Luxury in the spotlight at ATM
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Recent statistics by Boston Consulting Group (BCG) put luxury goods and services spending by the world’s super rich at US$1.8 trillion in 2013, with US$1 tr spent on services and US$460 bn allocated to one-of-a-kind travel adventures.
With this niche segment gaining an edge, premium travel and hospitality will be in the focus at Arabian Travel Market (ATM) 2014. The new focus ‘Spotlight on Luxury’ will bring together luxury brand exhibitors, targeted luxury buyers and visitors for both inbound and outbound travellers.
The region is known for its penchant for a luxury lifestyle. According to a 2012 Credit Suisse report, the number of millionaires in the UAE is set to grow by 12% by 2017, reaching 48,000 individuals. GCC nationals also spend 260% more on airfares against other nationalities, with between 40-60% booking business class travel, and also spending 430% more on accommodation and 558% more on dining.
“If you look at the region there can be few places that have such a concentration of luxury five-star hotels, from super yachts and multimillion-dollar homes to dining opportunities. The luxury theme clearly resonates well and so we have a dedicated platform for discussion and brand showcasing this year,” said Mark Walsh, portfolio director, Reed Travel Exhibitions.
Luxury retail in the UAE is valued at around US$6 bn per annum, according to a Q4 2013 report from The Chalhoub Group. Further, 82% of the leading luxury brands have a presence in Dubai.
“We will also be holding several luxury-themed seminars, which will examine key opportunities in global luxury travel arena,” said Walsh.
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