Luxury brands like it haute in the UAE

Luxury brands like it haute in the UAE

The region is set to become a global luxury hub

Manish Malhotra is set to open his store in the Dubai mall this July-August. - Supplied photo

By Asmita Aggarwal Published: Fri 21 Apr 2023, 4:34 PM

It is a fact that globally the rich are only getting richer and this is substantiated by the report on the global luxury goods segment which scored a market value of $262.66 Billion in 2021. It is expected to grow at a CAGR of 5.63 per cent during the forecast period of 2023-2028 according to researchandmarkets.com. Capgemini’s World Wealth report 2022, states that the high-net-worth individuals population expanded by 7.8 per cent, and global wealth expanded by 8 per cent in the year 2021.

The beauty of the Middle-East market is its customer who is well-aware, world travelled and understands the concept of luxury and in some ways has redefined it. The size of the UAE’s luxury market reached $3.5 billion in 2021, according to data released by ResearchandMarkets.com.

The Middle East and Africa luxury goods market is projected to record a compound annual growth rate (CAGR) of 8.5 per cent during the next five years and this is the reason why several big brands are opening their