Middle East Luxury Watches Market Size, Share, Demand & Growth Opportunity, Trends, Industry Analysis, Regional Outlook, & Forecast 2017-2025

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Middle East Luxury Watches Market Outlook
Middle East Luxury Watches Market Outlook 2024
Opportunity Growth Analysis, 2016-2024
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Middle East Luxury Watches Market Outlook
Middle East Luxury Watches Market Share(), By
Region-2016-2024
Middle East Luxury Watches Market Size USD
(Million). 2016-2024
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In 2016, Mechanical Watches accounted for the
highest market share XX in Middle East Luxury
Watches market
With XX share in 2016, UAE dominated the Middle
East Luxury Watches market
Middle East Luxury Watches Market Share (), By
Distribution Channel- 2016
Middle East Luxury Watches Market Share (), By
End Users-2016
Middle East Luxury Watches Market Share(), By
Product Type-2016
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Middle East Luxury Watches Market Size (USD
Million)-2016-2024
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• Middle East Luxury Watches Market is anticipated
  to expand at a compound annual growth rate of XX
  during the forecast period i.e. 2016-2024. The
  market is anticipated to reach USD XX million by
  the end of 2024. Moreover, the UAE has been
  ranked in the world's top 10 countries for Swiss
  watch exports in the first 10 months of 2017.
• Looking at different price segments, high-end
  watches have outperformed in 2017. In other
  words, the recovery of the Swiss watch industry
  has mainly been driven by the strength of
  high-end watch sales. In 2017 they accounted for
  nearly XX of total Swiss watch exports. In
  contrast, sales of low-end watches fell by XX in
  value both in 2017
• Smart watch competition has been weighing on less
  expensive timepieces. Apple has said sales of its
  Apple Watch have risen more than XX per cent for
  three straight quarters. That is weighing on less
  expensive Swiss timepieces the most. Shipments of
  watches with wholesale values of less than USD
  202 fell XX per cent in 2017, the only price
  category to decline.

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Middle East Luxury Watches Market Outlook

• The Middle East showcase solid growth rate
  globally, overall luxury goods industry growth is
  promising related to historic period. Middle East
  premium consumers are among the leading spenders
  on luxury goods, the tenth highest spenders in
  the world. According to Goldstein Research
  analysts, the demand for luxury and top-of-the
  -line products remains robust in the Gulf
  Cooperation Council (GCC) region despite the
  economic slowdown.
• In Middle East, Especially in GCC countries XX
  of consumers claims to have increased their
  spending over luxury goods compared to XX in
  more mature markets such as Europe, Japan and
  United States. In past few years Middle East
  luxury goods industry has been through a period
  of expansion, as major companies have grown by
  extending their reach of their brand distribution
  network and opening new stores in the region.
• The luxury goods market in the Middle East
  provides immense opportunity for luxury brands
  luxury goods markets in Abu Dhabi and Dubai have
  helped to promote these cities as desirable
  shopping destinations to shop for luxury brands.
  Well recognized big-name brands have achieved
  well in the region, and tourism is a major driver
  of sales of luxury accessories or watches in
  Dubai.
• In 2016, the value of womens high-end watch
  sales in the region increased by XX percent year
  over year in 2015, the rise was XX percent and
  the majority of sales are made in United Arab
  Emirates. In comparison, the value of womens
  luxury timepiece sales globally grew only XX
  percent last year.
• The ladies like watches with diamonds and
  bling, and Men tend to go for white gold,
  platinum or steel. The watch has to be very
  discreet, and often men try to match their watch
  to a pen and sometimes cuff links. Middle East
  watch customers are big fans of ultra-exclusive
  timepieces such as limited editions and bespoke
  watches. It is true that they tend to like larger
  models, high complications and audacious designs.

Growing E-commerce Business
Sample
Growing Tourism Industry
High Disposable Income
Growth of Luxury Shopping Centers and Malls
Middle East Luxury Watches Market (USD Million)
Saudi Arabia
UAE
Rest of Middle East
USD XX Million
2016
USD XX Million
USD XX Million
2024
USD XX Million
USD XX Million
USD XX Million
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• Booming E-Commerce Industry
• Despite strong fundamentals, the GCC is one f the
  worlds most challenging e-commerce playgrounds.
  With some of the worlds highest level of GDP per
  capita, the region is home to many people with
  large disposable incomes. Average mobile
  penetration stands at more than XX percent, and
  smartphones is at more than XX percent. In
  addition, more than two-thirds of the population
  uses the internet, with penetration in UA and
  Qatar exceeding XX
• Our study reveals that only XX percent of major
  GCC retailers have and e-commerce channel,
  compared with XX percent in the United States.
  However, with the right enablers in place, we
  believe the GCC e-commerce market could almost
  quadruple to reach USD XX billion by 2020.
• For GCC retailers, the success of Omni channel
  strategies will depend mainly on their ability to
  develop a string online presence, provide robust
  payment mechanisms and invest in distribution and
  infrastructure. In addition, they will need to
  collaborate with regional governments to resolve
  the bottlenecks in policies that will remain
  crucial to the ongoing success of cross-border
  e-commerce ecosystem

