Kuwait ranks third in GCC for personal luxury goods

Kuwait goods market for personal luxury recorded the highest growth in the Gulf region in 2021 compared to 2019 at 35 percent. Kuwait is ranked third among the GCC countries after the UAE and Saudi Arabia, reports Al-Rai daily.

The report issued by the Chalhoub Group in cooperation with the Fashion Authority, under the title ‘Personal Well-being in the Gulf Cooperation Council Countries in 2021: The Story of Early Recovery and Growth’, said the luxury goods market in the Gulf in 2021 showed an early recovery similar to prepandemic levels earning $9.7 billion at the end of year to an increase of 23% compared to 2019.

The report, according to the daily, indicated that the growth will be driven by several factors, including: the growth of domestic spending in Saudi Arabia, the return of international tourists to the UAE, the entry of new categories of consumers into the luxury sector, and the innovation of new categories in the sector such as wellness and skin care, and the increase in the pace of ecommerce growth.

On the other hand, the report pointed out that e-commerce for beauty, elegance and high fashion products is still strong in the Gulf, where the proportion of beauty and elegance products trade is 11%, while the proportion of high-end fashion products is 15%.

The report revealed that all GCC countries except Bahrain recorded double growth in the high-end fashion sector in 2021 thanks to Gulf consumers redirecting their spending inward, while Kuwait recorded a growth of 49%, Saudi Arabia 44%, followed by the UAE with 40%.