High end jewellery & watches contribute 32% in luxury market sales
28 Nov '06
1 min read
Today, consumer is youthful, well-informed, more challenging. For a total luxury experience, he looks for more into a brand including world class shopping amenities and outstanding customer service. UAE provides it all.
Women and younger generation from the age of 20 and 40 are serious luxury product buyers in this region.
The luxury goods sector in this region will achieve a value of US $100 billion by 2010 of which $8 billion will come from high end watches and jewellery. Globally 32 percent of the luxury market sales come from high end jewellery and watches.
Dubai's consumption of gold jewelry, in 2005 improved by 10percent from 95.8 tonnes in 2004 to 106 tonnes, despite the 8percent increase in the average price. Dubai's import in 2005 was 522 tons and it is already 361 tonnes in the first 9 months of 2006.
In the regional luxury goods sector, the contribution of high end jewellery to is expected to be, around $4 billion by 2010 as much as watch segment.
marketing@alchempro.com
