LVMH, Richemont Set to Benefit From Middle East’s Fast Growth
- Middle East to account for 8% of luxury goods sales by 2030
- Wealthy expatriate growth, strong tourist flows boost spending
Shoppers in the upscale Kingdom Mall in Riyadh, Saudi Arabia.
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The Middle East is expected to become one of the fastest growing markets for luxury in 2023, according to Barclays Plc analysts, with the owners of Louis Vuitton and Cartier best placed to benefit.
Analysts at the bank cited high oil prices that underpin buoyant economic conditions and demographic trends for their optimistic call on the region. Dubai’s continued focus on attracting tourists and foreign expatriates, as well as its diversification away from oil are also factors that will boost luxury spending.