Altagamma and Chalhoub Group expect 7,8% growth of Middle East luxury market this year

Italian association of luxury brands Altagamma together with UAE based luxury retailer Chalhoub Group has recently conduced a research on the evolution of the luxury markets in the MIddle East, specifically U.A.E., Kuwait and Saudi Arabia. The research indicates the value of the Middle Eastern luxury market is estimated at 4,1 billion euros and that a 7,8% growth is expected this year and 10 to 12% next year. The study also highlights one of the key attributes of growth for luxury, the fact that half of the consumer target in the Middle East is young, aged 15 to 29.