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GCC Personal Luxury Goods Market Insights 2021-2026: Accessories, Apparel, Watches & Jewellery, Luxury Cosmetics, and More - ResearchAndMarkets.com

The "GCC Personal Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The GCC personal luxury goods market exhibited moderate growth during 2015-2020. 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 reliable environment for customers. Several innovative technologies are being adopted to maintain brand value and minimize the risk of product replication by counterfeiters.

The sudden outbreak of COVID-19 across the GCC region in early 2020 has negatively impacted the growth of the personal luxury goods market. The market, however, is expected to recover from 2021 onwards and to grow at a CAGR of around 5% during (2021-2026).

Breakup by Country

Breakup by Type

Breakup by Gender

Breakup by Distribution Channel

Competitive Landscape

The competitive landscape of the industry has also been examined and profiled, with some of the key players being: Burberry Group PLC, Chanel SA, Estee Lauder Companies, Giorgio Armani SpA, Kering SA, Loreal, LVMH Moet Hennessy Louis Vuitton SE, Mulberry Group PLC, Prada Group, Cie Financiere Richemont SA, The Swatch Group, and Versace.

Key Questions Answered

For more information about this report visit https://www.researchandmarkets.com/r/bpio80

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