GCC Secondhand Luxury Goods Market

GCC Secondhand Luxury Goods Market Overview:

The GCC secondhand luxury goods market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Secondhand luxury goods are high-end premium items that are previously owned and used. They include apparel, footwear, and fashion accessories, such as bags, watches, and jewelry. Their prices are lower than the original goods and they assist in increasing self-esteem and providing a sense of self-accomplishment. At present, key players operating in the GCC region are focusing on promoting the resale of luxury items by investing in various marketing strategies, such as social media promotion and celebrity endorsements.

At present, the increasing penetration of western trends represents one of the key factors positively influencing the market. In addition, the rising standards of living and inflating disposable incomes of individuals are creating a positive market outlook. Moreover, the latest technologies, such as blockchain, artificial intelligence (AI), and data analytics, are used to detect fake goods. For instance, blockchain applications help achieve the highest quality of transparency and traceability of the product. It assists resellers and consumers in comparing product identification (ID) with the client ID to provide access to the complete product history, thereby gaining customer trust. Apart from this, celebrities endorsing pre-owned luxury items are diminishing the stigma regarding the use of pre-owned goods, which is offering lucrative opportunities to leading players operating in the GCC region. Furthermore, the proliferation of corporate entities and the prevailing trend of home interior decoration with expensive and luxury products among consumers is bolstering the market growth. The rising traction of limited capsule collections and fashion drops is also creating scarcity for luxury items, which, in turn, is positively influencing the sales of secondhand luxury goods in the region. Other factors, such as the easy availability of secondhand luxury goods across e-commerce websites, independent retailers, and specialty stores, and increasing penetration of mobile applications to resell goods online, are strengthening the growth of the market.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC secondhand luxury goods market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC secondhand luxury goods market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC secondhand luxury goods market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC secondhand luxury goods market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC secondhand luxury goods market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC secondhand luxury goods market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC secondhand luxury goods market industry. Furthermore, the value chain analysis of the GCC secondhand luxury goods market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Secondhand Luxury Goods Market Segment Insights:

The GCC secondhand luxury goods market has been analysed as followed:

By Product Type:

• Handbags
• Jewelry & Watches
• Clothing
• Small Leather Goods
• Footwear
• Accessories
• Others

By Demography:

• Women
• Men
• Unisex

By Distribution Channel:

• Offline
• Online

By Country:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Secondhand Luxury Goods Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC secondhand luxury goods market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs