Qatar Luxury Good Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Qatar Luxury Good Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Qatar Luxury Good Market is projected to grow at a CAGR of 2.34% during the forecast period 2020-2025.

Key Highlights

• Qatar is regarded as the world’s fastest-growing luxury market as it holds a majority stake in the Italian fashion brand Valentino as well as the landmark department stores Harrods and Printemps in London and Paris. Qatar is also developing its own luxury label named Qela. Qataris are considered as the biggest buyers of goods in the Middle East but they often shop in Dubai.
• The emergence of e-commerce has provided easy access to product-related information and prices, through online sources, at any given point of time. This has further contributed to the overall growth of the Qatar luxury market.

Key Market TrendsQatar is the Regional Luxury Fashion Hub

Owing to the higher incomes of Qataris and the increasing investment in the luxury fashion sector, Qatar to becoming a regional luxury fashion hub. The higher incomes tend to support consumer spending in the luxury fashion segment that encourages customers to spend considerable amounts on the luxury fashion with every fashion cycle. Consumers are inclined to spend more on the high-end electronic goods and fashion accessories over the experiential luxury such as holidays and spa treatments. There is substantial demand for modes of fashion in Qatar and is expected to continue to grow in the coming future. Within the Qatari retail market, the capital city of Doha has been the pearl of QATAR, which is dedicated to luxury shopping and entertainment.

Jewelry holds the Prominent Share

The rising rate of urbanization and changing preferences of the customers compel the jewelry brands to effectively market their products and expand their product lines through innovations in designs. Presently, the manufacturers in the Qatar market are focusing on developing new and innovative designs, to fulfill the changing needs and demands of the consumers, by using advanced technologies, such as computer-aided design (CAD) and rapid prototyping (RP), which play a vital role in incorporating 3D printing in jewelry.​ ​Most of the vendors are adopting online retail strategies to reduce costs and increase their profit margins, which will benefit the market studied, during the forecast period.

Competitive Landscape

The Qatar luxury goods market is driven by continuous innovations in terms of product offerings, along with the changing consumer demands and trends. The luxury goods market in the country is quite competitive, as the country is highly developed in the field of luxury products, thereby, giving a healthy competition to its neighbors, where leasable retail spaces are effectively growing. Some of the major players in the market studied are Chanel, LVMH, Joyalukkas, HUGO BOSS, Valentino s.p.a, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
CHANEL
LVMH
Rolex
KERING
Joyalukkas
Giorgio Armani
HUGO BOSS
Valentino s.p.a
Qatar Luxury Group

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