GCC luxury market has reached a value of $ 11.4 billion in 2020 and strong growth is expected through 2026 – ResearchAndMarkets.com
DUBLIN – (COMMERCIAL THREAD)–The “GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2021-2026” report was added to ResearchAndMarkets.com offer.
The GCC luxury market is currently being catalyzed by increasing economic growth, a large and young population, strong growth in the tourism sector, and increasing penetration of e-commerce and social media.
The GCC luxury market reached a value of US $ 11.4 billion in 2020.
In a region rich in high oil production and exports, the GCC economies have experienced strong economic growth in recent decades. Catalyzed by rising levels of wealth, spending on luxury goods continues to grow.
The region has also experienced strong population growth over the past five years, resulting in a large young population. Currently, around half of the region’s total population is under the age of 30. This generation of the population being redeemed during the economic boom of the region, they perceive luxury not as a gift but as a gift. The young population represents the biggest driver of the luxury market in the region.
Another major driver of the luxury market in the region is the growing penetration of e-commerce and social media. The online marketplace continues to drive sales of luxury goods as boundaries blur with more traditional distribution channels.
Social media platforms such as YouTube, Facebook, Instagram, WhatsApp, etc. also influence consumers, especially the younger generation. In addition, the tourism sector in the GCC region has also grown in countries like the United Arab Emirates, which has further broadened the growth prospects of luxury goods. Looking ahead, the publisher expects the GCC luxury market to show moderate growth over the next five years.
On the basis of region, the market has been segmented into six regions, Saudi Arabia, UAE, Kuwait, Qatar, Oman and Bahrain. Saudi Arabia and the United Arab Emirates are the main regions.
Based on type, the market has been segmented into travel and hotels, cars, personal luxury goods, food and drink. Currently, the travel and hotel category dominates this market, followed by cars, personal luxury goods, and food and beverage.
On the basis of gender, men dominated the market.
On the basis of distribution channel, the GCC luxury market has been segmented into single-brand stores, multi-brand stores, online stores and others.
This report provides an in-depth overview of the GCC luxury market covering all its essential aspects. This 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. investors, researchers, consultants, business strategists and anyone with an interest in or planning to foray into the GCC luxury industry in any way.
Key questions addressed in this report:
How has the GCC luxury market performed so far and how will it perform in the years to come?
What has been the impact of COVID-19 on the GCC luxury market?
What is the split of the GCC luxury market on a regional basis?
What are the main product segments in the GCC luxury market?
How did the GCC luxury market break up on the basis of gender?
What is the split of the GCC luxury market on the basis of distribution channel?
What is the GCC luxury industry value chain?
What are the major driving factors and challenges for the GCC luxury market?
What is the competitive structure of the CCG luxury industry and who are the main players?
How competitive is the GCC luxury industry?
Main topics covered:
2 Scope and methodology
3 Executive summary
5 GCC luxury market
6 Market performance by region
7 Market Performance by Type
8 Market performance by gender
9 Market performance by distribution channel
10 Competitive landscape
For more information on this report, visit https://www.researchandmarkets.com/r/exq520