Qatar Luxury Good Market Size

Qatar Luxury Goods Market Analysis

The Qatar luxury goods market is expected to witness a CAGR of 2.5% over the next five years.

• Qatar is regarded as the world's fastest-growing luxury market as it holds the majority stake in the Italian fashion brand Valentino and the landmark department stores Harrods and Printemps in London and Paris. Qatar is also developing its luxury label named Qela. However, with the impact of COVID-19, the restricted shopping timings have led the market to change its scenario, letting e-commerce grab the majority share in the country. Also, Qataris are considered the biggest buyers of goods in the Middle East but often shop in Dubai.
• The Mall of Qatar's infrastructure is being improved in the run-up to the 2022 World Cup, with the luxury industry posing a huge potential to grow in the country. The region's a highly coveted and affluent market due to its soaring demand and is divided by several distribution channels, including clothing and apparel.
• Rising funding for the fashion sector in Qatar and the increasing disposable income of consumers are major factors propelling the growth of the global Qatari luxury goods market.
• The emergence of the e-commerce sector has provided consumers with easy access to information and prices of products. In addition, changing preference of urban consumers for innovative jewelry designs is projected to boost the growth of the global Qatari luxury goods market over the forecast period. However, factors such as fluctuations in the rate of inflation and political uncertainties in Qatar are projected to hinder the growth of the global Qatari luxury goods market over the forecast period.