The UAE Luxury Goods Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The UAE Luxury goods market is growing significantly on the back drop of heavy reliance on oil and hydrocarbon revenues. Many countries see this as a key long term entry market. UAE remains the most important destination for luxury tourism making it unique in the region as a key market for luxury retail.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the UAE Luxury Goods Market: Rolex SA, Prada Group, Burberry Group PLC, Estee Lauder Inc., LVMH Group, Coty Inc., Chanel S.A.
Key Market Trends
– Increasing in the number of wealthy and super rich UAE population who are willing to spend millions on the lavish items.
– Booming travel and tourism sector driving the market extensively.
– Increase in the brand omni channel strategies
– Emergence of the e-commerce has provided an easy access to product-related information and prices online at any given point of time. This has further contributed towards the overall growth of the UAE luxury market.
– Global economic uncertainty puts pressure on the region effecting its demand and supply balance.
– Unstable oil prices pose a challenge to the country as it is an oil rich nation with the economy majorly driven by the oil industry and its pricing trends.
– Political unrest in the region also does impact the market in the country in a negative manner as there is regular tension among the public towards the governmental moves.
Cosmetics and fragrances is the top-performing sector in UAE luxury goods market
UAE consumers are highly conscious about their choice of luxury cosmetics and fragrances and the companies operating in the market are thus working to enhance their packaging with a wide variety of materials that are sustainable. Few of the examples include Hammamii – a UAE-made luxury spa brand, that contains camel milk and dried lemon in its lines, uses eco-friendly and recyclable packaging for its bags, bottles and jars. Likewise, the UAE-based Camel Soap Factory makes use of environmental – friendly packaging for its products, which are handmade from camel milk, olive oil and beeswax. As per various industry experts, Consumers in the UAE on an average, spent USD 247 per capita on cosmetics and personal care, more than any other country in the Middle East, and ninth in the world which is forecasted to grow to USD 294 in 2020. Green beauty and skincare products has made huge impact in the industry, especially as consumers become more aware of what goes into products.
Ecommerce sales picking up pace in the sector compared to offline sales
UAE online retail market is emerging fast and is drawing huge attention of investors across the globe. UAE poses the highest internet penetration rates in the world at present along with two other countries Bahrain and Qatar. In the recent times, consumers are mostly researching online before making a purchase, and with a larger number of young smartphone users joining the customer base, it is just a matter of time before pre-purchase online research gets converted into actual online transaction. Within the entire GCC region, UAE has the highest percentage of internet users who actually transact online (46%), followed by Kuwait (35%) and the KSA (25%). The GCC online retail channel for luxury goods has gained momentum with the emergence of quite a few online players that have registered stronger growth. Souq.com is one of the most prominent online retailers in the MENA region. Awok.com is another UAE-based online retailer which had witnessed a 500% Y-o-Y increase in its revenues in April 2015. While there was some low base effect (as this was only the second year of its operations), a revenue growth rate of 500% clearly shows that online retailing is catching up in the GCC region.
Influence Of The UAE Luxury Goods Market Report:
-Comprehensive assessment of all opportunities and risk in the UAE Luxury Goods market.
– UAE Luxury Goods market recent innovations and major events.
-A detailed study of business strategies for growth of the UAE Luxury Goods market-leading players.
-Conclusive study about the growth plot of UAE Luxury Goods market for forthcoming years.
-In-depth understanding of UAE Luxury Goods market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the UAE Luxury Goods market.
The report has 150 tables and figures browse the report description and TOC:
What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on regional scale.
Analytical Tools: The UAE Luxury Goods Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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