IMARC Group has published a market research report titled “UAE Luxury Market Report by Type (Travel and Hotel, Cars, Personal Luxury Goods, Food and Drinks, and Others), Gender (Male, Female), Distribution Channel (Monobrand Stores, Multibrand Stores, Online Stores, and Others) 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the UAE luxury market growth. The market size reached US$ 4.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032.
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The UAE luxury goods market is experiencing significant growth, primarily driven by the nation’s excellent economic expansion, high disposable income among residents, and a large number of tourists attracted to the luxury and extravagant lifestyles of the region. In addition to this, the increasing demand for premium brands across various segments such as fashion, jewelry, watches, and beauty products, is further bolstering the market growth. Dubai and Abu Dhabi, in particular, are hubs for luxury shopping with numerous high-end malls and retail centers that offer an array of international luxury brands. Additionally, the growing demand for luxury goods among tourists, especially from China, Russia, and the Gulf Cooperation Council (GCC) countries, who tend to spend heavily on luxury goods, is also contributing to the market growth.
UAE Luxury Market Trends and Drivers:
In the UAE, the luxury goods market is experiencing a remarkable surge driven by the strong economic growth in the region, fueled by robust oil revenues and diversification efforts, has created a substantial base of high-net-worth individuals and affluent consumers. These individuals have a penchant for luxury products and are willing to invest in prestigious brands that symbolize their success and lifestyle. In addition, the UAE has positioned itself as a global hub for luxury shopping and tourism. Cities like Dubai and Abu Dhabi boast extravagant shopping malls, designer boutiques, and luxury hotels, attracting shoppers and tourists from around the world. This strategic positioning has made the UAE an attractive destination for luxury brands looking to establish a strong presence in the Middle East. Moreover, the rise of e-commerce and online luxury retailing has further propelled the growth of the market in the UAE. Consumers in the region now have easier access to a wide array of luxury products through digital platforms, making it convenient to indulge in their desires for high-end items. The convenience of online shopping, coupled with the lure of luxury, has contributed significantly to the market’s expansion. In addition to these drivers, cultural factors play a vital role in shaping the Luxury Goods market in the UAE. The local culture values opulence, hospitality, and generosity, which aligns with the essence of luxury products. Luxury brands often tap into these cultural values to create tailored marketing campaigns and experiences that resonate with UAE consumers.
Report Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Travel and Hotel
- Cars
- Personal Luxury Goods
- Food and Drinks
- Others
Gender Insights:
- Male
- Female
Distribution Channel Insights:
- Monobrand Stores
- Multibrand Stores
- Online Stores
- Others
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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