Goldstein Research analyst forecast the Middle East luxury watches market to expand at a CAGR of 6.5% during the forecast period 2017-2025. Moreover, the market is projected to reach USD 510.0 million by 2025 owing to increase in international travel and the growing importance of the millennial consumers.

1. Report Code :HC 1335
Middle East Luxury Watches Market Outlook
2024: Opportunity & Growth Analysis, 2016-2024
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Middle East Luxury Watches Market Outlook

2. XX%
XX%
Online Offline
XX%
XX%
XX%
XX%
XX%
2016
Asia Pacific North America
Europe Latin America
Middle East and Africa
XX%
XX%
XX%
XX%
XX%
2024
Source: Goldstein Research
In 2016, Mechanical Watches
accounted for the highest market share XX%in
Middle East Luxury Watches market
XX%
CAGR: (2016-2024)
With XX% share in 2016, UAE dominated the
Middle East Luxury Watches market
Source: Goldstein Research
XX%
XX%
Men Women
Source: Goldstein Research
XX%
XX%
Mechanical Digital
Source: Goldstein Research
Source: Goldstein Research
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
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Middle East Luxury Watches Market Outlook
Middle East Luxury Watches Market
Share(%), By Product Type-2016
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 Region-2016-2024
Middle East Luxury Watches Market Size
USD (Million). 2016-2024
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3. Source: Goldstein Research
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Middle East Luxury Watches Market Size (USD
Million) & Growth Analysis
Middle East Luxury Watches Market Size (USD Million)-2016-2024
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
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.

4. Middle East Luxury Watches Market (USD Million)
2016
2024
Saudi Arabia UAE
USD XX Million
USD XX Million USD XX Million
USD XX Million
 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 women’s 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 women’s 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.
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Middle East Luxury Watches Market Outlook
Rest of Middle
East
USD XX Million
USD XX Million
Growing E-
commerce
Business
Growing
Tourism
Industry
High Disposable
Income
Growth of Luxury
Shopping Centers
and Malls

5. Booming E-Commerce Industry
 Despite strong fundamentals, the GCC is one f the world’s
most challenging e-commerce playgrounds. With some of
the world’s 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
High Medium Low
Impact on Middle East
Luxury Watches Market
Impact Analysis:-
 Continuing growth of online-driven
business-to-business (B2B) and business-
to-consumer (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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Growth Drivers
E-Commerce Turnover Per of the Global Regions-
2015-2016
Source: Goldstein Research
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%
Online Watch Sales (USD Million), by GCC Countries- 2016
40%
40%
10%
10%
Express Carriers
Combination Carriers
All Cargo
Passenger Belly Only
Source: Goldstein Research

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Middle East Luxury Watches Market Outlook :
2016-2024
Middle East Luxury Watches Market Share (%), By Distribution
Channels, 2016-2024
XX%
XX%
Online
Offline
XX%
XX%
20242016
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.
Middle East Luxury Watches Market Y-O-Y Growth, By
Transportation, 2016-2024
XX% XX% XX% XX%
XX% XX% XX% XX%
XX%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Source: Goldstein Research
Source: Goldstein Research
Source: Goldstein Research
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Middle East Luxury Watches Market Outlook
By Online Distribution Channels: 2016-2024
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.
Middle East Luxury Watches Market Y-O-Y Growth, By Online
Distribution Channels, 2016-2024
XX% XX% XX% XX%
XX% XX% XX% XX%
XX%
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f 2024f
Source: Goldstein Research
Source: Goldstein Research
Source: Goldstein Research
Consumer Preferences To Shop For Watches Within Different Channels, By Different Demographics
XX% XX% XX%
XX% XX% XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
Millenials (18-33) Generation X (34-49) Baby Boomers (50-68)
In Physical Stores
Online
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8. XX XX
XX XX
2016 2024
Mechanical Digital
XX
XX
XX
XX
XX
XX
XX
XX
XX% XX% XX% XX% XX% XX% XX% XX%
-XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f
XX%
CAGR: (2016-2024)
Source: Goldstein Research
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
2016 2024
XX
XXXX
XX
XX XX
XX XX
XX XX
XX XX
UAE Saudi Arbia Qatar Kuwait Oman Bahrain
Source: Goldstein Research
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GCC Luxury Watches Market Size (USD Million) & Y-
O-Y growth (%), By Region- 2016-2024
North America GCC Luxury Watches Market Size
(USD Millions), By Country-2016-2024
GCC Luxury Watches Market Size (USD Million)-2016-2024
North America GCC Luxury Watches Market Size
(USD Million), By Transportation Mode-2016-2024
Source: Goldstein Research
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9. Source: Goldstein Research
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UAE Luxury Watches Market Size (USD Million) & Y-
O-Y growth (%), 2016-2024
XX
XX
XX
XX
XX
XX
XX
XX
XX% XX% XX% XX% XX% XX% XX% XX%
-XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX%
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
2016e 2017e 2018f 2019f 2020f 2021f 2022f 2023f
XX%
CAGR: (2016-2024)
Source: Goldstein Research
UAE Luxury Watches Market Size (USD Million), Compound Annual Growth Rate (%), Y-O-Y
Growth Rate (%), 2016-2024
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, Switzerland’s 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 emirate’s 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.
Key Insights
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.
XX%
XX%
XX%
Home Country
Abroad
3rd Qtr
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make powerful future decisions to keep them well ahead of the game which is
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