UAE Luxury Goods Market is Expected to Reach US$5.2 Billion by 2027: IMARC Group

The latest research study "UAE Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the UAE luxury market size reached US$ 3.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2027, exhibiting a growth rate (CAGR) of 6.68% during 2022-2027.

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Luxury goods are unessential products which are purchased according to the desire of consumers mostly belonging to the higher income groups. These products are considered to have better quality, symbolism, aesthetics and rarity as compared to necessity goods. Luxury buying is an important trend in the United Arab Emirates (UAE), particularly within the Emirati society, as owning these products is viewed a part of the consumers' personality, social image, and position. Currently, the UAE is one of the largest luxury goods market in the Middle East as the presence of international luxury brands in major cities, such as Dubai and Abu Dhabi, has helped in promoting the country as a major shopping destination across the globe.

UAE Luxury Market Trends:

At present, the growth of the luxury goods market in the UAE can be attributed to the booming e-commerce and tourism sectors which have presented various international luxury brands with ample growth opportunities in the country. Apart from this, the high disposable incomes of the consumers have also helped in sustaining the sales of luxury goods.

Moreover, rising urbanization has led to an increase in the number of shopping centers and malls which play a vital role in shaping the shopping habits of local consumers. However, the rising rent and educational costs in the country coupled with the introduction of Value Added Tax (VAT) can dampen the growth of the market in the upcoming years.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/uae-luxury-goods-market

UAE Luxury Market Summary:

The luxury market in the UAE is segmented on the basis of different types of luxury goods and services which mainly include travel and hospitality, luxury cars, personal luxury goods, and food and drinks. Amongst these, travel and hospitality represent the most popular segment.

Based on gender, the market has been segregated into male and female. Currently, males account for the largest share of the UAE luxury goods market.

The market has also been analyzed on the basis of distribution channels. Presently, there are numerous means through which the consumers can source the desired type of luxury product including monobrand stores, multibrand stores and online retail channels.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.