry pieces encompassing necklaces, rings, and bracelets.
  • July 2021: Capri Holdings's Versace opened a new store at the Galleria Al Maryah Island in Abu Dhabi, adding to the mall's diverse portfolio and solidifying its status as the city's prominent spot for luxury shopping.
  • April 2021: The Alshaya franchise company built the first Aerie store in the Middle East in Kuwait, a premium clothing division of American Eagle. The shop sells clothing, women's swimwear, sweat-ready activewear, loungewear, and intimate wear.

GCC Personal Luxury Goods Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. Market Dynamics

    1. 4.1 Drivers

    2. 4.2 Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Clothing and Apparel

      2. 5.1.2 Footwear

      3. 5.1.3 Bags

      4. 5.1.4 Jewellery

      5. 5.1.5 Watches

      6. 5.1.6 Other Accessories

    2. 5.2 Gender

      1. 5.2.1 Male

      2. 5.2.2 Female

    3. 5.3 Distribution Channel

      1. 5.3.1 Single branded stores

      2. 5.3.2 Multibranded stores

      3. 5.3.3 Online Stores

      4. 5.3.4 Other Distribution Channels

    4. 5.4 Geography

      1. 5.4.1 Saudi Arabia

      2. 5.4.2 United Arab Emirates

      3. 5.4.3 Qatar

      4. 5.4.4 Kuwait

      5. 5.4.5 Oman

      6. 5.4.6 Baharain

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Chanel Limited

      2. 6.3.2 Etoile Group

      3. 6.3.3 LVMH Moët Hennessy Louis Vuitton

      4. 6.3.4 Rolex SA

      5. 6.3.5 Alshaya Franchise Group

      6. 6.3.6 Prada S.p.A.

      7. 6.3.7 Dolce & Gabbana Luxembourg S.À R.L.

      8. 6.3.8 Kering SA

      9. 6.3.9 Burberry Group PLC

      10. 6.3.10 AW Rostamani Group

      11. 6.3.11 Capri Holdings

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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GCC Personal Luxury Goods Industry Segmentation

A luxury good is a premium/high-end product available in the market.

The GCC luxury goods market is segmented by type, gender, distribution channel, and geography. On the basis of type, the market is segmented into clothing and apparel, footwear, bags, jewelry, watches, and other accessories. By gender, the market is segmented into male and female. The market is segmented by the distribution channel into single-brand stores, multi-brand stores, online retail stores, and other distribution channels. The report also offers analyses of various prominent countries across the region, including Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain.

The market sizing has been done in value terms in USD for all the abovementioned segments.

Type
Clothing and Apparel
Footwear
Bags
Jewellery
Watches
Other Accessories
Gender
Male
Female
Distribution Channel
Single branded stores
Multibranded stores
Online Stores
Other Distribution Channels
Geography
Saudi Arabia
United Arab Emirates
Qatar
Kuwait
Oman
Baharain
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GCC Personal Luxury Goods Market Research FAQs

The GCC Luxury Goods Market is projected to register a CAGR of 5.42% during the forecast period (2024-2029)

Prada S.p.A., Kering Group, LVMH Moët Hennessy Louis Vuitton, Rolex SA and Capri Holdings are the major companies operating in the GCC Luxury Goods Market.

The report covers the GCC Luxury Goods Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the GCC Luxury Goods Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

GCC Personal Luxury Goods Industry Report

Statistics for the 2024 GCC Luxury Goods market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Luxury Goods analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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GCC Personal Luxury Goods Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)