In the last few years, the luxurious industry has undergone numerous changes except in Gulf region. The rapid digital transformation and consistent evolving of the tastes and preferences of the consumers yields in new competitive landscape i.e., online, which is challenged by varied economic trends as well.

Luxury goods industry will obviously face the growth in certain segments like experiences and cars. Moreover when there is apprehensive cautions of high-end luxury around the world the market will continue to expand.

As per Bain and Company, 5% growth can be experienced to the entire global luxury market last year which worth is equivalent to Dhs4.96 trillion. 80% of it comprises of personal luxury goods, luxury hospitality and luxury cars. With a glimpse on 2018, the market was actually engulfed by cars, fine dining, gourmet foods and luxury cruises.

Growth is also encountered by personal luxury good brands especially that of the jewelry and shoes. Some contributions are also made by beauty and handbag brands as well with no upsurge of apparel and watches. Although Dubai is the ultimate destination for luxurious shopping, Europe and USA offers tough competition to it. Easy availability of luxury goods via e-commerce results on 48% rise in the retail shopping last year.

Apart from luxury shopping, luxury experiences also upsurge the shopping rate up to 6% globally. It includes hospitality, cuisine and tourism. This luxury accommodation leads to the set up of luxury eco-friendly home stays, hotels and much more. This rapid expansion will lead to the luxury users of about 55% within 2020. Mainly the young generations will get swept by this influence which will surely affect the local and budding brands in the market in future.