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Dublin –(Business Wire) – This “UAE Luxury Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027” report added to ResearchAndMarkets.com’s supply.
The UAE luxury market will reach USD 3.5 billion in 2021. Looking ahead, publishers expect the market to reach $5.2 billion by 2027, growing at a CAGR of 6.82% from 2021-2027.
Bearing in mind the uncertainty of COVID-19, we are constantly tracking and assessing the direct and indirect impacts of the pandemic. These insights are included in the report as key market contributors.
Luxury goods, also known as premium goods, are those products that are higher priced and typically purchased by individuals with higher disposable incomes. These items rely heavily on marketing and promotions to convey brand values. Currently, the UAE is one of the most attractive luxury markets among Middle Eastern countries.
The growth of the luxury goods market in the UAE can be highly recognized for the fact that there is a large number of wealthy and ultra-rich consumers in the region willing to spend millions of dollars on luxury goods. The country’s wealthy residents spend billions of dirhams on luxury designer clothing, shoes, cars and more.
In addition to this, a booming tourism industry has helped the UAE become the largest shopping destination in the Middle East. This remains another force that further broadens the region’s luxury growth prospects.
Furthermore, the advent of e-commerce provides easy access to online product related information and prices at any given point in time. This has further contributed to the overall growth of the UAE luxury market. However, global economic uncertainty, volatile oil prices and political unrest in the region are some of the main challenges that could hinder market growth.
Key Market Segments:
The publisher provides an analysis of the key trends for each segment of the UAE Luxury Market Report and provides forecasts for the period 2022-2027. Our report categorizes the market on the basis of Type, Gender and Distribution Channel.
Break down by type:
Tourism and Hospitality
car
personal luxury
food and drinks
other
Based on type, the market has been segmented into travel and hospitality, luxury automobiles, personal luxury goods, food and beverages, and others. Currently, tourism and hotels dominate the market.
By gender:
In terms of gender, men spend more than women.
By distribution channel:
specialty store
multi-brand store
Online store
other
Based on distribution channels, the UAE luxury market has been segmented into single-brand stores, multi-brand stores, online stores, and others.
This report provides an in-depth insight into the UAE luxury market, covering all its essential aspects. Ranging from macro overview of the market to micro details of industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s Five Forces analysis, value chain analysis and more. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and everyone with any interest or plan to venture into the UAE luxury industry in any way.
Competitive Landscape:
The competitive landscape of the industry is also reviewed along with profiles of key players.
Key questions answered in this report:
How is the UAE luxury market performing now and how will it perform in the coming years?
How has COVID-19 impacted the UAE luxury market?
What are the types of segments in the UAE luxury market?
What is the gender-based segmentation of the UAE luxury market?
What is the fragmentation of the UAE luxury market on the basis of distribution channels?
What is the value chain of the luxury goods industry in the UAE?
What are the key drivers and challenges for the UAE luxury industry?
What is the competitive structure of the luxury goods industry in the UAE? Who are the main players?
How competitive is the luxury industry in the UAE?
For more information on this report, please visit https://www.researchandmarkets.com/r/d53qdp
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