GCC Pre-Owned Luxury Goods Market to Expand with Significant Revenue of USD 1,610.9 Million by 2024
- by KD Market Insights
- December, 2023
According to a recent report published by KD Market Insights, titled, GCC Pre-Owned Luxury Goods Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, “the GCC pre-owned luxury goods market accounted for USD 884.7 Million in 2018 and is estimated to reach USD 1,610.9 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 10.9% during the forecast period i.e. 2019-2024. Strong consumption of luxury goods in countries such as UAE and Dubai are opening new avenues for pre-owned luxury goods market in GCC region. Middle East consumers have the highest per capita spending on luxury goods in the world and are open to spend on pre-owned luxury goods due high costs of rents and education, added to the uncertainty in the job market. Pre-owned luxury start-ups are doing great in this region and are expecting a strong market growth in region in upcoming years.
GCC pre-owned luxury goods market has been segmented on the basis of product type and distribution channel. Based on the product type, this market has been segmented into clothing, footwear, bags, jewelry & watches and accessories. The market value of GCC pre-owned luxury goods market for bags segment is expected to rise at a CAGR of 10.2% over the forecast period. Further, the GCC pre-owned luxury goods market for bags segment is expected to reach USD 996.4 Million by the end of 2024.
In the distribution channel segment, the GCC pre-owned luxury goods market is sub-segmented into online stores and offline stores.
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Increasing Disposable Income
According to GCC statistical center, Saudi Arabia captured around 57.7% of the disposable income in GCC and is followed by United Arab Emirates with a percentage of 28.5. Further, with this rising disposable income in the region, the population is shifting towards the pre-owned luxury goods. Also, the consumers across the regions are adopting second-hand luxury goods in order to improvise and maintain their lifestyle. Moreover, consumers are adopting second-hand goods in order to cut their expenses on purchase of luxury items and expensive goods. This factor is expected to positively impact the growth of pre-owned luxury goods market in the upcoming years.
Major Advantages in GCC
The top countries in the Gulf Cooperation Council such as UAE, Qatar, Saudi Arabia and Kuwait are exceptionally dynamic markets which are offering high growth potential in the pre-owned luxury goods market. The visitors to Dubai and Abu Dhabi are attracted by luxury boutiques, iconic shopping malls & high-end hotels. In addition to this, the iconic luxury brands are retaining their leading position in the UAE to attract the residents and tourists. Further, these factors are expected to likely impact the growth of the pre-owned luxury goods market.
The report also covers detailed competitive analysis of major market players of GCC pre-owned luxury goods market, such as The Luxury Closet, Inc., The Closet, INSELLER, Bagatelle Boutique, Seconds Used Items, Garderobe, Timepiece360, So Chic Boutique, FENDI, Luxury Souq and other major and niche players. GCC pre-owned luxury goods market is witnessing a wide range of industry activities such as strategic development, expansion, acquisition, agreement, and partnership across the globe. For instance, on 12th December 2016, The Luxury Closet, Inc. launched its app to complement its existing e-commerce platform. This app seamlessly links the customer to the main site. This strategic development helped the company to strengthen its position in the pre-owned luxury goods market.
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