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GCC Watch Market Size is Expected to Exhibit a Growth Rate (CAGR) of 4.5% during 2024-2032 | By IMARC Group

GCC Watch Market

GCC Watch Market

GCC Watch Market Size, Share, Trends, Industry Growth, Report and Forecast 2024-2032.

SHERIDAN, WYOMING, UNITED STATES, December 4, 2023 / -- IMARC Group, a leading market research company, has recently releases report titled “GCC Watch Market Report by Type (Quartz, Mechanical), Price Range (Low-Range, Mid-Range, Luxury), Distribution Channel (Online Retail Store, Offline Retail Store), End User (Men, Women, Unisex), and Country 2024-2032.” The study provides a detailed analysis of the industry, including the GCC watch market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The GCC watch market size is expected to exhibit a growth rate (CAGR) of 4.5% during 2024-2032. The growing popularity of luxury watch, rising disposable income, rising digitization, expanding e-commerce sector, and the easy accessibility to online retail stores represent some of the key factors driving the market.

Factors Affecting the Growth of the GCC Watch Industry:

• Luxury and Status:
Luxury watches brands have established themselves as symbols of prestige and status in the GCC region. Owning a watch from one of the renowned brands is considered a status symbol and a statement of success. High-end watches are often associated with social recognition and admiration. People aspire to be seen wearing these prestigious timepieces at social gatherings and events in the region. Luxury watches are popular choices for gifting on special occasions, including weddings, birthdays, and business milestones.

• Tourism and Duty-Free Shopping:
The GCC region is a popular tourist destination, attracting visitors from around the world. Tourists often view their trips as opportunities to shop for luxury items, including high-end watches. Many GCC countries have designated duty-free zones and airports where tourists can shop for watches and other products without paying local taxes or import duties. This tax-free shopping experience makes luxury watches more affordable for travelers. Tourists appreciate the significant tax savings they can enjoy when purchasing watches in duty-free areas. This encourages them to consider buying premium timepieces during their visit.

• Technological Advancements:
The introduction of smartwatches with advanced features, such as fitness tracking, heart rate monitoring, and global positioning system (GPS) connectivity is expanding the appeal of watches in the GCC region. Tech-savvy consumers are drawn to these multifunctional timepieces. Smartwatches equipped with health and wellness features are gaining traction, especially in a region where well-being is highly valued. These watches can track steps, monitor sleep patterns, and provide health insights, appealing to health-conscious consumers.

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GCC Watch Market Report Segmentation:

Type Insights:

• Quartz
• Mechanical
Quartz represented the largest segment due to their accuracy, affordability, and low maintenance.

Price Range Insights:

• Low-Range
• Mid-Range
• Luxury
Low-range accounted for the largest market share as they offer a balance between quality and affordability.

Distribution Channel Insights:

• Online Retail Store
• Offline Retail Store
Offline retail stores exhibit a clear dominance in the market due to their preference for in-person shopping experience.

End User Insights:

• Men
• Women
• Unisex
Men hold the biggest market share on account of the significance of watches as status symbols for men.

Country Insights:

• Saudi Arabia
• Qatar
• Bahrain
• Kuwait
• Oman
• Others
Region-wise, the market has been classified into Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman.

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GCC Watch Market Trends:

Smartwatches are gaining traction due to their advanced features, health monitoring capabilities, and connectivity options. People in the GCC region are increasingly embracing wearable technology, which is propelling the market growth. Luxury watches from renowned brands remain highly sought after in the GCC region, with people viewing them as status symbols and investments.
The online retail sector for watches is growing steadily, providing individuals with a convenient platform for exploring a wide range of watch options and making purchases.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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