- According to a new market research report, the UAE luxury goods market is expected to grow at a compound annual growth rate of 5.2% between 2023 and 2028.
- Increasing disposable incomes, a rising population and a surge in the number of tourists are the major factors driving the growth of the UAE luxury goods market.
- The rise in shopping malls, luxury hotels and restaurants will likely support market growth.
According to a new market research report titled ‘UAE Luxury Goods Market-2023-2028’, the UAE luxury goods market is projected to grow at a compound annual growth rate of more than 5.2% during the forecast period.
Factors such as increasing disposable incomes, a growing number of affluent consumers in the country and an increase in tourism are expected to drive the market’s growth.
International shoppers in the UAE need to find a money transfer service that is reliable, safe and inexpensive.
It’s also important to consider the exchange rate between the pound and the Emirati dirham, and other fees that may be associated with the service.
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The UAE luxury goods market’s growth is in part driven by tourists who visit the UAE with the support of the country’s regulatory bodies. It has attracted many international businesses and has become a major finance, trade and tourism hub.
The UAE is known for its extravagant and luxurious shopping experiences, featuring various designer brands, jewellery and electronics. From high-end fashion outlets to traditional souks, there is something for everyone.
Shopping malls such as the Dubai Mall, Mall of the Emirates and Abu Dhabi Mall offer some of the world's most renowned luxury brands.
Dubai and Abu Dhabi cities are also home to many popular designer boutiques.
The growth is being addressed by retailers increasingly using technologies such as augmented reality and the metaverse to help online customers improve their shopping experience.
Some of the key global players in the UAE luxury goods market are Rolex SA, LVMH Moët Hennessy Louis Vuitton, Burberry Group PLC and Roberto Cavalli SpA.
Are you planning to shop for luxury goods internationally? If so, look at our money transfer comparison tool for the best secure methods for your trip.
