Middle East leads luxury shopping worldwide in 2013

The number of luxury consumers worldwide has more than tripled over the past 20 years, from approximately 90 million in 1995 to 330 million at the end of 2013. The statistics come from advisor firm Bain & Company, which are part of a 10,000 luxury-consumer study conducted in collaboration with brokerage firm Redburn Partners and research agency Millward Brown.

According to the report Lens on the Worldwide Luxury Consumer, released recently in Milan, Italy, ten million additional consumers enter the luxury market yearly. The number of luxury consumers is expected to reach an estimated 400 million worldwide by 2020 and 500 million by 2030. In its analysis of approximately 10,000 luxury consumers, the report finds significant differences within the global luxury market and its consumer base, which is shifting from a historically homogenous base of affluent consumers worldwide to a broader and highly heterogeneous class of luxury shoppers.

“Middle Eastern consumers have the highest per capita spending on luxury goods, at approximately €1,400 per year. The vibrancy of this market, however, has given light to a more cautious spending consumer, who shows preference for well-known brands and logos. Their key luxury categories include leather goods, watches, cars and overseas holidays – with Dubai remaining the biggest market in the region with approximately 30 per cent of the total market share,” says Cyrille Fabre, Bain & Company partner who leads the retail and consumer products practice for the Middle East region.

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Middle East leads luxury shopping worldwide in 2013