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latest research”UAE Luxury Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027IMARC Group found that the UAE luxury market will reach $3.5 billion in 2021. Looking ahead, IMARC Group expects the market to reach $5.2 billion by 2027, with a growth rate (CAGR) of 6.68% in 2022-2027.
Download a free sample of the report:https://www.imarcgroup.com/uae-luxury-goods-market/requestsample
Luxury goods are non-essential items purchased according to the wishes of most consumers belonging to higher income groups. These products are considered to have better quality, symbolism, aesthetics and rarity than necessities. Luxury buying is an important trend in the United Arab Emirates (UAE), especially in Emirati society, as owning these products is seen as part of a consumer’s personality, social image and status. Currently, the UAE is one of the largest luxury markets in the Middle East, as the presence of international luxury brands in major cities such as Dubai and Abu Dhabi helps promote the country as a major global shopping destination.
UAE luxury market trends:
Currently, the growth of the luxury goods market in the UAE can be attributed to the booming e-commerce and tourism industry, providing ample growth opportunities for various international luxury brands in the country. In addition to this, the high disposable income of consumers also helps to maintain the sales of luxury goods.
In addition, increasing urbanization has led to an increase in the number of shopping malls and malls, which play a vital role in shaping the shopping habits of local consumers. However, rising rent and education costs in the country and the introduction of Value Added Tax (VAT) are likely to dampen the market growth in the coming years.
View the report table of contents, graphs and tables: http://bit.ly/2PwWJel
UAE luxury market summary:
The luxury goods market in the UAE is segmented according to different types of luxury goods and services, mainly including travel and hospitality, luxury cars, personal luxury goods, and food and beverages. Of these, travel and hotels are the most popular segments.
Based on gender, the market is segmented into male and female. Currently, men account for the largest share of the UAE luxury market.
The market is also analyzed on the basis of distribution channel. Currently, consumers can source the desired types of luxury goods in a variety of ways, including single-brand stores, multi-brand stores and online retail channels.
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IMARC’s information products include key market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial and high-tech organizations. Market forecasting and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are the company’s areas of expertise.
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