Data revealed the Middle East luxury market continued growing in 2024 despite global slowdown, fueled by tourism rebound and robust consumer spending. According to Chalhoub Group, luxury sales in Gulf countries rose 6% YoY to $12.8 billion, outperforming the global market’s 2% decline. Demand was strong for high-end fashion, jewelry, and beauty products. However, much growth was tourism-driven. Bain & Company estimates tourists account for 50% to 60% of regional luxury sales.