The GCC personal luxury goods market exhibited moderate growth during 2015-2020. Personal luxury goods refer to the high-end and premium items, including apparel, watches, jewelry, cosmetics, bags, fashion accessories, etc. These branded products offer premium quality materials, superior craftsmanship, and high-value aesthetics. Most of the personal luxury goods are highly durable with extended warranty period, thereby being heavily priced. In the GCC region, rapid globalization along with the wide presence of international luxury brands is currently bolstering the market growth.
The rising consumer living standards supported by their increasing disposable income levels are augmenting the sales of personal luxury goods in the GCC region. Moreover, the high prevalence of western fashion trends coupled with the rising working women population is also catalyzing the product demand. The expanding tourism sector, particularly in Dubai and UAE, along with the relaxed trade barriers with several developed countries, is also driving the market growth. For instance, the GCC member states signed the European Free Trade Agreement (EFTA), allowing the trade of personal luxury goods from countries like Italy and France. Besides this, the wide availability of personal luxury goods on online retail platforms is also propelling the market growth in the region. The growing number of celebrity endorsements and the high prevalence of social media marketing are also driving the demand of personnel luxury goods in the region. Apart from this, the rising popularity of limited capsule collections and fashion drops have also fueled the market for secondhand luxury goods. Moreover, various personal luxury platforms are increasingly investing in authentication procedures and quality checks for providing a safe and reliable environment for customers. Several innovative technologies are being adopted to maintain brand value and minimize the risk of product replication by counterfeiters.
The sudden outbreak of COVID-19 across the GCC region in early 2020 has negatively impacted the growth of the personal luxury goods market. The market, however, is expected to recover from 2021 onwards and to grow at a CAGR of around 5% during (2021-2026).
The competitive landscape of the industry has also been examined with some of the key players being Burberry Group PLC, Chanel S.A., Estee Lauder Companies, Giorgio Armani SpA, Kering S.A., Loreal, LVMH Moët Hennessy Louis Vuitton SE, Mulberry Group PLC, Prada Group, Cie Financiere Richemont SA, The Swatch Group, and Versace.
The rising consumer living standards supported by their increasing disposable income levels are augmenting the sales of personal luxury goods in the GCC region. Moreover, the high prevalence of western fashion trends coupled with the rising working women population is also catalyzing the product demand. The expanding tourism sector, particularly in Dubai and UAE, along with the relaxed trade barriers with several developed countries, is also driving the market growth. For instance, the GCC member states signed the European Free Trade Agreement (EFTA), allowing the trade of personal luxury goods from countries like Italy and France. Besides this, the wide availability of personal luxury goods on online retail platforms is also propelling the market growth in the region. The growing number of celebrity endorsements and the high prevalence of social media marketing are also driving the demand of personnel luxury goods in the region. Apart from this, the rising popularity of limited capsule collections and fashion drops have also fueled the market for secondhand luxury goods. Moreover, various personal luxury platforms are increasingly investing in authentication procedures and quality checks for providing a safe and reliable environment for customers. Several innovative technologies are being adopted to maintain brand value and minimize the risk of product replication by counterfeiters.
The sudden outbreak of COVID-19 across the GCC region in early 2020 has negatively impacted the growth of the personal luxury goods market. The market, however, is expected to recover from 2021 onwards and to grow at a CAGR of around 5% during (2021-2026).
Breakup by Country
- Saudi Arabia
- United Arab Emirates
- Qatar
- Kuwait
- Oman
- Bahrain
Breakup by Type
- Accessories
- Apparel
- Watch and Jewellery
- Luxury Cosmetics
- Others
Breakup by Gender
- Female
- Male
Breakup by Distribution Channel
- Mono-brand Stores
- Speciality Stores
- Departmental Stores
- Online Stores
- Others
Competitive Landscape
The competitive landscape of the industry has also been examined with some of the key players being Burberry Group PLC, Chanel S.A., Estee Lauder Companies, Giorgio Armani SpA, Kering S.A., Loreal, LVMH Moët Hennessy Louis Vuitton SE, Mulberry Group PLC, Prada Group, Cie Financiere Richemont SA, The Swatch Group, and Versace.
Key Questions Answered in This Report
- How has the GCC personal luxury goods market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global GCC personal luxury goods market?
- What is the breakup of the market based on the country?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the gender?
- What is the breakup of the market based on the distribution channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global GCC personal luxury goods market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 GCC Personal Luxury Goods Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Country
6.1 Saudi Arabia
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 United Arab Emirates
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Qatar
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Kuwait
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Oman
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Bahrain
6.6.1 Market Trends
6.6.2 Market Forecast
7 Market Breakup by Type
7.1 Accessories
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Apparel
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Watch and Jewellery
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Luxury Cosmetics
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Gender
8.1 Female
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Male
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Distribution Channel
9.1 Mono-brand Stores
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Specialty Stores
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Departmental Stores
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Online Stores
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Others
9.5.1 Market Trends
9.5.2 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porter’s Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 Burberry Group PLC
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.1.3 Financials
13.3.2 Chanel S.A.
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 Financials
13.3.3 Estee Lauder Companies
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.3.3 Financials
13.3.4 Giorgio Armani SpA
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.5 Kering S.A.
