Dubai: Luxury brands will be pushing their products at this year’s Arabian Travel Market as they look to cash in on the region’s wealthy travellers.
The Arabian Travel Market (ATM) stated on Wednesday that premium travel and hospitality will be the focus of a new theme, ‘Spotlight on Luxury’, at the international travel and tourism event. This year, the ATM will be held in Dubai from May 5 to May 8.
Luxury retail in the UAE is valued at around $6 billion a year, the ATM stated, quoting a report by The Chalhoub group.
Dubai has become a hub for the tourism industry with Emirates connecting destinations from across the world through its main airport, Dubai International.
Dubai has also developed into a retail tourism destination and boasts the world’s largest shopping centre, Dubai Mall. The ATM stated that 82 per cent of the world’s top luxury brands hold a presence in Dubai.
Citing a 2012 Credit Suisse report, the ATM stated that the number of millionaires in the UAE is set to reach 48,000 by 2017. Regionally, the nationals from the six Gulf Cooperation Council (GCC) countries spend 260 per cent more on airfares than any other nationality. Between 40 and 60 per cent travel in business class and spend 430 per cent more on accommodation and 558 per cent on dining.
