Thursday, July 18, 2024

$5.2 billion luxury goods market domestically by 2027

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I-Mark expects the size of the luxury goods market in the UAE to increase to $5.2 billion, about 5 years from now, specifically by 2027, compared to $3.5 billion in the country earlier this year. .

According to a report released by an Indian firm specializing in market studies and research on the luxury goods market in the UAE, the figures mentioned above reflect a compound annual growth rate of 6.68% in the size of the domestic luxury goods market. 2022-2027, and the main reason for the growth is the current recovery in e-commerce and tourism sectors in the country. He added, “The increase in the value of disposable income for most consumers in the UAE is helping the volume of sales of luxury goods in the country continue to increase.”

The report said: The increasing growth in urban activity in the UAE, the size of the country’s luxury goods market is strongly contributing to achieving this growth, resulting in a large number of luxury shopping centers playing an important role. In shaping consumers’ shopping habits, especially, local. iMark pointed out that the luxury goods market in the UAE is divided into different types of luxury goods and services, mainly tourism and hospitality, luxury cars, personal use goods, food and beverages and others, but the tourism and hospitality sector is particularly popular among these sectors.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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