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Watch Industry in GCC, Market Size, Share, Growth and Report Trends 2023-2028

09-04-2023 02:46 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IMARC Group

GCC Watch Market

GCC Watch Market

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.

GCC Watch Market 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.

Get Your Free Sample PDF Report: https://www.imarcgroup.com/gcc-watch-market/requestsample

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Type Insights:

Quartz
Mechanical

Price Range Insights:

Low-Range
Mid-Range
Luxury

Distribution Channel Insights:

Online Retail Store
Offline Retail Store

End User Insights:

Men
Women
Unisex

Country Insights:

Saudi Arabia
UAE
Qatar
Bahrain
Kuwait
Oman
Others

Ask Analyst for 10% free customized report:
https://www.imarcgroup.com/request?type=report&id=9011&flag=C

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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.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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