Business

Dubai Mall takes the lion's share of luxury goods sales

Dubai Mall accounts for about half of all luxury goods purchases in the emirate, according to a study by Bain & Company.

Gillian Duncan
Gillian Duncan

July 10, 2013

The Dubai Mall accounts for about half of all luxury goods purchases in the emirate, according to a study by Bain & Company.

In total, Dubai represents about 30 per cent of the regional market and 60 per cent of the UAE's luxury goods sector, the report said.

Worldwide revenues from luxury goods sales are expected to grow up to 50 per cent faster than global GDP, with an increase of 4 to 5 per cent this year and 5 to 6 per cent annual average through 2015.

The Middle East is growing at a steady pace, with Dubai remaining the "centre of gravity" of the region and the only city that attracts foreign luxury consumers from countries such as Russia and India.

"The Middle East is now the 10th largest luxury goods market with sales exceeding €6 billion [Dh28.34bn]," said Cyrille Fabre, a partner with Bain & Company, who leads the retail and consumer products practice for the Middle East.

"Local consumption, intra-region tourism and the strong historic relevance of hard luxury and perfumes [and] cosmetics are key market drivers. Dubai is the heart of the regional market."

Globally the luxury goods sector is being fuelled by a change in tourist consumption habits as they seek out new destinations such as Dubai and become more savvy about what they buy, said the report.

Every year, more "high earnings but not rich yet consumers", who are also known as Henrys, become potential customers.

And a rise in the middle class in emerging countries has created a new generation for luxury brands to target.

Globally, absolute luxury items - high-end products with no logo - lead the way, while watch consumption has declined as retailers destock and Chinese consumers buy fewer timepieces. Leather goods and other accessories continue to be strong and spending on apparel has enjoyed some recovery.

Around the world, Japan will return to growth at 5 per cent and Europe remains a challenge for luxury retailers, with flat to 2 per cent growth.

The Americas will experience overall growth of 5 to 7 per cent, while China is expected to stabilise at 7 per cent.

South East Asiais expected to outpace them all to record 20 per cent growth.

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Your Guide to the Home
  • Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
  • Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
  • Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
     
While you're here
South Africa squad

: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.

Killing of Qassem Suleimani
Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Roger Federer's record at Wimbledon

Roger Federer's record at Wimbledon

1999 - 1st round

2000 - 1st round

2001 - Quarter-finalist

2002 - 1st round

2003 - Winner

2004 - Winner

2005 - Winner

2006 - Winner

2007 - Winner

2008 - Finalist

2009 - Winner

2010 - Quarter-finalist

2011 - Quarter-finalist

2012 - Winner

2013 - 2nd round

2014 - Finalist

2015 - Finalist

2016 - Semi-finalist

City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1

Killing of Qassem Suleimani