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UAE Luxury Goods Market 2018: Industry Trends, Growth, Demand, Share, Opportunities and Forecast till 2023

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UAE Luxury Goods Market 2018: Industry Trends, Growth, Demand, Share, Opportunities and Forecast till 2023

November 16
16:50 2018

UAE Luxury Goods Market Catalyzed by High Tourist Inflow
Over the past few years, the UAE luxury goods market has experienced a positive growth. This can be attributed to factors including high disposable income of consumers, expansion in e-commerce and tourism sectors, and increase in the number of shopping centers across the country.

The latest report published by IMARC Group, titled UAE Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023, estimates that the UAE luxury goods market reached a value of nearly US$ 10 Billion in 2017. Luxury goods are unessential products which are purchased according to the desire of consumers mostly belonging to the higher income groups. These products are considered to have better quality, symbolism, aesthetics and rarity as compared to necessity goods. Luxury buying is an important trend in the United Arab Emirates (UAE), particularly within the Emirati society, as owning these products is viewed a part of the consumers’ personality, social image, and position. Currently, the UAE is one of the largest luxury goods market in the Middle East as the presence of international luxury brands in major cities, such as Dubai and Abu Dhabi, has helped in promoting the country as a major shopping destination across the globe.

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UAE Luxury Goods Market Trends:

At present, the growth of the luxury goods market in the UAE can be attributed to the booming e-commerce and tourism sectors which have presented various international luxury brands with ample growth opportunities in the country. Apart from this, the high disposable incomes of the consumers have also helped in sustaining the sales of luxury goods. Moreover, rising urbanization has led to an increase in the number of shopping centers and malls which play a vital role in shaping the shopping habits of local consumers. However, the rising rent and educational costs in the country coupled with the introduction of Value Added Tax (VAT) can dampen the growth of the market in the upcoming years. Looking forward, the UAE luxury goods market is expected to reach a value of nearly US$ 15 billion by 2023, registering a CAGR of more than 7% during 2018-2023.

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UAE Luxury Goods Market Summary:

  • The luxury goods market in the UAE is segmented on the basis of different types of luxury goods and services which mainly include travel and hospitality, luxury cars, personal luxury goods, and food and drinks. Amongst these, travel and hospitality represent the most popular segment.
  • Based on gender, the market has been segregated into male and female. Currently, males account for the largest share of the UAE luxury goods market.
  • The market has also been analyzed on the basis of distribution channels. Presently, there are numerous means through which the consumers can source the desired type of luxury product including monobrand stores, multibrand stores and online retail channels.

Browse related reports:

Global Luxury Furniture Market Report 2018-2023:

UAE Perfume Market Report 2018-2023:

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Company Name: IMARC Group
Contact Person: Anand Ranjan
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Phone: +1-631-791-1145
Country: United States