According to studies conducted by the Chalhoub Group, the luxury products market in the Gulf countries is projected to experience record growth rates surpassing global growth rates in 2023. This growth highlights the significant demand for high-end fashion, watches, jewelry, and luxury beauty products in the region. The personal luxury products market in the Gulf countries is expected to reach $12.5 billion by the end of 2023, emphasizing the region’s position as a major player in the global luxury market.
Yasmina Panda, Chief Strategy Officer and Senior Vice President of Fashion Joint Ventures at Chalhoub Group, attributes the continued growth of the luxury market in the region to solid macroeconomic fundamentals, a thriving tourism sector, evolving consumer preferences, and optimistic residents. The retail sector is also expanding rapidly, with new luxury brand openings and an increase in pop-up stores and events across the region. The UAE, in particular, has emerged as a leading market for various luxury fashion segments due to its thriving tourism sector and flexible local spending rates.
In addition to the luxury market growth in the Gulf countries, online casinos have also seen a digital evolution, property developers play an integral role in modern urbanization, and the gambling industry has transformed with the rise of online casinos. These industries are all experiencing changes and challenges in the digital age, reflecting the evolving consumer preferences and technological advancements impacting various sectors.