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.5.3 Financials
13.3.6 Loreal
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.6.3 Financials
13.3.7 LVMH Moët Hennessy Louis Vuitton SE
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.7.3 Financials
13.3.8 Mulberry Group PLC
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.8.3 Financials
13.3.9 Prada Group
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.9.3 Financials
13.3.10 Cie Financiere Richemont SA
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
13.3.10.3 Financials
13.3.11 The Swatch Group
13.3.11.1 Company Overview
13.3.11.2 Product Portfolio
13.3.11.3 Financials
13.3.12 Versace
13.3.12.1 Company Overview
13.3.12.2 Product PortfolioList of Figures
Figure 1: GCC: Personal Luxury Goods Market: Major Drivers and Challenges
Figure 2: GCC: Personal Luxury Goods Market: Sales Value (in Billion US$), 2015-2020
Figure 3: GCC: Personal Luxury Goods Market: Breakup by Country (in %), 2020
Figure 4: GCC: Personal Luxury Goods Market: Breakup by Type (in %), 2020
Figure 5: GCC: Personal Luxury Goods Market: Breakup by Gender (in %), 2020
Figure 6: GCC: Personal Luxury Goods Market: Breakup by Distribution Channel (in %), 2020
Figure 7: GCC: Personal Luxury Goods Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 8: Saudi Arabia: Personal Luxury Goods Market: Sales Value (in Million US$), 2015 & 2020
Figure 9: Saudi Arabia: Personal Luxury Goods Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 10: United Arab Emirates: Personal Luxury Goods Market: Sales Value (in Million US$), 2015 & 2020
Figure 11: United Arab Emirates: Personal Luxury Goods Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 12: Qatar: Personal Luxury Goods Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Qatar: Personal Luxury Goods Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Kuwait: Personal Luxury Goods Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Kuwait: Personal Luxury Goods Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Oman: Personal Luxury Goods Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Oman: Personal Luxury Goods Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Bahrain: Personal Luxury Goods Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Bahrain: Personal Luxury Goods Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: GCC: Personal Luxury Goods (Accessories) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: GCC: Personal Luxury Goods (Accessories) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: GCC: Personal Luxury Goods (Apparels) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: GCC: Personal Luxury Goods (Apparels) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: GCC: Personal Luxury Goods (Watch and Jewellery) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: GCC: Personal Luxury Goods (Watch and Jewellery) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: GCC: Personal Luxury Goods (Luxury Cosmetics) Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: GCC: Personal Luxury Goods (Luxury Cosmetics) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: GCC: Personal Luxury Goods (Other Product Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: GCC: Personal Luxury Goods (Other Product Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: GCC: Personal Luxury Goods (Purchase by Females) Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: GCC: Personal Luxury Goods (Purchase by Females) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: GCC: Personal Luxury Goods (Purchase by Males) Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: GCC: Personal Luxury Goods (Purchase by Males) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: GCC: Personal Luxury Goods Market: Sales through Mono-brand Stores (in Million US$), 2015 & 2020
Figure 35: GCC: Personal Luxury Goods Market Forecast: Sales through Mono-brand Stores (in Million US$), 2021-2026
Figure 36: GCC: Personal Luxury Goods Market: Sales through Specialty Stores (in Million US$), 2015 & 2020
Figure 37: GCC: Personal Luxury Goods Market Forecast: Sales through Specialty Stores (in Million US$), 2021-2026
Figure 38: GCC: Personal Luxury Goods Market: Sales through Departmental Stores (in Million US$), 2015 & 2020
Figure 39: GCC: Personal Luxury Goods Market Forecast: Sales through Departmental Stores (in Million US$), 2021-2026
Figure 40: GCC: Personal Luxury Goods Market: Sales through Online Stores (in Million US$), 2015 & 2020
Figure 41: GCC: Personal Luxury Goods Market Forecast: Sales through Online Stores (in Million US$), 2021-2026
Figure 42: GCC: Personal Luxury Goods Market: Sales through Other Distribution Channels (in Million US$), 2015 & 2020
Figure 43: GCC: Personal Luxury Goods Market Forecast: Sales through Other Distribution Channels (in Million US$), 2021-2026
Figure 44: GCC: Personal Luxury Goods Industry: SWOT Analysis
Figure 45: GCC: Personal Luxury Goods Industry: Value Chain Analysis
Figure 46: GCC: Personal Luxury Goods Industry: Porter’s Five Forces AnalysisList of Tables
Table 1: GCC: Personal Luxury Goods Market: Key Industry Highlights, 2020 and 2026
Table 2: GCC: Personal Luxury Goods Market Forecast: Breakup by Country (in Million US$), 2021-2026
Table 3: GCC: Personal Luxury Goods Market Forecast: Breakup by Type (in Million US$), 2021-2026
Table 4: GCC: Personal Luxury Goods Market Forecast: Breakup by Gender (in Million US$), 2021-2026
Table 5: GCC: Personal Luxury Goods Market Forecast: Breakup by Distribution Channel (in Million US$), 2021-2026
Table 6: GCC: Personal Luxury Goods Market: Competitive Structure
Table 7: GCC: Personal Luxury Goods Market: Key Players
Companies Mentioned
- Burberry Group PLC
- Chanel S.A.
- Estee Lauder Companies
- Giorgio Armani SpA
- Kering S.A.
- Loreal
- LVMH Moët Hennessy Louis Vuitton SE
- Mulberry Group PLC
- Prada Group
- Cie Financiere Richemont SA
- The Swatch Group and Versace
Methodology
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