GCC Luxury Market Set to Grow at a CAGR of 7.4% Over the Period 2019-2024 - ResearchAndMarkets.com

DUBLIN--()--The "GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The GCC luxury market is currently being catalysed by rising economic growth, a large young population, strong growth of the tourism sector, and an increasing penetration of ecommerce and social media.

In 2018, the GCC luxury market was worth more than US$ 35 Billion. The market is expected to reach sales worth more than US$ 54 Billion by 2024, exhibiting a CAGR of 7.4% during 2019-2024.

In a region made affluent from strong oil production and exports, GCC economies have experienced strong economic growth over the past decades. Catalysed by rising affluence levels, spending on luxury products has been witnessing a continuous growth. The region has also witnessed strong population growth over the last five years resulting in a large young population.

Currently around half of the total population in the region is below 30 years of age. With this generation of the population being bought up during the region's economic ascendency, they perceive luxury not given but as a gift. It is the young population that represents the biggest driver of the luxury market in the region.

Another major driver of the luxury market in the region is the increasing penetration of ecommerce and social media. The online market continues to drive the sales of luxury products as boundaries blur with the more traditional distribution channels. Social media platforms such as youtube, facebook, instagram, whatsapp, etc. are also influencing consumers, particularly the younger generation. Moreover, the tourism sector of the GCC region has also been expanding in nations like the UAE which has further broadened the growth prospects for luxury goods.

Key Topics Covered

1 Preface

2 Scope and Methodology

2.1 Objectives of the Study

2.2 Stakeholders

2.3 Data Sources

2.4 Market Estimation

2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 GCC Luxury Market

5.1 Market Overview

5.2 Market Performance

5.3 Market Breakup by Region

5.4 Market Breakup by Type

5.5 Market Breakup by Gender

5.6 Market Breakup by Distribution Channel

5.7 Market Forecast

5.8 SWOT Analysis

5.9 Value Chain Analysis

5.9.1 Overview

5.9.2 Research and Development

5.9.3 Manufacturing

5.9.4 Marketing

5.9.5 Distributors

5.9.6 Retailers

5.9.7 End-Users

5.10 Porters Five Forces Analysis

6 Market Performance by Region

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 Performance by Type

7.1 Travel and Hotel

7.2 Cars

7.3 Personal Luxury Goods

7.4 Food and Drinks

7.5 Others

8 Market Performance by Gender

8.1 Male

8.2 Female

8.2.2 Market Forecast

9 Market Performance by Distribution Channel

9.1 Monobrand Stores

9.2 Multibrand Stores

9.3 Online Stores

9.4 Others

10 Competitive Landscape

10.1 Market Structure

10.2 Key Players

For more information about this report visit https://www.researchandmarkets.com/r/4eplis

Contacts

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Laura Wood, Senior Press Manager
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Related Topics: Consumer Goods and Services

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Consumer Goods and Services