GCC countries top global list for biggest retail potential, Knight Frank
Qatar, the UAE and Saudi Arabia were named as the top three countries in the new Luxury Opportunity Index, which forms part of Knight Frank‘s latest Wealth Report.
The study said spending of ultra high net worth individuals (UHNWIs) is predicted to increase in 2014, with over a third of the wealth advisors surveyed saying that they expect their clients’ spending on luxury goods to rise this year.
The report follows an EC Harris study in December which also highlighted the rise of retail markets in Qatar, UAE and Saudi Arabia. Its Retail International Programme Expansion Index, which ranks 48 major international retail markets, placed the three Gulf states among the top 13 positions in the list.
Respondents in Africa were the most bullish about their clients spending activity with almost half anticipating higher levels of luxury purchasing activity. Europeans were the most cautious – 31 percent expect an upturn in spending.
The new Luxury Opportunity Index, compiled by luxury analyst Ledbury Research, showed that the Middle East and Africa dominated the locations for growth potential.