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

Market Overview

The Middle East showcase solid growth rate globally, overall luxury goods industry growth is promising related to historic period. Middle East premium consumers are among the leading spenders on luxury goods, the tenth highest spenders in the world. According to Goldstein Research analysts, the demand for luxury and top-of-the -line products remains robust in the Gulf Cooperation Council (GCC) region despite the economic slowdown. In Middle East, Especially in GCC countries 70% of consumers claims to have increased their spending over luxury goods compared to 53% in more mature markets such as Europe, Japan and United States. In past few years Middle East luxury goods 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 goods market to expand at a CAGR of 8.1% during the forecast period 2017-2025. Moreover, the market is projected to reach USD 22.4 Billion by 2025 owing to increase in international travel and the growing importance of the millennial consumers.

Middle East Luxury Goods Market Segmentation

By Product Type

• Designer Apparel and Footwear
• Accessories
• Jewelry
• Cosmetic and Beauty Products
• Fine wine & Spirits
• Others (Electric Gadgets etc.)

By Demography

• Men
• Women

By Distribution Channels

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

Based on Country

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

Market Share by Product Type & Region

Based on product type, accessories accounted for the lion market share of more than 30% of Middle East luxury goods market followed by designer apparel and footwear in 2017. Further, designer apparels and luxury accessories are expected to dominate the market over the forecast period owing to slight uptick in spending among visitors.

Geographically, Kingdom of Saudi Arabia accounted for the largest market share of more than 35% of Middle East luxury goods market in 2017.In Middle East GCC countries are fastest growing markets for luxury cosmetic products owing to highest per capita spending over cosmetic products.

Trends, Drivers & Challneges to Market Growth

According to our Middle East luxury goods 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 goods 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 goods 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 goods 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.

Covered in This Middle East Luxury Goods Market Report

The report covers the present ground scenario and the future growth prospects luxury goods market for 2017-2025 along with the total revenue of luxury goods 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 cosmetic product manufacturers and current growth rate of the market.

Middle East Luxury Goods 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 goods 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 goods market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Key Market Players

Our Middle East Luxury Goods market report comprises of the following companies as the key players in the Middle East luxury goods market.

•  Rolex SA
•  Prada Group
•  Burberry Group plc
•  L’ORÉAL
•  SHISEIDO
•  ESTÉE LAUDER
•  LVMH
•  Coty
•  Chanel
•  Dior
•  Guerlain
•  Clarins
•  Clinique
•  Lancôme
•  Beiersdorf
•  Kering SA
•  The Swatch Group Ltd.
•  Ralph Lauren Corporation
•  Hermes International Group.

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 market study

• 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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