According to the latest report by IMARC Group, titled “UAE Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the UAE luxury market size reached US$ 3.7 Billion in 2022. A luxury product refers to a high-quality and often expensive item or service that goes beyond mere functionality to provide a sense of exclusivity, status, and superior craftsmanship or design. It is typically associated with premium brands and is often made from the finest materials using meticulous attention to detail and superior manufacturing processes. These products are marketed towards affluent or aspirational consumers willing to pay a premium price for the enhanced experience and perceived prestige of owning or using such items. Luxury products span various categories, including fashion (designer clothing and accessories), watches, jewelry, automobiles, electronics, cosmetics, furniture, travel experiences, and more.
UAE Luxury Market Trends:
The rising living standards coupled with increasing expenditure capacities of the consumers is one of the key factors propelling the market growth in the country. Luxury goods are non-essential items that improve the consumer's lifestyle and provide a more pleasant experience. Additionally, the growing popularity of luxury products in the country, due to its uniquely shaped convergence of traditional values and modern aspirations, is creating a positive outlook for the market growth. Moreover, the growing demand for personalized and immersive luxury experiences reflecting a shift from materialism to meaningful encounters, such as limited-edition collections that pay homage to local heritage and bespoke services that cater to individual preferences is positively impacting the market growth. In addition to this, the rapid technological advancements, such as digital platforms and e-commerce platforms, allowing consumers to access luxury products and services easily, are supporting the market growth. In line with this, the increasing utilization of social media in shaping consumer perceptions and aspirations, creating a dynamic ecosystem where luxury brands engage with their audience beyond traditional channels, is favoring the market growth. Furthermore, the growing focus on sustainability and ethical considerations as discerning consumers are increasingly drawn to brands that align with their values, leading to a rise in demand for eco-conscious and ethically produced luxury products, is providing a considerable boost to the market growth. Looking forward, the market value is projected to reach US$ 5.5 Billion by 2028, expanding at a CAGR of 6.55% during 2023-2028.
- Based on the type, the market has been segmented into travel and hotel, cars, personal luxury goods, food and drinks, and others. According to the report, travel and hotel represents the largest segment.
- On the basis of the gender, the market has been bifurcated into male and female. Amongst these, male accounts for the largest market share.
- Based on the distribution channel, the market has been divided into monobrand stores, multibrand stores, online stores, and others. According to the report, monobrand stores account for the largest market share.
- The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry.
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