UAE Luxury Market

UAE Luxury Market Overview:

The UAE luxury market was worth US$ XX Billion in 2023, expanding at a CAGR of X% during 2018-2023. Looking forward, the market is projected to grow at a CAGR of around X% during 2024-2029, reaching a value of US$ XX Billion by 2029. Luxury goods, also known as upmarket products, are non-essential but desirable items that are associated with wealth and exclusivity. They include designer apparel and footwear, fashion accessories like jewelry and high-end watches, perfume, luggage, premium automobiles, yacht, wine, homes, and estates. They are exceptional in their design and craftsmanship and reflect a strong brand identity and rich heritage. Luxury goods assist in increasing self-esteem and providing a sense of accomplishment. At present, the thriving travel and tourism industry is promoting UAE as one of the most popular markets for purchasing luxury goods among the Middle Eastern countries.

High standards of living and wealthy population of UAE, which is willing to spend on lavish items, represent one of the key factors positively influencing the market. Besides this, flourishing travel and tourism in the country is resulting in the rising the sales of ultra-high-end brands. Travelers visiting the country buy luxury goods from the outlets of various multinational brands for their homes, which is offering lucrative growth opportunities to manufacturers for introduce their products to the local market. Additionally, increasing investments in marketing strategies by leading market players, which include social media promotion, banner advertising, and celebrity endorsements, to expand their consumer base are providing a thrust to the market growth. In addition, key market players are also launching offline stores in innovative formats to capture consumer interest and generate revenue, which is fueling the growth of the market. Furthermore, the easy availability of luxury items across online portals, coupled with the facilities of doorstep delivery and secured online payment gateways, is creating a favorable market outlook. Apart from this, the growing premiumization and increasing use of applications that facilitate direct interaction between buyers and sellers is shaping the business models. Furthermore, the rising use of augmented reality (AR) to improve overall shopping experience is driving the market in the country.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the UAE luxury market and can also impact its future growth. Taking 2023 as the base year, the report covers historical market scenario from 2018-2023 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. 

The report analyses the competitive structure of the UAE luxury market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the UAE luxury market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the UAE luxury market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the UAE luxury market industry. Furthermore, the value chain analysis of the UAE luxury market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

UAE Luxury Market Segment Insights:

The UAE luxury market has been analysed as followed:

By Type:

• Travel and Hotel
• Cars
• Personal Luxury Goods
• Food and Drinks
• Others

By Gender:

• Male
• Female

By Distribution Channel:

• Monobrand Stores
• Multibrand Stores
• Online Stores
• Others

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players. 

Highlights of the UAE Luxury Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The UAE luxury market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs