Doha 20th November 2013: Qatar is the fastest growing luxury markets in the world, according to a new report on ‘Global Luxury Hotspots’ by Ledbury Research.
Qatar has topped the list of the world’s top 20 “fast-growing, frontier markets” for the luxury industry. UAE ranked second and Saudi Arabia ranked third in the list indicating that Middle East has the potential to become the world’s fastest-growing luxury market.
The ranking was based on the amount of business air traffic into the country, the number of luxury store openings and the gross domestic product per capita.
Luxury awareness is high in Qatar with Italian fashion brand Valentino, British landmark Harrods and Printemps in London and Paris under the country’s control as well as a home-grown luxury brand, Qela.
“Qataris are actually the biggest buyers of goods in the Middle East. But they often shop in Dubai. The Mall of Qatar is currently being built however, and with infrastructure to be improved in the run-up to the 2022 World Cup, the luxury industry has significantly more potential to grow in the country,” said Nicola Ko, senior luxury analyst at Ledbury Research.
Africa is another luxury hotspot to watch. Nigeria has ranked 6th in the Global Luxury Hotspots list. Luxury opportunities are expanding beyond the Northern African countries like Morocco and Egypt, to those in the South.