Middle East and Africa (MEA) Luxury Retail Market Size, Trends, Regional and Category Performance, Brands and Forecast to 2027
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MEA Luxury Retail Market Report Overview
The MEA luxury retail market was valued at $16.9 billion in 2022 and is forecast to grow at a compound annual growth rate (CAGR) of more than 3% between 2022-2027. The popularity of the Middle East as a tourist destination combined with government initiatives that incentivize luxury businesses has driven growth in the region. Furthermore, Rising affluence among African nations such as Morocco is also contributing to the growing demand for luxury goods in the region.
MEA Luxury Retail Market Outlook 2022-2027 ($ Billion)
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The MEA luxury retail report offers a comprehensive insight into the luxury retail market in the MEA, analyzing the sector, the major players, the main trends, and consumer attitudes, as well as providing market forecasts out to 2027.
|Market Size (2022)||$16.9 billion|
|Key Categories||· Clothing
· Jewelry & Watches
· Personal Care
|Key Countries||· UAE
· Saudi Arabia
· South Africa
|Leading Players||· LVMH
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MEA Luxury Retail Market Drivers
High spending power, rise in tourism, a sizeable population of young shoppers, and several fashion and design events and brand localization are some of the key factors driving the luxury retail market in the MEA region.
The presence of affluent individuals in Saudi Arabia and the UAE continues to attract luxury brands to expand into the Middle East. For instance, Amiri, an LA-based luxury brand opened its first store in the region at the Dubai Mall in 2022.
Similarly, the MEA is a hotspot for tourism, led by UAE, Saudi Arabia, and Morocco. In addition to business and leisure travelers, annual sporting events like the F1 Grand Prix, golf championships, tennis tournaments as well as the upcoming NBA and Basketball showcase, attract sporting fans to the region. These travelers are often enamored by the glamorous lifestyle and affluence of the region and aspire to enjoy the high life. As such, they tend to spend on luxury items, especially, those inspired by the local culture for their distinctive style statements and exclusive designs.
MEA Luxury Retail Market Segmentation by Countries
Economic prosperity in the Middle East and Africa is largely concentrated in a few countries like the UAE, Saudi Arabia, South Africa, Israel, and Egypt, and so the market for luxury retailing is largely limited to these nations. The UAE led the MEA luxury retail market in 2022. This could be attributed to the high spending power of the affluent individuals in the country. A recent report ranks the UAE 15th globally, among countries with the most billionaires. These affluent individuals continue to attract luxury brands to expand into the country.
MEA Luxury Retail Market Analysis, by Countries 2022 (%)
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MEA Luxury Retail Market Segmentation by Category
The MEA luxury retail market is categorized into clothing, jewelry & watches, accessories, personal care, drinks, and luggage among others. The jewelry & watches segment held the largest share of the MEA luxury retail market in 2022.
MEA Luxury Retail Market Analysis, by Category 2022 (%)
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MEA Luxury Retail Market - Competitive Landscape
The leading players in the MEA luxury retail market are LVMH, Richemont, Kering, Chanel, and Prada among others. LVMH dominated the luxury retail market in the region in 2022. Luxury retailers are focusing on Gen Z and millennial shoppers, but this demographic is also socially conscious and prefers sustainable luxury goods. Luxury retailers are therefore expanding their portfolio to include more eco-friendly product lines.
MEA Luxury Retail Market Analysis, by Brands 2022 (%)
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MEA Luxury Retail Market Segmentation
MEA Luxury Retail Market Outlook by Category (Value, $ Billion, 2022-2027)
- Jewelry & Watches
- Personal Care
MEA Luxury Retail Market Outlook by Countries (Value, $ Billion, 2022-2027)
- Saudi Arabia
- South Africa
- Digital and Physical expansion in the region has become essential for brands to grow
- Luxury retailers embrace localization to meet cultural and social expectations
- LVMH’s continued its dominance in the region.
Reasons to Buy
- Gain a comprehensive knowledge of the MEA Luxury retail market and develop a competitive advantage
- Investigate current trends in the MEA luxury retail market to identify the best opportunities to exploit
- Analysis of key luxury retail players operating in MEA
- Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the luxury fashion market in the MEA region
Table of Contents
Executive Summary, Drivers and Inhibitors, Key Trends in the Luxury Retail Market, MEA Market Size & Forecasts 2017–2027, Regional Performance & Forecasts 2017-2027, Category Performance & Forecasts 2017-2027, Competitive Landscape: Top 10 Brands, Competitive Landscape: Brand Profiles, Methodology
Frequently asked questions
What was the MEA luxury retail market size in 2022?
The MEA luxury retail market size in 2022 was $16.9 billion.
What will be the MEA luxury retail market growth during 2022-2027?
The MEA luxury retail market will witness a CAGR of more than 3% during 2022-2027.
Which category dominated the MEA luxury retail market share in 2022?
The jewelry & watches segment led the MEA luxury retail market in 2022.
Which country led the MEA luxury retail market in 2022?
UAE led the MEA luxury retail market in 2022.
Who are the leading players in the MEA luxury retail market?
The leading players in the MEA luxury retail market are LVMH, Richemont, Kering, Chanel, and Prada among others.
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