{"id":32834,"date":"2022-03-27T10:26:41","date_gmt":"2022-03-27T07:26:41","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=32834"},"modified":"2026-03-28T00:39:13","modified_gmt":"2026-03-27T21:39:13","slug":"chalhoub-group-releases-gcc-personal-luxury-in-2021-a-story-of-early-recovery-and-growth-report-in-collaboration-with-the-fashion-commission-of-saudi-arabias-ministry-of-cu","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/chalhoub-group-releases-gcc-personal-luxury-in-2021-a-story-of-early-recovery-and-growth-report-in-collaboration-with-the-fashion-commission-of-saudi-arabias-ministry-of-cu\/","title":{"rendered":"Chalhoub Group releases \u201cGCC Personal Luxury in 2021: A Story of Early Recovery and Growth\u201d report in collaboration with the Fashion Commission of Saudi Arabia\u2019s Ministry of Culture"},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li>Insights from the report indicate that in 2021 the GCC luxury market outpaced pre-pandemic level by 23% versus 2019.<\/li><li>A deep dive on Saudi Arabia shows remarkable growth in personal luxury growing at +19%.<s><\/s><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Dubai, UAE, March 25, 2022:<\/strong> Chalhoub Group released its comprehensive report &nbsp;<strong>\u201cGCC Personal Luxury in 2021: A Story of Early Recovery and Growth\u201d <\/strong>with a deep dive on Saudi Arabia, in collaboration with the Fashion Commission of Saudi Arabia\u2019s Ministry of Culture. The report was launched at Riyadh\u2019s Retail Leaders Circle summit on March 22<sup>nd<\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chalhoub Group and the Fashion Commission are bringing together industry propriety insights and data to support regional and international brands and businesses. The report offers deep insights into consumption patterns and factors that will drive the growth of the GCC market. With this report, Chalhoub Group reinforces its leading position as a thought leader, innovator, and knowledge partner keen to offer unique insights about the regional luxury market that\u2019s set to grow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the report, insights indicate that in 2021 the GCC luxury market outpaced the pre-pandemic level by 23% versus 2019. By 2023 the GCC luxury market is projected to reach $11 billion growing from the current $9.7 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As such, the GCC luxury market is under a massive transformation as brands are in a constant state of evolution to cater to young, informed, and hybrid consumers. A few of the many drivers of growth include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Spend repatriationwhere 60% of the spending now happens in-country<\/li><li>Brand investments in marketing and localized events<\/li><li>E-commerce market more than doubling, led by pure players<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Deep diving on Saudi Arabia, the largest country in the GCC, the Kingdom has shown remarkable growth in personal luxury, reaching $2.2 billion and growing at +19%, driven by spend repatriation, female empowerment, boiling retail landscape, events and activities, and e-commerce boom.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Patrick Chalhoub, Group President, Chalhoub Group<\/strong>, said: \u201cWith over 65 years of presence in the GCC, the Group has always been invested in understanding the unique market dynamics of the region, its savvy consumers, and valued partners. We are proud to collaborate with the Fashion Commission, which shares our ambition and plays a pivotal role in the region\u2019s fashion industry. Our report on the GCC personal luxury market reinforces our commitment to sharing knowledge and supporting local and international brands to connect with the region, celebrate our culture and heritage.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Commenting on the collaboration with Chalhoub Group, Burak Cakmak, Chief Executive, Fashion Commission<\/strong>, stated: \u201cOur mission is to develop a thriving fashion ecosystem in KSA to uphold Saudi heritage, promote local talent, designers and brands, and also attract international brands to the Kingdom. In doing so, strategic collaborations with authoritative private sector entities will play a pivotal role in supporting us with intelligence and insights into the fashion industry. Such collaborations will ultimately benefit the regional fashion industry, nurture local talents and support the growth of retail.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, the GCC luxury market is projected to reach $11 billion in 2023, fueled by several factors such as local spending by GCC nationals and the development of new categories. Chalhoub Group will be at the forefront of the future growth of luxury in the GCC by continuing to contribute to and support brands, partners, and the regional luxury fashion market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insights from the report indicate that in 2021 the GCC luxury market outpaced pre-pandemic level by 23% versus 2019. A deep dive on Saudi Arabia shows remarkable growth in personal luxury growing at +19%. Dubai, UAE, March 25, 2022: Chalhoub Group released its comprehensive report &nbsp;\u201cGCC Personal Luxury in 2021: A Story of Early Recovery [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":32835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"0","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-32834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GCC personal luxury - Early recovery report | Saudi Shopper<\/title>\n<meta name=\"description\" content=\"GCC personal luxury grew 23% in 2021 vs 2019. 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