Retail value sales of luxury goods in the United Arab Emirates rose by 9% in 2023 in current terms to reach AED47.1 billion.
Sales growth within luxury goods was positive during the last year of the review period, despite headwinds caused by the cost of living crisis, inflation and the war in Ukraine. The United Arab Emirates is also home to numerous affluent adults, with around 69,700 such residents in 2023, accounting for a 1% share of the population overall.
Luxury players remain highly competitive. With consumers thinking more about what they buy, luxury players are putting value creation at the forefront of innovation, ensuring the affordability of their product and service portfolios.
Luxury retail is seeing significant changes as digitalisation leads to consumers shopping more online and engaging with retailers and brands in different ways. This is leading to a rise in the importance of online shopping amongst some consumers, whilst also forcing retailers to rethink the role of physical outlets.
The outlook for luxury goods is positive on the whole, with pent-up demand that built up during the pandemic likely to lead to consumers buying more high-end goods during the forecast period. Retail sales of luxury goods in the United Arab Emirates are expected to rise at a CAGR of 7% in retail current value terms (5% constant 2023 value CAGR) over the forecast period to total AED66.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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