Luxury brands are no strangers to the Middle East, with the region’s largely – but not entirely – oil-based wealth long attracting high-end automakers, fashion houses, jewellers, and hoteliers. The sprawling Dubai Mall, one of the world’s largest shopping centers, already counts tenants like Hermès, Louis Vuitton, Balenciaga, and Gucci, among dozens of other international luxury brands, while Riyadh’s Kingdom Centre Mall boasts the likes of Burberry, Chopard, and Valentino as well as a five-star Four Seasons hotel.
Yet the Middle East has remained largely overshadowed by the world’s largest luxury markets, such as China – which carved out a crucial position in luxury retail over the past 15 years and will account for 25 percent of global luxury market share by 2025. Today, luxury brands must decide whether and how to transplant – or adapt – China strategies honed over the past 15 years to the Middle East. They must also track how ties between MENA and China develop and evolve.
Jing Daily’s latest flash report, “Is the Middle East the ‘Next China’ For Luxury Brands?” explores the potential growth opportunities for luxury brands in the Middle East and North Africa (MENA) region, which could become the newest supercharged growth market for luxury brands in the post-COVID era.
Table of Contents:
- Executive Summary
- Luxury and the Middle East: A Warming Relationship
- Dubai’s China Charm Offensive
- Eye on Saudi Arabia
- Attracting China’s Globe-Trotting Big Spenders
- Looking Ahead
Length: 42 pages