Market Size of Qatar Luxury Goods Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.55 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Luxury Goods Qatar Market Analysis
The Qatari luxury goods market is expected to witness a CAGR of 2.55% during the forecast period.
- Qatar is a rising luxury goods market with prominent fashion brands such as Valentino and landmark department stores including Harrods and Printemps. Qatar is also focusing on developing its own luxury label named Qela.
- However, with the impact of COVID-19, the closed stores in tandem with limited shopping timings led the market to change its scenario, allowing online stores to grab the opportunity. Also, consumers in Qatar are considered the biggest buyers of goods in the Middle East, and the luxury goods industry is poised for the huge potential for growth in coming years.
- The rising Internet penetration has provided consumers with easy access to information about products, and they can easily compare the prices of different products. Furthermore, consumer preferences are changing, wherein more demand is placed on innovative jewelry designs, supporting market demand and growth for luxury goods in the Qatar market over the forecast years.
- However, factors such as pricing fluctuations, inflation rates, and political uncertainties in Qatar are expected to hinder market growth over the forecast period.
