GCC Pre-owned Luxury Goods Market Analysis, Scope, Future Trends and Opportunities During 2018-2024
According to a recent report published
by Fast M.R, titled, GCC Pre-owned Luxury Goods Market 2018: Market
Value, Trends, Opportunity, forecast 2018-2024, “the global Pharmaceutical
Intermediates market accounted for USD XX Million in 2018 and is estimated to
reach USD XX Million by 2024. Moreover, it is anticipated to flourish at a CAGR
of XX% during the forecast period i.e. 2018-2024.
GCC pre-owned luxury goods market value is expected to reach USD 1,610.9 Million by the end of
2024 from USD 884.7 Million in 2018. Furthermore, 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. Consumers in
this region are fond of high-end products and are willing to spend on such
luxury items. The availability of luxury goods at great discounted price and
easy purchasing methods (online stores and buy in instalment plans) are key
factors which are attracting consumers in GCC regions.
Market Insights
Growth Drivers – Pre-owned Luxury
Goods Market
Rising 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
secondhand luxury goods in order to improvise and maintain their lifestyle.
Moreover, consumers are adopting secondhand 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.
Affordable High-End Fashion
Pre-owned luxury goods are ideal
choice for the high-end fashion as they offer luxury goods at 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.
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.
Barriers – Pre-owned Luxury Goods
Market
Pre-Owned Authenticity Concern
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 pre-owned luxury goods market.
Market Trends – Pre-owned Luxury Goods
Market
Online Sales Channel
Increasing sales platforms are
boosting the value of second-hand luxury items. It’s a lucrative market where
luxury brands such as Chanel bags, Rolex watches and other such products can be
found at amazing prices. As a result, it is not surprising to see shopping
habits for pre-owned luxury goods moving away from traditional channels to
online channels and especially in the emerging countries where there is fluid
infrastructure development and sharp consumer price sensitivity. In addition to
this, the purchase of a second-hand luxury item from online sales channel
offers value for money and makes fashion & accessories that are trending,
accessible and affordable.
Segmentation Analysis
GCC pre-owned luxury goods product
type market is segmented into clothing, footwear, bags, jewelry & watches
and accessories. Among this segment, the bags segment is expected to capture a
market share of 64.2% in 2018. GCC pre-owned luxury goods market for bags
segment was totaled at USD 568.0 Million in 2018 and is projected to reach USD
996.4 Million in 2024 at a CAGR of 10.2% from 2019 to 2024. Luxury bag brands
such as Burberry and Hermes are very popular among GCC consumers and growing
availability of pre-owned luxury bags in region will attract mass of potential
consumers in upcoming years. New luxury bags can cost a great amount of money
(sometimes as much as 8,000 dollars) and consumers with limited spending budget
are preferring to use euphemisms like pre-owned luxury goods including luxury
bags.
In the distribution channel segment,
GCC pre-owned luxury goods market is further sub-segmented into online stores
and offline stores. Among this segment, offline stores segment is expected to
grow at a CAGR of 7.9% over the forecast period. GCC pre-owned luxury goods
market for offline stores segment is expected to reach USD 719.6 Million by the
end of 2024 from USD 465.0 Million in 2018. In addition to this, GCC pre-owned
luxury goods market for online stores segment value is projected to witness a
Y-O-Y growth of 9.7% in 2024. Presence of number of offline stores in GCC
regions such as Bagatelle Boutique, OMG Fancy that and others are generating
the millions of dollars every year. However, the segment is expected not to
perform very well in coming years owing to increasing dominance of online
stores in pre-owned luxury goods market in GCC region.
Competitive Analysis
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 others prominent 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.
Segmentation
By Product Type:
- Clothing
- Footwear
- Bags
- Jewelry & Watches
- Accessories
- Clothing
- Footwear
- Bags
- Jewelry & Watches
- Accessories
By Distribution Channel:
- Online Stores
- Offline Stores
- Online Stores
- Offline Stores
Competitive Landscape
The report profiles various major market players such as
- The Luxury Closet, Inc.
- THE CLOSET
- INSELLER
- Bagatelle Boutique
- Seconds Used Items
- Garderobe
- Timepiece360
- So Chic Boutique
- FENDI
- Luxury Souq
- Other Major & Niche Players
- THE CLOSET
- INSELLER
- Bagatelle Boutique
- Seconds Used Items
- Garderobe
- Timepiece360
- So Chic Boutique
- FENDI
- Luxury Souq
- Other Major & Niche Players
Competitive landscape analysis
provides detailed strategic analysis of the company’s business and performance
such as financial information, revenue breakup by segment, SWOT Analysis, key
facts, company overview, business strategy, key product offerings, marketing
and distribution strategies, new product development, recent news (acquisition,
expansion, technology development, research & development and other market
activities).
Table of Content:
Research Methodology
Market Definition and List of Abbreviations
1. Executive Summary
2. Growth Drivers & Barriers 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. Product Average Price Analysis
9. GCC Pre-owned Luxury Goods Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
Market Definition and List of Abbreviations
1. Executive Summary
2. Growth Drivers & Barriers 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. Product Average Price Analysis
9. GCC Pre-owned Luxury Goods Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10. GCC Pre-owned Luxury Goods Market
Segmentation Analysis, By Product Type
10.1. Introduction
10.2. Market Attractiveness, By Product Type
10.3. BPS Analysis, By Product Type
10.4. Clothing Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.5. Footwear Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.6. Bags Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.7. Jewelry & Watches Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.8. Accessories Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.1. Introduction
10.2. Market Attractiveness, By Product Type
10.3. BPS Analysis, By Product Type
10.4. Clothing Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.5. Footwear Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.6. Bags Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.7. Jewelry & Watches Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
10.8. Accessories Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
11. GCC Pre-owned Luxury Goods Market
Segmentation Analysis, By Distribution Channel
11.1. Introduction
11.2. Market Attractiveness, By Distribution Channel
11.3. BPS Analysis, By Distribution Channel
11.4. Online Stores Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
11.5. Offline Stores Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
11.1. Introduction
11.2. Market Attractiveness, By Distribution Channel
11.3. BPS Analysis, By Distribution Channel
11.4. Online Stores Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
11.5. Offline Stores Market Value (USD Million) Forecast & Y-o-Y Growth Analysis, 2018-2024
12. Competitive Landscape
12.1. Market Share of Key Players
12.2. Market Positioning of Major Players in GCC Pre-owned Luxury Goods Market
12.3. Company Profiles
12.3.1. The Luxury Closet, Inc.
12.3.2. THE CLOSET
12.3.3. INSELLER
12.3.4. Bagatelle Boutique
12.3.5. Seconds Used Items
12.3.6. Garderobe
12.3.7. Timepiece360
12.3.8. So Chic Boutique
12.3.9. FENDI
12.3.10. Luxury Souq
12.3.11. Other Major & Niche Players
12.1. Market Share of Key Players
12.2. Market Positioning of Major Players in GCC Pre-owned Luxury Goods Market
12.3. Company Profiles
12.3.1. The Luxury Closet, Inc.
12.3.2. THE CLOSET
12.3.3. INSELLER
12.3.4. Bagatelle Boutique
12.3.5. Seconds Used Items
12.3.6. Garderobe
12.3.7. Timepiece360
12.3.8. So Chic Boutique
12.3.9. FENDI
12.3.10. Luxury Souq
12.3.11. Other Major & Niche Players
Continue:
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Email: sales@fastmr.com
Website: www.fastmr.com
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