A world without boundaries and where buildings float on the water, we are talking about the UAE. UAE is commonly famous as the home for rich people, sky-touching buildings and a region to fulfill your desires. The daily life needs of the UAE people are so high that it converts the UAE into a luxury market. Someone well said about UAE
“It’s a place where luxury lifestyle is not a want, it’s a need.”
Luxury marketing in the UAE allowed these wealthy people to fulfill their daily needs. From delicious dishes to lavish boutiques, everything is here for everyone.
Do you ever wonder why these luxury businesses are growing in the UAE? Well, I am going to reveal its answer. Let’s go.
A buyer is the most effective factor for the success of any business. In the UAE, there are wealthy buyers everywhere. With their high purchasing power, they let luxury businesses grow faster.
Their financial freedom allows them to purchase what they want. The life of these individuals revolve around the luxury purchases that help businesses flourish within days.
Rather than local rich individuals, millions of tourists visit the UAE every year.
A study reveals that more than 15M tourists visit the UAE, annually.
These tourists are also rich entities of society who are sure that the UAE is the only place that will soothe their souls.
These entities are the reason for many luxury businesses in the UAE market. Restaurants, travelling hotels, and function-arranging arenas are some businesses that are growing due to tourism.
The economy of a country directly affects the daily life of its residents. UAE has a high grip on the economy and everything is well managed. Rather than oil and gas, finance, tourism and real estate are also other 3 pillars of their economy. This strong economy is also a pusher of this lavish market in the UAE.
Having a better infrastructure allows businesses to invest more to furnish their stores and other business places. It is because this will enhance their visibility to buyers and through a business principle
“what’s visible sells,”
it will increase its sales.
A better infrastructure guarantees to manage crowds. Here in UAE, it allows to manage stores because the market is as big as the urbanization of the UAE.
Due to tourism, the buyers of this market are multi-cultural. Trying innovations is something that encourages business holders to enhance their reach.
The digital world affects cultures a lot and makes all of them uni-cultural beings but still traditional cultures have their own unique respect in the hearts of people.
Knowing about factors that can drive this luxurious market in the future will help you to grow with market trends.
It’s true that the UAE’s main buyers are wealthy people but what about workers, employees or job holders? UAE is also an opportunistic place for workers from different countries. Making an effort to increase their disposable income will let them be luxury market buyer.
Note: Disposable income means the income that remains after paying all of your taxes.
Due to social media, we all are now connected. We learn new activities from each other. Respecting other activities, we mostly learn living skills and fashion is at the top among these skills.
Influencers work to provide air to flame and showing luxurious products encourages normal people to buy them. Influencers are now very powerful advertisement resources because they will represent your product before their followers.
From Jan to Dec 2023, almost 18M visitors visited UAE but in just Jan 2024, about 2M visitors approached UAE.
This is a 21% increment as compared to Jan 2023. This massive growth in tourism also supports this luxurious market in the UAE.
The UAE market is stable but with time, it can face changes that can sink the whole market economy. Know these changes to prevent your business from getting lost in facing them.
A breakdown in the economy has the power to shut down the market and we all experienced it during the Covid years. There are no reasons for it but any disability of economy can leave this luxury market to its early days from today’s glorious and furnished days.
Using electric vehicles is also a threat to the main leaders of the UAE because they earn revenue of billions through oil and gas.
Evolving is a very effective strategy for any business. I remembered the words of Nokia’s president at its farewell speech. He said,
“We did not do anything wrong but still, we lost.”
This is the same with this market. Due to tourism, people come to know new trends and get manipulated by them. So, not evolving and traditionally performing can have a negative effect on this market that can lead businesses to lower their sales.
Regional factors like tribal fights can cause severe damage to the market. It is because these people have strong backgrounds that can urge them to expand their fights through more battles.
In such cases, these people prefer to fight rather than make peace.
Competing against well-established luxury marketing brands in the UAE is so difficult but not impossible. By following the below guidelines, you can get a blueprint to grow your business in the UAE market.
This is all about branding. You have to get a unique recognition in the market that will urge consumers to be your loyal buyers.
This quote saying all about branding
“The best brands are built on great stories.”
You have to give a reason to the market to talk about you. It can be unique banners or other local advertising options.
Now, stabilizing your business digitally is worth more than having it physically. You can use digital resources to build your business’s unique presence on the internet.
Through social media, you can attract local buyers by representing your business ads on their screens. It’s a fast way to earn customers rather than other business marketing campaigns.
Do you ever wonder, why people with luxurious lifestyles will buy luxurious products sustainly? I have the answer. More than a product, they look to create unforgettable moments.
So, focusing on providing them with an environment that allows them to spend some time freely at your business shop can force them to make more purchases. This will make them your loyal customers and also your free business promoters.
This goes out of the concept but it will help you from your very first business day. Where everywhere the same service is available, you have to protect your buyers.
Make them loyal through deep relationships with you. It’s a massive business truth that is also a success key for many businesses.
Note: To win in such a crowded market, you have to analyze the market and cover the mistakes that other businesses are making. The best way to do it is to go to buyer reviews.
As pillars make a house sustainable, these are some top businesses that are stabilizing the whole UAE market.
Fashion
Both visitors and professionals pay attention to their attire. Your fashion sense reveals a lot about you. As we know,
“The first impression is everything.”
A world where everyone is luxurious and professional, how some individuals can stay normal.
Due to all this, the fashion industry of the UAE luxury market is the top industry. Rather than, clothes, handbags, and footwear, accessories also have massive customers for it but they also come under the fashion industry.
The relationship of women seems as ancient as are women. Their love and excitement about jewelry are unseen. Jewelry market is the 2nd most trending market in Dubai. Luxurious designs and high price tags with branding urge these wealthy women to purchase their most loving objects.
It’s time to turn to drifts and rallies. The automobile industry has also been on the rise since its first day. Buying cars regularly is also a passion of these rich individuals and it is a normal act for them.
The showrooms timely renew their car collection attracting their buyers to make a new purchase. Having a supercar is also a symbol of glory among them that forces them to make their car collection as advanced as they can.
Real estate in UAE is not like making a home and leaving it for sale. It’s all about creating art. They choose luxurious places and create stunning buildings like villas and bungalows. It is normal for them to make a purchase of such buildings which makes real estate also a pillar of luxury marketing in the UAE.
Tourism is also an important pillar of the UAE economy, but everyone is trying to deny it. It is because their banks are full of money and they have all the essentials like Gold etc.
Going over it, tourism forces the UAE to furnish their markets with beautiful restaurants, luxury hotels and resorts. Despite every claim, there is no doubt tourism has a huge hold on the UAE market.
