Chalhoub Group: the Gulf luxury market enters “new normal” era
After 25 years of growth – with an annual average growth rate of 5.6% among the six countries of the Gulf Cooperation Council (GCC) – the market is now going through a transition period, with changes affecting both the retail scenario and the ‘consumer purchasing attitude. The trend is towards a “new normal.”
According to the White Paper, an annual event of the Dubai-based retail group, the concept of “new normal” for luxury in the region should go beyond the geo-political and economic difficulties such as the decline in oil prices and interest rate fluctuations exchange, phenomena that will not likely improve.
“Our region – said Patrick Chalhoub, co-CEO of the Chalhoub Group – has experienced an era of abundance for more than two decades, with the creation of amazing infrastructure and the development of education of its population, young and vibrant. It is now entering a new phase of maturity, knowledge, seriousness and a more rigorous governance. “
“Despite the challenges we face – he added – the area is set to grow and thrive at a steady rate. To grant us success, we will know how to be a source of inspiration, convey the sense of what we do, without ever losing our relevance and our competitiveness, adapting to the changes and to this new normal. “
“Since we are a partner of choice for the luxury sector in the Middle East – added Anthony Chalhoub, co-CEO of the Chalhoub Group – it is our responsibility to look beyond the economic and geopolitical contingencies, to better understand the underlying forces that are reshaping the world of luxury. “
“We have been operating for over 60 years and we have faced so many changes, threats and opportunities – continued -. Our role and our duty, is groped to anticipate the times and take the right steps to accompany the partners on the road to success. “