UAE’s luxury market to be worth $5.2 billion by 2027 – IMARCGroup report

UAE luxury market to be worth $5.2 billion by 2027 – IMARCGroup report

The UAE luxury goods market will reach USD 5.2 billion by 2027, growing at a growth rate (CAGR) of 6.68% during 2022-2027.

Sheridan, Wyoming, USA, December 8, 2022 /EINPresswire.com/ — The IMARC Group recently published a project called “UAE Luxury Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027″, provides a detailed analysis of market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

What are the growth prospects for the UAE luxury market?

The UAE luxury market is expected to reach US$3.5 billion by 2021. Looking ahead, IMARC Group expects the market to reach USD 5.2 billion by 2027, with a growth rate (CAGR) of 6.68% during 2022-2027.

Request a free sample brochure: https://www.imarcgroup.com/uae-luxury-goods-market/requestsample

What is luxury?

Luxury goods, also known as luxury goods, are those products that cost more and are usually bought by people with higher levels of disposable income. They mainly rely on marketing and promotions to communicate brand values. These products are considered to have better quality, symbolism, aesthetics, rarity, etc. than necessities. Consistent with this, some common types of luxury goods and services include travel and hotels, Luxury cars, personal luxury goods, food, beverages, etc. As such, they have gained a lot of attention in the UAE.

Impact of COVID-19:

We regularly track the direct impact of COVID-19 on the market, as well as the indirect impact of related industries. These comments will be incorporated into the report.

Claim 10% Free Custom Reports From Analysts: https://www.imarcgroup.com/request?type=report&id=966&flag=C

What are the key market drivers of the UAE luxury goods market?

The rise in the wealthy and ultra-rich population willing to spend money on luxury items such as luxury designer clothes, shoes, cars, and increasing urbanization is primarily driving the luxury market in the UAE. Apart from this, the wide adoption of high-end fashion accessories and apparel and the development of shopping malls and malls are also driving the market growth.

Furthermore, growing influence of western fashion trends and introduction of enhanced certification procedures and quality checks to provide consumers with a reliable environment are significant growth inducers. Apart from this, the growing popularity of e-commerce platforms that provide easy access to online product related information and prices at any given point of time is driving the market growth across the UAE.

Moreover, increasing distribution channels including single-brand stores, multi-brand stores, online retail channels, etc., along with rising living standards of individuals are expected to drive the UAE luxury goods market over the forecast period.

The report covers the following major market segments:

Break up by type:

tourist hotel
car
personal luxury goods
food and drinks
other

Break up by gender:

male
female

Classification by distribution channel:

specialty store
multi brand store
Online store
other

Browse related reports:

Leather Goods Market Report – https://bit.ly/3UHHtIf

Asia Pacific Pre-Owned Luxury Market Report- https://bit.ly/3UGSWaP

U.S. Pre-Owned Luxury Market Report- https://bit.ly/3FeCSaL

GCC Pre-Owned Luxury Market Report – https://bit.ly/3F69OlE

China Luxury Market – https://bit.ly/3BijmJo

Second-hand luxury goods market in Europe—— https://bit.ly/3VSS3xa

robert smith
IMARC Group
+1 6317911145
email us here