Please Wait.....
Report
MEA Luxury Goods - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 130 Pages I Mordor Intelligence
The MEA Luxury Goods Market size is estimated at USD 14.05 billion in 2024, and is expected to reach USD 19.02 billion by 2029, growing at a CAGR of 6.23% during the forecast period (2024-2029).
In the Middle East and Africa, especially in GCC countries, more than half of the consumers claim to have increased their spending on luxury goods. In the past few years, the Middle East luxury goods industry has been through a period of expansion, as major companies have grown by extending the reach of their brand distribution network and opening new stores in the region. Consumers in countries such as Saudi Arabia prefer luxury goods over conventional ones, owing to their high purchasing power and sustainable demand for these products that reflect their social status. In March 2022, Kering Group's Gucci debuted its glittering high jewellery pieces encompassing necklaces, rings, and bracelets to the United Arab Emirates for the first time, transforming a villa on Palm Jumeirah into a garden for the occasion.
Over the long term, the luxury goods market in the Middle East and Africa is expected to grow because of the increase in disposable income, growing millennial population, increasing tourism, and penetration of global market players in the region. Global market players like Gucci, LMVH, PVH, and Rolex are launching their products in the market, which is grabbing the attention of consumers. For instance, in July 2021, Versace unveiled its new boutique at The Galleria Al Maryah Island, Abu Dhabi, expanding the destination's exceptional portfolio and reinforcing the mall's position as the premier luxury and retail destination in the capital. The e-commerce websites are also growing in the region, which is expected to drive the market over the medium term.
Middle East & Africa Luxury Goods Market Trends
Rise in Tourism Expected to Drive the Market
- Many nations across the Middle East and Africa have gained popularity across the globe as tourism spots. For instance, with its opulent architecture, staggering skylines, and enormous shopping complexes, Dubai has become one of the most identifiable destinations in the world. Dubai is a potential and attractive location for short vacations as it offers an array of cuisines, shopping options, and sporting events.
- According to data from the World Bank and Dubai Statistics Center, approximately 12 million foreign visitors arrived in the United Arab Emirates in 2021. Hence, the region attracts a substantial number of tourists, which drives the market studied.
- Furthermore, owing to the rise in demand for luxury goods and the various opportunities available in the market, multiple players have been entering the market, and the existing players have been using strategies to strengthen their presence in the market. For instance, Bayt Damas, a luxurious time capsule that brought together prestigious brands such as Sabyasachi Jewellery, Graff, and Mikimoto, was inaugurated in Dubai. This all-encompassing luxury experience, which opened its doors in May 2021, curated a collection of exquisite jewelry, fashion, and art while promoting regional luxury brands within a single destination.
- Additionally, tourists often come across things that the Middle East is famous for, such as perfumes and leather products. For instance, the luxury goods brand, Gucci, has a product portfolio in the United Arab Emirates that comprises more than 29 variants of perfumes. Hence, the rise in tourism across the region and the robust luxury market infrastructure are expected to drive the Middle East and African luxury goods market over the next few years.
United Arab Emirates Dominates the Market
- The United Arab Emirates has a huge demand for luxury goods due to high disposable income, increasing tourism, and its young population. Tourism in the United Arab Emirates is constantly growing because of the tourist spots in the region. International visitors often visit the region due to its food culture, jewelry goods, and many more.
- Internet usage across the region has also played a key role in driving the sales of luxury goods nationwide. Across the region, the population is exposed to a multitude of influencers and advertising campaigns promoting a wide range of luxury goods, including handbags, jewelry, and footwear, through various social media platforms. Hence, Internet penetration across the region has also played a key role in the expansion of the market studied.
- As per the World Bank data, the percentage of the population using the internet in the United Arab Emirates was 100%. The penetration of e-commerce websites in the country allows consumers to have multiple options for luxury goods, which also drives the market.
- In April 2022, a luxury fashion firm named Business of Preloved Fashion (BOPF) entered the market in the United Arab Emirates, introducing an online marketplace that connects buyers and sellers. Additionally, the region has witnessed a growing acceptance of online sales channels for various reasons, such as the convenience of shopping, the time-saving features of online platforms, and doorstep delivery options. Consequently, multinational and premium brands frequently choose to launch their products in the region through online platforms, which is expected to contribute to the market's growth in the near future.
Middle East & Africa Luxury Goods Industry Overview
The Middle East and Africa luxury goods market is a competitive market with the presence of various major players, such as Rolex SA, LVMH Moet Hennessy Louis Vuitton, Kering S.A., Compagnie Financiere Richemont S.A., and Chanel SA. The key luxury goods players are embarking on mergers and acquisitions and entering into partnerships /agreements as one of their key strategies to achieve consolidation and optimize their offerings.
Major players are focusing on introducing new product offerings in the market to cater to the interests of the consumers as per ongoing fashion trends among goods, like footwear, accessories, and luggage bags. Since leather products have a significant role to play in the luxury goods market, top companies are engaged in delivering quality leather product offerings for fashion-inspiring consumers.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Rise in Tourism Expected to Drive the Market
4.1.2 Robust Luxury Market Infrastructure
4.2 Market Restraints
4.2.1 Counterfeit Goods Restricting the Market Growth
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Clothing and Apparel
5.1.2 Footwear
5.1.3 Bags
5.1.4 Jewelry
5.1.5 Watches
5.1.6 Other Accessories
5.2 Distribution Channel
5.2.1 Single-branded Stores
5.2.2 Multi-brand Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 Saudi Arabia
5.3.2 United Arab Emirates
5.3.3 Qatar
5.3.4 South Africa
5.3.5 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Key Players
6.2 Market Positioning
6.3 Company Profiles
6.3.1 Prada S.P.A.
6.3.2 Rolex SA
6.3.3 Burberry Group PLC
6.3.4 The Estee Lauder Companies Inc.
6.3.5 Chanel S.A
6.3.6 Kering S.A.
6.3.7 Dolce & Gabbana Luxembourg S.A R.L.
6.3.8 Giorgio Armani S.p.A
6.3.9 Chopard Group
6.3.10 Roberto Cavalli S.P.A.
6.3.11 Alshaya franchise group (Tribe of 6, Aerie)
6.3.12 LVMH Moet Hennessy Louis Vuitton
6.3.13 Compagnie Financiere Richemont S.A.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security