The Luxury Market in GCC 2018-2023 - A $50.6 Billion Opportunity - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 7, 2018--The “GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” report has been added to ResearchAndMarkets.com’s offering.
In 2017, the GCC luxury market was worth more than US$ 32.5 Billion. Looking forward, the market is expected to reach sales worth nearly US$ 50.6 Billion by 2023, exhibiting a CAGR of approximately 8% during 2018-2023.
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.
On the basis of region, the market has been segmented into six regions, GCC, UAE, Kuwait, Qatar, Oman and Bahrain. GCC and UAE are the prominent regions.
Based on the type, the market has been segmented into travel and hotels, cars, personal luxury goods, food and drinks. Currently, the travel and hotels category dominates this market followed by cars, personal luxury goods, and food and drinks.
On the basis of gender, males dominated the market.
Key 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 about this report visit https://www.researchandmarkets.com/research/gj7bvs/the_luxury_market?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180907005466/en/
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KEYWORD: MIDDLE EAST
INDUSTRY KEYWORD: LUXURY RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 09/07/2018 03:27 PM/DISC: 09/07/2018 03:27 PM