Dubai: A new retail event that will offer shoppers in Dubai discounts on luxury products was announced on Wednesday by the Dubai Festivals and Retail Establishment (DFRE).

The Big Spring Clearance, which will run from March 31 to April 2 at the Dubai World Trade Centre (DWTC), will feature a wide range of products from 40 fashion, lifestyle and beauty brands, with discounts of up to 80 per cent, according to a statement from DFRE on Wednesday. The sale will include apparel, footwear, cosmetics and accessories.

The brands that will be featured at the event include adidas, BCBGMAXAZRIA, Ted Baker, Zara Home, Boggi, Salsa, TOMS, Tommy Hilfiger and Aldo, among others.

“Retail promotions in Dubai like The Big Spring Clearance provide participating retailers an excellent platform for brand awareness, and also offer them the opportunity to clear stocks before the arrival of a new season, while enhancing DFRE has not released the full list of retailers who will be represented at the event.

Analysts expect the event to be popular among consumers, given their appetite for luxury brands and their concern over the slowdown in the UAE’s economic growth, which has forced many to cut down spend on big ticket items. “We believe this event responds very well to the search for value that is at the top of the priority list for many consumers in Dubai who are facing more challenging economic times,” said Colin Beaton, managing director of Limelight Creative Services, a retail consultancy in Dubai.

“We suspect that the importance of name brands to Dubai consumers and the promise of big savings will result in a large turnout attendance at this event,” he added.

Diana Jarmalaite, research analyst at consultancy Euromonitor International, echoed Beaton’s views.

“We would expect healthy footfall and customers’ attention,” she said, adding that the event will “fill a seasonal gap before the hot summer months.”

Many retailers in the UAE are offering deep discounts on goods in order to maintain consumer loyalty and generate cash flow amid a challenging economic climate.

Concerns over the health of the global economy means consumers are buying less expensive items, according to Beaton.

“Discretionary items like luxury goods, a new car, exotic vacations will be where you will see the fall in sales … In many cases consumers, cautious and uncertain, save cash and build up their bank accounts in case things get worse,” he said.

The UAE retail market is expected to be valued at $53.7 billion in 2016, up 7 per cent over 2015, a lower rate compared to 8 per cent recorded in 2015, according to data from consultancy Euromonitor International.

The growth rate of the country’s luxury market was expected to have declined to 7.5 per cent in 2015 — with the market valued at Dh16.48 billion — from 9 per cent in 2014, according to data from Euromonitor International.

Entry to the event is free. It is open from 11am to 11pm.