UAE’s economic growth over the past few years has given rise to a new wealthy elite looking for ways to spend their money.By 2010, the Middle East luxury market potential is expected to hit the $100 billion mark as UAE ranks amongst the top five countries worldwide for consumer purchasing power of luxury clothes and accessories.
According to an Industry report by Swedish industry analyst group Generation DataBank, the regional market will see an average growth of 12.2 per cent per annum over next five years in the Duty Free and Travel Retail Sales, compared to the global average of 7.6 per cent.
These figures underline country’s growing prominence as a primary trading hub for the regional luxury industry, which also expected to get a boost with the introduction of the Millionare Fair, region’s leading luxury fair.
Major Luxury industry players will now be looking to use the first edition of this show, scheduled to be held from 15th December to 17, 2007, to take advantage of the opportunities Dubai presents for the luxury industry.
The trend-setting lifestyle event was launched in 2002 in Amsterdam by Gijrath Media Group. With brands such as Bentley, Bvlgari and Breitling, Rolex, Remy Martin and Rolls Royce under one roof, the event brought in a new era in luxury and lifestyle.
The fair offers not just the latest in world’s luxury brands but its unique spirit is based on a great variety of displays, entertainment and hospitality.
“Dubai with its booming economy seems a perfect host for this trendsetting concept that aims to provide an excellent platform for exclusive luxury brands to display their products and brand philosophy before their regional target audiences and business prospects.
The per capita luxury goods consumption in the Middle East outweighs global standards; and rightfully so as the region houses possibly more luxury connoisseurs than anywhere else” said Aldrin Fernandes, CEO Concept Group, the organisers of the Millionaire Fair.
“Concept Group has been associated with some of the most pioneering initiatives in the fashion and retail segment. As publishers of Millionaire magazine in the region, we are uniquely positioned to bring this event into this market.
With more than a year of deep understanding and research of the market, via the magazine, the fair becomes a natural extension of the brand,” he added.
Dubai, a veritable luxury capital shall host the Millionaire Fair this year after successful editions at Amsterdam, Moscow, Shanghai and Belgium.
The event is known to offer invaluable reciprocal opportunities to its exhibitors and event visitors alike by ensuring the quality of the offering of individual exhibitors and the people attending the annual events across.
Those in the luxury product market find this an ideal event for launching new products, meeting prospective clients and cultivating relationships.
The gala opening is a get-together of the who’s who in business, fashion and entertainment - a glamorous parade of evening dresses and black ties.
During the event’s inaugural edition, some of the finest luxury brands will display the finest collections of antiques, jewellery, real estate, luxury yachts and other high-end products before a most exclusive audience.
Besides the ‘world’s finest’ on display, the event will offer ongoing entertainment for its visitors and exhibitors.
