Turmoil in many Arab countries drive luxury consumers to Dubai and Istanbul
In a recent survey conducted by CPP among three major luxury retailers in Istanbul, Turkey and two major luxury retailers in Dubai, UAE, the number of Saudi, Egyptian and Bahraini wealthy consumers has grown by 20% in the past month. They take leisure shopping trips, most to get away from the unrest and constant flow of negative news. It is not yet evident to which extent these additional shoppers will have a major impact on sales in the two major luxury shopping hubs.
CPP will release by the end of this month, an analysis material ”The Luxury Refugees” documented in Paris and London, among the growing number of wealthy nationals from the Middle East ”settling” indefinitely.