E-Commerce Turnover Per of the Global
Regions-2015-2016
Region 2015 2016 Growth
World USD XX bn USD XX bn 19.9
Asia Pacific USD XX bn USD XX bn 28.4
North America USD XX bn USD XX bn 12.5
Europe USD XX bn USD XX bn 13.3
Latin America USD XX bn USD XX bn 28.0
MENA USD XX bn USD XX bn 18.6
Source Goldstein Research
Online Watch Sales (USD Million), by GCC
Countries- 2016

• Impact Analysis-
• Continuing growth of online-driven
  business-to-business (B2B) and business-to-consume
  r (B2C) sales demand has magnified the
  criticality of meeting customer expectations.
  Shippers will directly improve win probability by
  reformulating e-commerce transportation strategy
  and executing operational practices that enable
  delivery speed and certainty along with
  dependable and flexible service to yield a
  better customer experience.

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Middle East Luxury Watches Market Share (), By
Distribution Channels, 2016-2024

• In 2017, e-tail accounted for XX of middle east
  luxury goods consumption, and it is forecast to
  carve out a XX share of the market in 2025.
  Faced with this e-tail acceleration, luxury
  labels are absolutely forced to adapt their
  strategies.
• The luxury industry has accepted the idea that
  digital distribution is a priority, since it is
  one of its most significant growth vectors. Proof
  of this are the growing presence of luxury brands
  on the web in China, one of the key markets for
  the luxury goods industry today, and the increase
  in online sales of high-end products in the USA.
• This kind of expansion has several strategic
  implications. The first, predictable one is the
  shrinking of brick-and-mortar store networks,
  starting with monobrand stores but especially
  affecting wholesale clients. According to
  analysts, this kind of 'rationalisation' is
  essential in order to preserve the perceived
  exclusivity of brands and their long-term value.

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Middle East Luxury Watches Market Y-O-Y Growth,
By Transportation, 2016-2024
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uxury-watches-market-middle-east
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Middle East Luxury Watches Market Size (USD
Million), By Online Distribution Channels,
2016-2024

• "The web acts as a magnifying glass, exposing the
  shortcomings of brands with regards to their
  commercial policies, and their lack of control on
  their own distribution. This adds extra pressure
  to labels which are more dependent on the
  wholesale channel,
• "The most likely scenario is that, in the next
  five years, luxury e-tail will become extremely
  crowded. Luxury brands will have largely
  developed their own e-tail capabilities.
• With the entry of global brands, the GCC became a
  sizeable and one of the main growth markets
  globally. For the retailers, particularly in the
  luxury and premium segments, the period between
  2004 and 2014 were their golden years. In the UAE
  alone, luxury goods market has grown from USD XX
  billion in 2004 to USD XX billion during the
  decade, of which luxury watches comprises
  significant share and more than XX of the total
  sales took place in physical stores.

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Middle East Luxury Watches Market Y-O-Y Growth,
By Online Distribution Channels, 2016-2024
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Consumer Preferences To Shop For Watches Within
Different Channels, By Different Demographics
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GCC Luxury Watches Market Size (USD
Million)-2016-2024
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North America GCC Luxury Watches Market Size (USD
Million), By Transportation Mode-2016-2024
North America GCC Luxury Watches Market Size
(USD Millions), By Country-2016-2024
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UAE Luxury Watches Market Size (USD Million),
Compound Annual Growth Rate (), Y-O-Y Growth
Rate (), 2016-2024
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Key Insights
UAE consumers Purchase of Luxury Goods Based on
Locations
In 2016, Switzerland exported USD XX billion in
timepieces globally, a decline of XX percent from
the previous year. Exports to the United Arab
Emirates, Switzerlands 10th-biggest watch
market, declined XX percent over the same period
to reach USD XX million. Dubai is the most
affected market as tourists being the major
source of income for the emirates luxury market.
For the first time in a decade, consumer
consumption in Saudi Arabia dropped in the first
quarter of 2016, owing to drop in international
tourist arrival in 2016. The retail market,
luxury in particular, is also witnessing major
fundamental changes. Consumers are increasingly
becoming more informed and assertive on price and
value.
Source Goldstein Research
The UAE and Saudi Arabia were the top performing
markets in the region with major chunk of revenue
coming from the tourists than their residents.
Fashion, beauty, watch and jewelry were the
leading segments in the luxury sector. Beauty and
footwear were very much resilient even during
economic downturns in the region during the
period. E-commerce penetration in the region was
very low compared to the Europe and the US
markets.
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business solutions, help our clients make
powerful future decisions to keep them well ahead
of the game which is the market, and leave a mark
across businesses and communities through our
well-defined ideas and clear cut forecasts.
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