While global macroeconomic headwinds are cooling demand for luxury in many markets, the Middle East is moving in the opposite direction – accelerating, evolving and redefining what luxury means on its own terms.
Cities like Dubai and Riyadh are fast becoming style capitals, powered by a young, affluent population, ambitious national development programs like Saudi Vision 2030, and a surge in both local spending and inbound tourism. Add to that the region’s growing investments in infrastructure, culture and creative industries, and the result is a potent mix of momentum and transformation. Industry forecasts reflect this excitement too, with the region’s luxury sector expected to
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