Luxury in the Middle East the impact of culture on luxury brands in the middle east

Middle East is the 10th largest luxury goods market globally

It is clear that the luxury market in the Middle East has entered a new phase of development. An increasingly maturing retail sector, global and regional macro-economic factors, combined with dampened consumer confidence is translating into a market that is growing much slower than before.

Luxury shoe stores in Dubai

The personal luxury goods market has enjoyed eight to 10 percent annual growth over the last decade, but is expected to slow down to around four to five percent in the next few years. This obviously puts added pressure on the businesses operating in the market, but also presents them with an opportunity, so long as they are able to rise to the challenge and improve their understanding of local consumers needs and expectations moving forward.

Luxury café in Qatar
Luxury world exhibition in the Riyadh
AMERICAN EXPRESS WORLD LUXURY EXPO, RIYADH WAS HOSTED FOR THE 5TH TIME AT THE PALATIAL RITZ-CARLTON.

Credits:

Created with images by Franck_Michel - "So glam, so bling, so Cannes! #2" • Mariamichelle - "venice italy gritti palace ornate hotel" • jaguarmena - "Al Tayer Motors Unveils the Jaguar F-TYPE in Dubai"

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