Market Research Report
GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||692997|
|Published||Content info||102 Pages
Delivery time: 2-3 business days
|GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 102 Pages||
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.
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. Looking forward, the market is expected to reach sales worth more than US$ 54 Billion by 2024, exhibiting a CAGR of 7.4% during 2019-2024.