Gcc Luxury Market To Reach US$ 25.7 Billion By 2028 | Growth Rate (CAGR) of 10.8%

SAUDI ARABIA, SAUDI ARABIA, GCC, March 15, 2023 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled, “GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, the GCC luxury market size reached US$ 14.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.8% during 2023-2028. Luxury goods represent high-end and premium items, including jewelry, cosmetics, bags, apparel, watches, fashion accessories, etc. They are manufactured by using premium quality materials and offer superior craftsmanship and high-value aesthetics. In line with this, luxury goods are highly durable with an extended warranty period. They also include artistic and unique products that are highly desirable in a culture or society and serve as a status symbol. These items exhibit uniqueness and provide a personalized and unforgettable experience in terms of luxurious packaging, high-touch service, an affluent in-store environment, etc. Consequently, they are extensively utilized in GCC.

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GCC Luxury Market Growth:

The growing penetration of e-commerce and social media platforms and the increasing consumer inclination towards high-quality and stylish products with advanced technical fabrications and craftsmanship are primarily driving the GCC luxury market. Additionally, the expanding travel and tourism sector, the inflating disposable income levels of individuals, and the improving living standards of individuals are further catalyzing the market growth. Besides this, the rising number of celebrity endorsements and the escalating demand for personal luxury goods are acting as significant growth-inducing factors. Moreover, the development of sustainable production methods and the widespread adoption of ethically sourced, eco-friendly, or recycled materials are augmenting the market growth. Apart from this, the introduction of limited capsule collections and fashion drops is also propelling the market growth across the country. Furthermore, extensive investments in authentication procedures and quality checks to provide a safe and reliable environment for customers are expected to fuel the GCC luxury market in the coming years.

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Key Market Segmentation:

Breakup by Type:

• Travels and Hotels
• Cars
• Personal Luxury Goods
• Food and Drinks
• Others

Breakup by Gender:

• Male
• Female

Breakup by Distribution Channel:

• Mono-Brand Stores
• Multi-Brand Stores
• Online Stores
• Others

Breakup by Region:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Competitive Landscape:

The competitive landscape of the GCC luxury industry has also been analyzed with the profiles of prominent market players.

Key highlights of the Report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Other Reports of IMARC Group:

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• https://www.digitaljournal.com/pr/oxygen-therapy-market-to-reach-us-25-5-billion-by-2027-cagr-of-8-1

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
email us here

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