The UAE luxury market size reached US$ 3.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.55% during 2023-2028. The growing e-commerce platforms, increasing premiumization, and thriving tourism industry represent some of the key factors driving the market.
A luxury product is a high-priced product that solely serves as a status symbol. It comprises private yachts, jewelry, designer handbags, exclusive fashion apparel, high-end automobiles, and premier watches. It is designed with enhanced quality and craftsmanship and offers uniqueness as compared to normal products. It is rare to find and limited and generates a feeling of standing out from the crowd. It is developed by high-end brands or famous designers using high-quality materials. It is also made accessible in an upscale posh atmosphere to grab the eyeballs of the elite class. It is also available in an elegant in-store environment rendering an enriching experience and provides improved quality, durability, and a sense of timelessness. As it helps create a long-lasting and credible impression and offers high-touch service, the demand for luxury products is rising in the UAE.
UAE Luxury Market Trends:
At present, the increasing premiumization represents one of the major factors supporting the growth of the market in the UAE. Besides this, luxury brands are launching offline stores in innovative formats to capture consumer interest and generate revenue. In line with this, the growing demand for personalized products or individualized care from brands due to the overexposure of social media platforms and mass consumption is offering a favorable market outlook in the country. Moreover, the wide availability of luxury products through online and offline retail channels is providing lucrative growth opportunities to industry investors. In addition, travelers visiting the country buy luxury goods from the outlets of various multinational brands. This, coupled with the burgeoning tourism industry in the UAE, is propelling the growth of the market. Apart from this, the rising demand for luxury perfumes and leather products is strengthening the growth of the market in the country. Additionally, the increasing number of e-commerce platforms that assist in shaping new user interactions, disrupting business models, and creating various opportunities for single and multi-brand luxury goods stores in the country is catalyzing the demand for luxury products. Furthermore, the rising utilization of technologies, such as augmented reality (AR) and metaverse, to help online customers improve their shopping experience is bolstering the growth of the market in the UAE.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the UAE luxury market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on type, gender and distribution channel.
- Travel and Hotel
- Personal Luxury Goods
- Food and Drinks
The report has provided a detailed breakup and analysis of the UAE luxury market based on the type. This includes travel and hotel, cars, personal luxury goods, food and drinks, and others. According to the report, travel and hotel represented the largest segment.
A detailed breakup and analysis of the UAE luxury market based on the gender has also been provided in the report. This includes male and female. According to the report, male accounted for the largest market share.
Distribution Channel Insights:
- Monobrand Stores
- Multibrand Stores
- Online Stores
A detailed breakup and analysis of the UAE luxury market based on the distribution channel has also been provided in the report. This includes monobrand stores, multibrand stores, online stores, and others. According to the report, monobrand stores accounted for the largest market share.
The report has also provided a comprehensive analysis of the competitive landscape in the UAE luxury market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UAE luxury market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the UAE luxury market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UAE luxury industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.