Luxury Goods in the Middle East

Gen Z’s Rising Wealth and Digital Savvy Drive the Next Phase of Growth

Report by Sky Canaves  | Apr 19, 2023
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Table of Contents
Executive Summary
Luxury brands can find growth in key, untapped Middle East markets.
More luxury spending in the Middle East now takes place locally.
Luxury ecommerce is growing rapidly from a tiny base.
A more diverse market of both goods and consumers for luxury is emerging.
There’s a strong appetite for cutting-edge innovation.
How luxury brands can resonate with Middle East consumers.
Sources
Media Gallery
About This Report
As sales growth of luxury goods slows in established markets, brands will expand in emerging regions like the Middle East. There, rising wealth among a young population that’s bringing their spending home will boost demand.
Topics
Luxury Goods
Middle East & Africa
Table of Contents
Executive Summary
Luxury brands can find growth in key, untapped Middle East markets.
More luxury spending in the Middle East now takes place locally.
Luxury ecommerce is growing rapidly from a tiny base.
A more diverse market of both goods and consumers for luxury is emerging.
There’s a strong appetite for cutting-edge innovation.
How luxury brands can resonate with Middle East consumers.
Sources
Media Gallery

Executive Summary

As luxury sales growth slows elsewhere, high-end brands will turn to the untapped potential of emerging markets like the Middle East. The luxury sector can hasten the process by targeting the region’s more diverse and digitally connected global consumer base.

Key Question: What are the opportunities and challenges for personal luxury brands in key Middle East markets?

How Much Adults in Saudi Arabia vs. United Arab Emirates Spend on Fashion, General Population vs. High Earners, Jan 2023 (% of respondents)
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KEY STAT: More than half (55%) of high-earning Saudi consumers spent at least $12,000 on fashion over the previous 12 months, per a January 2023 Business of Fashion survey.

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Table of Contents

  1. Executive Summary
  2. Luxury brands can find growth in key, untapped Middle East markets.
  3. More luxury spending in the Middle East now takes place locally.
  1. Luxury ecommerce is growing rapidly from a tiny base.
  2. A more diverse market of both goods and consumers for luxury is emerging.
  3. There’s a strong appetite for cutting-edge innovation.
  1. How luxury brands can resonate with Middle East consumers.
  2. Sources
  3. Media Gallery

Charts in This Report

How Much Adults in Saudi Arabia vs. United Arab Emirates Spend on Fashion, General Population vs. High Earners, Jan 2023 (% of respondents)Growth Expectations in the Swiss Watch Industry According to Swiss Watch Industry Executives Worldwide, by Region, Sep 2022 (% of respondents)
Men's vs. Women's Personal Luxury Goods In-Stock SKUs in Saudi Arabia, United Arab Emirates, and the US, Jan 2023 (thousands)Retail Mcommerce Sales Share Worldwide, by Region, 2023 (% of total retail ecommerce sales)

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authors

Sky Canaves

Contributors

Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Paola Flores-Marquez
Researcher, Latin America & Spain
Amy Rotondo
Director, US Research