Gcc Luxury Market Outlook 2023-2028: Industry Demand, Growth Rate (10.8%), and Forecast

According to the latest report by IMARC Group, titled,"GCC Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the GCC luxury market size reached US$ 14.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.7 Billion by 2028, exhibiting a growth rate (CAGR) of 10.8% during 2023-2028. Luxury is a term used to describe something that is of high quality, exclusive, and often associated with prestige, rarity, or indulgence. The term can be utilized to describe a variety of products or services, including fashion, jewelry, cars, travel, and real estate. It is characterized by its high price point, which reflects the quality of the materials used, the level of craftsmanship involved, and the exclusivity of the product. It generally uses premium materials, including exotic leathers, precious metals, and rare gemstones, and employs skilled artisans to create one-of-a-kind designs or limited-edition collections. It is appealing to consumers who value quality, craftsmanship, and design, or who want to project an image of success, sophistication, or status.

Request for a free sample copy of this report: https://www.imarcgroup.com/gcc-luxury-market/requestsample

Industry Growth:

The market in the GCC region is majorly driven by the presence of cultural affinity for luxury. This can be attributed to the increasing number of individuals who consider luxury products and services as a status symbol or a way to show appreciation. Since there is a high concentration of wealthy individuals and the number of high-net-worth individuals is growing. This has created a strong demand for luxury goods and services, as affluent consumers seek out high-end products that reflect their status and lifestyle, thereby impacting the market. Apart from this, continuous developments in the tourism industry and the rising popularity of GCC region among international tourists, which is creating a major market for luxury hotels, resorts, and other hospitality services, as well as luxury retail and entertainment offerings, is creating a positive market outlook.

Ask Analyst for Instant Discount and Download Full Report with TOC & List of Figure: https://www.imarcgroup.com/gcc-luxury-market

Key Market Segmentation:

Breakup by Type:

• Travels and Hotels
• Cars
• Personal Luxury Goods
• Food and Drinks
• Others

Breakup by Gender:

• Male
• Female

Breakup by Distribution Channel:

• Mono-Brand Stores
• Multi-Brand Stores
• Online Stores
• Others

Breakup by Region:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Competitive Landscape:

The competitive landscape of the GCC luxury industry has also been analyzed with the profiles of prominent market players.

Key highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Browse More Research Reports:

• https://www.einnews.com/pr_news/595128511/de-oiled-lecithin-market-report-2022-2027-industry-growth-insights-share-size-outlook-and-forecast
• https://www.einnews.com/pr_news/595129885/fertility-services-market-report-2022-2027-industry-overview-leading-companies-share-size-growth-16-forecast
• https://www.einnews.com/pr_news/595138862/distributed-acoustic-sensing-das-market-report-2022-2027-industry-growth-insights-swot-analysis-share-forecast
• https://www.einnews.com/pr_news/596876704/gcc-fruit-juice-industry-worth-to-reach-us-4-3-billion-by-2027
• https://www.einnews.com/pr_news/596892412/timing-belt-market-to-reach-us-8-80-billion-by-2027-cagr-of-5-0
• https://www.einnews.com/pr_news/596872746/modular-instruments-market-report-2022-2027-industry-growth-overview-share-size-and-forecast

Contact Us:

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.