Emphasis on Product Type (Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, and Others); Distribution Channel (Offline and Online); End User (Women and Men); Country.
The Middle East Luxury Goods Market was valued at USD 13.5 Billion in 2023 and is expected to grow at a robust CAGR of around 6% during the forecast period (2024-2032).
Saudi Arabia held a dominant share of the market in 2023
Several factors contribute to Saudi Arabia’s prominent position in the luxury goods sector. Firstly, the country boasts a sizable population of affluent consumers with significant purchasing power, fueled by its vast oil reserves and thriving economy. Additionally, Saudi Arabia’s cultural and social landscape emphasizes luxury consumption, with a strong appreciation for prestigious brands, high-quality craftsmanship, and opulent lifestyles. The Kingdom’s cosmopolitan cities, such as Riyadh, Jeddah, and Dammam, are home to luxury shopping destinations, upscale malls, and exclusive boutiques that cater to the discerning tastes of affluent residents and visitors alike. Furthermore, government initiatives aimed at diversifying the economy and promoting tourism have bolstered the luxury goods market in Saudi Arabia, attracting international luxury brands and fostering a competitive retail environment. As a result, Saudi Arabia stands out as a key market within the Middle East luxury goods industry, driving innovation, growth, and consumer demand across various product categories.
The Middle East Luxury Goods Market is competitive and fragmented, with the presence of several regional and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market include Burberry Group plc, Chanel S.A, Compagnie Financière Richemont S.A., Dolce & Gabbana Luxembourg S.À R.L., Giorgio Armani S.p.A, Kering S.A., LVMH Moët Hennessy Louis Vuitton, PRADA S.P.A., Rolex SA, and The Estée Lauder Companies Inc.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Middle East Luxury Goods Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Product Type
8. Market Insights By Distribution Channel
9. Market Insights By End User
10. Market Insights By Country
11. Value Chain Analysis
12. Competitive Landscape
13. Company Profiled
14. Acronyms & Assumption
15. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the Middle East Luxury Goods Market were the three major steps undertaken to create and analyze the adoption of Middle East Luxury Goods in major countries. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Middle East Luxury Goods Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Middle East Luxury Goods Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Middle East Luxury Goods Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, distribution channel, and end user. Further country-level analyses were conducted to evaluate the overall adoption.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Middle East Luxury Goods Market. Further, we conducted factor analysis using dependent and independent variables such as product type, distribution channel, and end user of the Middle East Luxury Goods Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Middle East Luxury Goods Market.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Middle East Luxury Goods Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Middle East Luxury Goods Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, distribution channel, and end user in the Middle East Luxury Goods Market.
The current & future market trends of the Middle East Luxury Goods Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the Middle East Luxury Goods Market?
Q2: What are the driving factors for the growth of the Middle East Luxury Goods Market?
Q3: Which segment has the largest Middle East Luxury Goods Market share by product type?
Q4: What are the emerging technologies and trends in the Middle East Luxury Goods Market?
Q5: Which country will dominate the Middle East Luxury Goods Market?
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November 7, 2024
