DUBLIN, Sept. 28, 2020 /PRNewswire/ — The “GCC Personal Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025” report has been added to ResearchAndMarkets.com’s offering.
The GCC personal luxury goods market grew at a CAGR of around 5% during 2014-2019
Personal luxury goods refer to the high-end and premium items, including apparel, watches, jewelry, cosmetics, bags, fashion accessories, etc. These branded products offer premium quality materials, superior craftsmanship, and high-value aesthetics. Most of the personal luxury goods are highly durable with extended warranty period, thereby being heavily priced. In the GCC region, rapid globalization along with the wide presence of international luxury brands is currently bolstering the market growth.
The rising consumer living standards supported by their increasing disposable income levels are augmenting the sales of personal luxury goods in the GCC region. Moreover, the high prevalence of western fashion trends coupled with the rising working women population is also catalyzing the product demand. The expanding tourism sector, particularly in Dubai and UAE, along with the relaxed trade barriers with several developed countries, is also driving the market growth.
For instance, the GCC member states signed the European Free Trade Agreement (EFTA), allowing the trade of personal luxury goods from countries like Italy and France. Besides this, the wide availability of personal luxury goods on online retail platforms is also propelling the market growth in the region. The growing number of celebrity endorsements and the high prevalence of social media marketing are also driving the demand of personnel luxury goods in the region.
Apart from this, the rising popularity of limited capsule collections and fashion drops have also fueled the market for secondhand luxury goods. Moreover, various personal luxury platforms are increasingly investing in authentication procedures and quality checks for providing a safe and