Travel revives spending on luxury and high-end products in Dubai

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Ahmed Al Khaja, CEO of Dubai Festivals and Retail Corporation, said the resumption of travel to the UAE and around the world contributed to an increase in spending on the luxury sector and high-end products in Dubai, stressing that the emirate was ranks as the most popular destination in the world for 2022 according to the Choice Awards. Travelers 2022 from «Tripadvisor».

In an interview with the Emirates News Agency, WAM, Al Khaja stressed that among the most important factors that clearly influenced the recovery of this sector was the organization of “Expo 2020 Dubai” and the busy annual calendar of events in Dubai. in addition to the state organizing the most successful vaccination campaigns against the “Covid” virus 19 »worldwide, which was a major reason for the rapid recovery of the UAE from the effects of the pandemic.

And thus strengthening Dubai’s position as a favorite destination for travelers from all over the world, noting that the influx of visitors has spurred the recovery of the country’s tourism sector as well as the luxury sector, especially the acquisitions of international level brands high.

He added that the travel sector is distinguished for its apparent importance, as it is one of the largest and most important non-oil dynamic sectors in the world. Being one of the main pillars of global economies, it was one of the most affected Sectors and the fastest to return to pre-pandemic levels .. Two years after the onset of the pandemic. We find that the travel sector is currently experiencing a strong return to key markets worldwide, but its activities have returned to pre-pandemic levels, and in some cases exceeded them, significantly affecting the tourism sector, which from his side witnessed a marked recovery and increase.

He noted the close link between the travel sector and high-end brand purchases, as the prosperity relationship between them is straightforward, explaining that although the high-end product market was affected during the pandemic, as was the case with The travel sector, as a result of the significant decline in demand in the face of a change in consumer purchasing behavior, the luxury sector today is showing strong indicators towards recovery and recovery.

Al Khaja said: “We find, for example, that the luxury jewelry house Cartier announced last January a 30% increase in its global sales over the last three months of 2021 compared to the last quarter of 2020, while fashion Italian House “Prada” realized 8% higher profits this year compared to sales in 2019 before the pandemic ..

While “Louis Vuitton”, “Dior” and “BMW” revealed in mid-January its sales that exceeded those recorded in 2020, and even exceeded the sales volume before the pandemic.

While the figures showed that classic brands in the field of luxury watches, jewelry and classic and exclusive bags, such as “Hermes Birkin” bags, did not lose the strong pace of sales throughout the pandemic period, which means that the market of level products high. was able to flexibly cope with the consequences of the pandemic.

global destination

He noted the latest report released by McKinsey & Company – a global management consultancy – which showed that the gradual recovery in the international travel sector will lead to more prosperity in destination-level shopping destinations and activities. top worldwide, emphasizing that Dubai is one of the first luxury and fashion destinations in the world. .

Today, its name has become synonymous with high-end brands and the fast-growing luxury sector, especially with the growing number of major brands having their main stores spread across the Emirates.

He stated that Dubai has become a destination for many prominent events such as “Louis Vuitton, SEE LV Exhibition” and the launch of the “Jimmy Choo x Mugler” collaboration, in addition to other active events in the luxury and shopping sector, including “Java Dubai International Fashion Week “and” Dubai International Fashion Week “. The Shopping Festival in Dubai, which is the largest and longest continuous shopping festival in the world, lasts one month and takes place between December and January of each year.

Ahmed Al Khaja, Executive Director of Dubai Festivals and Retail Establishment, said: “There is no doubt that the pandemic and its aftermath over the past two years have radically changed the foundations of our lives and the ways, methods and trends of shopping for the best. -finished and luxury products worldwide.

But the luxury travel and shopping sectors did not disappear as thought, but proved their importance in our lives more than ever before. Therefore, after an era of extraordinary transformations, it is not surprising that the luxury sector emerged from this crisis, stronger in meeting its goals and more dynamic than ever before. .

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