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Market Research Report

Middle East Luxury Watches Market Size, Share, Demand & Growth Opportunity, Trends, Industry Analysis, Regional Outlook, & Forecast 2017-2025

Published On : 2018-04-02 Report Page : 190 Category: Consumer Retail

Middle East Luxury Watches Market 

Market Overview

The luxury goods market in the Middle East provides immense opportunity for luxury brands: luxury goods markets in Abu Dhabi and Dubai have helped to promote these cities as desirable shopping destinations to shop for luxury brands. Well recognized big-name brands have achieved well in the region, and tourism is a major driver of sales of luxury accessories or watches in Dubai. However, the market in Middle East saw a significant slowdown in 2016, triggered by the low oil prices, escalated gold prices and an upsurge in the cost of living. In Middle East, especially in GCC countries 70% of consumers claims to have increased their spending over luxury accessories compared to 53% in more mature markets such as Europe, Japan and United States. In past few years Middle East luxury watches industry has been through a period of expansion, as major companies have grown by extending their reach of their brand distribution network and opening new stores in the region.

Goldstein Research analyst forecast the Middle East luxury watches market to expand at a CAGR of 6.5% during the forecast period 2017-2025. Moreover, the market is projected to reach USD 510.0 million by 2025 owing to increase in international travel and the growing importance of the millennial consumers.

Covered in This Middle East Luxury Watches Market Report

The report covers the present ground scenario and the future growth prospects luxury watches market for 2017-2025 along with the total revenue of luxury watches industry in every country. We calculated the market size and revenue share on the basis of revenue generated per segment, region and country level. The revenue forecast is given on the basis of number of luxury watch manufacturers and current growth rate of the market.

Middle East Luxury Watches Market Segmentation

By Product Type

  • Mechanical Watches

By End Users

  • Men
  • Women

By Distribution Channels

  • Online Channel
  • Offline Channels (Flagship Stores Etc.)

Based on Country

  • Kingdom of Saudi Arabia (KSA) Luxury Watches Market {Market Share (%), Market Size (USD million)}
  • United Arab Emirates (UAE) Luxury Watches Market {Market Share (%), Market Size (USD million)}
  • Qatar Luxury Watches Market {Market Share (%), Market Size (USD million)}
  • Oman Luxury Watches Market {Market Share (%), Market Size (USD million)}
  • Kuwait Luxury Watches Market {Market Share (%), Market Size (USD million)}
  • Bahrain Luxury Watches Market {Market Share (%), Market Size (USD million)}
  • Jordan Luxury Watches Market {Market Share (%), Market Size (USD million)}
  • Rest of Middle East Luxury Watches Market {Market Share (%), Market Size (USD million)}

Based on distribution channel type, offline channel accounted for the highest market share of more than 85% of Middle East luxury watches market followed in 2017. Further, online distribution channels are likely to grow at faster pace during the forecast period owing to emergence of advanced technologies such as augmented reality.

Middle East Luxury Watches Market Outlook 2017-2025, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the Middle East luxury watches market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Middle East luxury watches market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our Middle East Luxury Watches Market report comprises of the following companies as the key players in the Middle East luxury watches market: Rolex SA, Prada S.p.A, LVMH, Richemont, Swatch Group, Omega SA, Franck Muller, Patek Philippe & Co and Giorgio Armani S.P.A.

According to our Middle East luxury watches market study on the basis of extensive primary and secondary research, one major trend in the market is growing knowledgeable and inquisitive consumer population in Middle East. As verified by the vast demand for designer brand sales in UAE, consumers now pay more attention to worth, rather than just the brand or product itself.

According to the report, major driver in Middle East luxury watches market is high disposable income of people in the region especially in GCC countries, where countries such as UAE and Saudi Arabia having the largest population and considerable number of tourists significantly augmented the growth of luxury watches industry in the region. Moreover, rapid urbanization and growth of shopping centers and malls played an essential role in changes of shopping habits in these developing countries.

Further, the report states that one challenge in Middle East luxury watches market is luxury brand awareness. Full physical flagship store expansion by luxury brands is based on their brand awareness paradigm which is essential to have stores to strengthen their contact with customers and increase brand awareness.

Geographically, UAE accounted for the largest market share of more than 30% of Middle East luxury watches market in 2017. In Middle East GCC countries are fastest growing markets for luxury watches owing to highest per capita spending over luxury goods.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Middle East luxury watches market report

  • What is the total market size by 2025 and what would be the expected growth rate of sales?
  • What is the total revenue per segment and region in 2016-17 and what would be the expected revenue per segment and region over the forecast period?
  • What are the key market trends?
  • What are the factors which are driving this market?
  • What are the major barriers to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities for the existing and entry level players?
  • What are the recent developments and business strategy of the key players?

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Middle East Luxury Watches Market Size, Share, Demand & Growth Opportunity, Trends, Industry Analysis, Regional Outlook, & Forecast 2017-2025

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A complementary 2hrs free facility through which report buyers can interact with our pool of experienced analysts for any report related queries, clarifications or additional data requirements