Market Size of GCC Luxury Goods Industry
| 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.webp){kind=logo}
*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.
