Middle East Luxury Goods Market (2023 Edition): Analysis By Product Type (Jewelry & Watches, Bags & Accessories, Clothing & Footwear, Others), Gender, Distribution Channel: Drivers, Trends and Forecast to 2029

Middle East Luxury Goods Market (2023 Edition): Analysis By Product Type (Jewelry & Watches, Bags & Accessories, Clothing & Footwear, Others), Gender, Distribution Channel: Drivers, Trends and Forecast to 2029

Executive Summary

Azoth Analytics has released a research report titled “Middle East Luxury Goods Market (2023 Edition)” which provides a complete analysis of the Middle East Luxury Goods Market by Product Type (Jewelry & Watches, Bags & Accessories, Clothing & Footwear, Others), Gender (Men, Women) and Distribution Channel (Single Branded Stores, Multi-Branded Stores, Online Stores) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.

The research report covers a detailed analysis of the countries (Saudi Arabia, UAE, Israel, Qatar, Kuwait). Additionally, the research report presents data including market size, yearly growth & potential analysis, the competitive study of market players, investment opportunities and demand forecast.

During the forecast period, 2024-2029, Middle East Luxury Goods is expected to expand at a CAGR of 5.5%. The rising population, as well as the increasing purchasing power of the customers, are driving the Middle East Luxury Goods market.

The Middle East Luxury Goods is expected to generate USD 20.4 Billion by the end of 2029, up from USD 14.08 Billion in 2022. The economic growth witnessed in the Middle East has been a catalyst for the booming luxury goods market. With diverse sectors and a focus on economic diversification, the region has witnessed a rise in disposable incomes and a flourishing middle class. The increasing wealth and prosperity have fuelled the demand for luxury goods, presenting lucrative opportunities for luxury brands to establish their presence and cater to the discerning tastes of Middle Eastern consumers.

The Middle East, home to architectural wonders and vibrant cosmopolitan cities, has become a magnet for international tourists. Countries like the UAE, with its iconic destinations like Dubai and Abu Dhabi, offer unparalleled luxury shopping experiences. The allure of luxury retail and tax-free shopping draws tourists from around the world, creating a vibrant shopping landscape where visitors indulge in the finest luxury goods.

The Middle East luxury goods market stands as a testament to the region's economic growth, cultural appreciation for opulence, and a consumer base that seeks exclusivity and quality. As the region continues to evolve and embrace modernity, the market's growth shows no signs of slowing down. Luxury brands that understand the unique characteristics of the Middle Eastern market, cater to local preferences, and leverage digital platforms have the opportunity to thrive in this glamorous landscape. The Middle East remains a beacon of luxury, beckoning those who dare to indulge in the epitome of grandeur.

Tourism brings a steady influx of international visitors to the Middle East, exposing them to the region's luxury retail offerings. Tourists, often in vacation mode and seeking memorable experiences, are more likely to engage in luxury shopping. This influx of tourists expands the consumer base for luxury goods, contributing to increased sales and revenue for luxury brands.

Tourists who have a positive luxury shopping experience in the Middle East become influencers in their social circles. They share their experiences, recommendations, and purchases with friends, family, and on social media platforms. Positive word-of-mouth and social influence contribute to the growth of the luxury goods market, attracting more tourists and creating a ripple effect in consumer behaviour.

The growing tourism industry in the Middle East acts as a catalyst for the growth of the luxury goods market. By attracting a diverse range of tourists, fostering brand exposure, stimulating retail sales, and influencing local preferences, tourism plays a pivotal role in expanding the reach and demand for luxury goods in the region.

Scope of the Report:

• The report analyses the Luxury Goods Market by Value (USD Billion).
• The report presents the analysis of the Luxury Goods Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the Luxury Goods Market by Product Type (Jewellery & Watches, Bags & Accessories, Clothing & Footwear and Others).
• The report analyses the Luxury Goods Market by Gender (Male and Female).
• The report analyses the Luxury Goods Market by Distribution Channel (Single-branded stores, multi-branded stores and Online stores).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by product type, by gender & by distribution channel.
• Also, the major opportunities, trends, drivers and challenges of the industry has been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Rolex SA, Giorgio Armani SpA, Dolce & Gabbana, Kering SA, Prada, Burberry Group PLC, L ‘Oreal SA, Guerlain, LVMH, Chanel SA.