Press release
GCC Watch Market Report 2023: Growth Analysis, Trends, Industry Share and Forecast by 2028
GCC Watch Market Report 2023-2028
Industry Overview of GCC Watch Market
A watch is a timekeeping device worn on the wrist and a stylish accessory and symbol of personal identity. The basic functionality of a watch lies in its precise and accurate timekeeping mechanism, often driven by quartz or automatic movements. It comes in various styles, catering to diverse tastes and needs, ranging from classic dress watches to rugged sports watches and innovative smartwatches with integrated digital features. As it serves as an expression of personality, social status, and fashion sense, the demand for watch is rising in the GCC region.
How Big Is the GCC Watch Market?
The GCC watch market is expected to exhibit a growth rate (CAGR) of 5.0% during 2023-2028. The growing popularity of luxury watch, rising disposable income, rising digitization, expanding e-commerce sector, and the easy accessibility to online retail stores represent some of the key factors driving the market.
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Industry Trends and Drivers:
At present, the growing demand for luxury and high-end watches represents one of the key factors offering a favorable market outlook. As the GCC countries are witnessing economic prosperity and rising disposable incomes, consumers are more willing to invest in luxury items, with watches being an essential part of their repertoire. Moreover, the thriving tourism industry is playing a significant role in increasing watch sales. As the region attracts affluent tourists from across the globe, the demand for luxury watches as souvenirs and gifts is rising, contributing to the overall market growth. Additionally, the culturally rich heritage of the GCC region and appreciation for craftsmanship are fostering a preference for exquisitely designed timepieces, which is propelling the growth of the market.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Type Insights:
Quartz
Mechanical
Price Range Insights:
Low-Range
Mid-Range
Luxury
Distribution Channel Insights:
Online Retail Stores
Offline Retail Stores
End User Insights:
Men
Women
Unisex
Country Insights:
Saudi Arabia
UAE
Qatar
Bahrain
Kuwait
Oman
Others
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