After showing strong signs of recovery in 2021, in 2022 luxury goods in the United Arab Emirates is set to witness almost full recovery from the deep decline in demand seen in 2020 as a result of the COVID-19 pandemic. The quick bounce-back has been driven by government initiatives, such as attracting UHNWI (ultra high net worth individuals) and HNWI (high net worth individuals) through a wider variety of visa options, such as Golden Visa, Investor Visa, 5-year Multiple Entry Tourist Visa and Business Visa.
In the United Arab Emirates, both residents and tourists, UHNWI, HNWI and high middle class consumers continue to invest in luxury goods for themselves or to keep as long-term investment pieces. Well-maintained luxury items such as hard luxury jewellery and timepieces, and luxury handbags, are well-known to either be passed on from one generation to the next as statement pieces, or resold as investment pieces, as they stand the test of time.
Consumers continue to be highly conscious shoppers, evaluating value in terms of quality and price. While this does not always translate into buying at a low price, what it means is that consumers do not mind buying at high prices given the right quality, which works in favour of luxury goods.
Retail development within luxury goods is such that it equally targets locals, expatriate residents and tourists. For example, in 2021 luxury e-commerce player Farfetch launched a Ramadan capsule collection, and Balenciaga had its first ever Arabic-only billboard in Jumeriah neighbourhood.
The luxury goods industry is known to stand the test of time; whether it be world wars or pandemics, it returns to normality eventually. That said, as the world and its challenges continue to evolve, luxury houses are constantly adapting to change, including incorporating digitalisation and appealing to younger generations, such as generation Z, and eventually generation alpha and beyond.
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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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