DUBLIN--(BUSINESS WIRE)--The "UAE Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The UAE luxury goods market reached a value of US$ 9.7 billion in 2017.
Luxury goods, also known as upmarket goods, refer to those products which are costlier and are often bought by individuals that have a higher disposable income. These goods largely depend on marketing and promotions in order to communicate brand values. Currently, UAE represents one of the most attractive markets for luxury goods amongst the Middle Eastern countries.
The growth of the UAE luxury goods market can be highly accredited to the fact that there is a notable population of wealthy and ultra-rich consumers in the region who are willing to spend millions for lavish items. The wealthy residents of the country spend billions of dirhams to purchase posh designer clothes, shoes, cars, etc. Apart from this, the booming travel and tourism industry has helped UAE to become the largest shopping destination in the Middle Eastern region.
This remains another force which is further broadening the growth prospects for luxury goods in the region. Moreover, the emergence of e-commerce has provided an easy access to product-related information and prices online at any given point of time. This has further contributed towards the overall growth of the UAE luxury market. However, global economic uncertainty, unstable oil prices and political unrest in the region represent some of the major challenges that may hamper the market growth.
Looking forward, the market value is projected to reach around US$ 14.9 billion by 2023, exhibiting a CAGR of more than 7.4% during 2018-2023.
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 UAE Luxury Market
6 Market Performance by Type
7 Market Performance by Gender
8 Market Performance by Distribution Channel
9 Competitive Landscape
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