Luxury goods, also known as upmarket goods, refer to those products which are costlier and are often bought by individuals that have a higher disposable income. These goods largely depend on marketing and promotions in order to communicate brand values. Currently, UAE represents one of the most attractive markets for luxury goods amongst the Middle Eastern countries. According to the latest report by IMARC Group, titled “UAE Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the UAE luxury goods market reached a value of US$ 9.7 billion in 2017.
The growth of the UAE luxury goods market can be highly accredited to the fact that there is a notable population of wealthy and ultra-rich consumers in the region who are willing to spend millions for lavish items. The wealthy residents of the country spend billions of dirhams to purchase posh designer clothes, shoes, cars, etc. Apart from this, the booming travel and tourism industry has helped UAE to become the largest shopping destination in the Middle Eastern region. This remains another force which is further broadening the growth prospects for luxury goods in the region. Moreover, the emergence of e-commerce has provided an easy access to product-related information and prices online at any given point of time. This has further contributed towards the overall growth of the UAE luxury market. However, global economic uncertainty, unstable oil prices and political unrest in the region represent some of the major challenges that may hamper the market growth. Looking forward, the market value is projected to reach around US$ 14.9 billion by 2023, exhibiting a CAGR of more than 7.4% during 2018-2023.
This report provides a deep insight into the UAE luxury market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the UAE luxury industry in any manner.
Key Questions Answered in This Report:
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-702-409-7331 )
( India: +91-120-433-0800 )
Drop us an email at