KD Market Insights offers a latest published report on GCC Pre Owned Luxury Goods Market which is expected to grow at a CAGR (Compound Annual Growth Rate) of 10.9% between 2019–2024. In terms of value, the market that is worth the USD 884.7 Million in 2018 and is anticipated to be worth the USD 1,610.9 Million by 2024. GCC pre-owned luxury goods market accounted for around 64.5% share in 2018 and is estimated to represent a remarkable market share in 2024. GCC pre-owned luxury goods market is likely to mask a growth rate of 1.7x between 2019 & 2024. Furthermore, GCC pre-owned luxury goods market will be receiving a growth opportunity of USD 651.5 Million between 2019 & 2024.
Rising Disposable Income
According to the GCC statistical center, Saudi Arabia captured around 57.7% of the disposable income in the GCC and is followed by the 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 secondhand goods in order to cut their expenses on the 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.
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Pre-owned luxury goods are ideal choice for the high-end fashion as they offer luxury goods at a lesser price. Further, the high costs of rents and education are adding uncertainty to the job market, these are the major reasons, which makes consumers to save money and reduce their frequency of purchases. In addition to this, also the United Arab Emirates is one of the most attractive countries in the Middle East region for the luxury brands, which makes it a strategic center for companies to enter into the regional market.
Growing Numbers of Start-ups
An increasing number of start-ups in the field of pre-owned luxury goods is opening a gateway opportunity for the market to grow in the upcoming years. In addition to this, the United Arab Emirates, Dubai, and other countries are the most attractive countries in the field of pre-owned luxury goods which is indulging many start-up companies to enter into the market. Further, this factor is likely to impact the growth of pre-owned luxury goods market over the forecasted period.
When an item is made there are a lot of ways the environment gets abused. For manufacturing a luxury good, multiple processes are involved which impact the environment in many ways. Further, growing environmental concerns among the population is anticipated to impact the market in a positive way. Moreover, the method of reuse and recycling can provide a growth opportunity for the pre-owned luxury goods market in the upcoming years.
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 residents and tourists. Further, these factors are expected to likely impact the growth of the pre-owned luxury goods market.
Barriers in Market
The major threats to the progression of the fashion and luxury industry are the prevalence of counterfeit luxury goods. The absence of transparency and authenticity within the second-hand luxury goods market makes it challenging for the industry to propel forward. The consumers are not willing to trust sellers, through their formal or informal channels due to the fear of being duped. Further, these factors have the potential to negatively impact the demand for pre-owned luxury goods market over the upcoming years. Authenticity is especially crucial in the context of second-hand luxury goods market as the risk a consumer perceives in terms of authenticity is increasing. Further, the fear of inauthenticity is increasing in the customer to customer markets, which is believed to hamper the growth of the market.
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Table of Contents:
Market Definition and List of Abbreviations
1. Executive Summary
2. Growth Drivers & Issues in GCC Pre-Owned Luxury Goods Market
3. GCC Pre-Owned Luxury Goods Market Trends
4. Opportunities in GCC Pre-Owned Luxury Goods Market
5. Recent Industry Activities, 2018
6. Porter’s Five Forces Analysis
7. Market Value Chain and Supply Chain Analysis
8. Products Average Price Analysis, By Country
9. GCC Pre-Owned Luxury Goods Market Value & Forecast (USD Million), 2018-2024
10. GCC Pre-Owned Luxury Goods Market Segmentation Analysis, By Product
10.2. Market Attractiveness, By Product
10.3. BPS Analysis, By Product
10.4. Clothing Market Value & Forecast (USD Million), 2018-2024
10.5. Footwear Market Value & Forecast (USD Million), 2018-2024
10.6. Bags Market Value & Forecast (USD Million), 2018-2024
10.7. Jewelry & Watches Market Value & Forecast (USD Million), 2018-2024
10.8. Accessories Market Value & Forecast (USD Million), 2018-2024
11. GCC Pre-Owned Luxury Goods Market Segmentation Analysis, By Demography
11.2. Market Attractiveness, By Demography
11.3. BPS Analysis, By Demography
11.4. Men Market Value & Forecast (USD Million), 2018-2024
11.5. Women Market Value & Forecast (USD Million), 2018-2024
12. GCC Pre-Owned Luxury Goods Market Segmentation Analysis, By Distribution Channel
12.2. Market Attractiveness, By Distribution Channel
12.3. BPS Analysis, By Distribution Channel
12.4. Online Stores Market Value & Forecast (USD Million), 2018-2024
12.5. Offline Stores Market Value & Forecast (USD Million), 2018-2024
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