For retailers in the UAE thrive on the back of the growing service sector (including tourism, banking and trading sectors) in the country. The sector contributed around 37% of its GDP in 2008. Young people are aged from 20-40 years, who enjoy higher income levels and too exposed to Western culture, is the largest customer segment of the country's retail sector. This is reflected in increasing per capita retail spending in the country and driving the market to grow at a CAGR of nearly 12.5% by 2013, according to a new market research report "booming retail sector in the UAE" by RNCOS.
In our research, we have acknowledged the prevailing trends shaping the industry's success. It has been demonstrated that the tourism industry has been steadily fueling the growth of its retail sales since the last few years. In 2008, the number of foreign tourists in the country of 9 million, and further expected to reach 18 million by 2016, which certainly will help retailers to maintain its sky rocketing growth in future time.
We also infer that retail trade in the UAE, has been almost unaffected by the global economic slowdown in the middle of its burgeoning construction industry. The country has witnessed the opening of new giant shopping malls and shopping centers routinely in the last few years, and the same trend likely to continue in the coming years. As a result, the UAE offers tremendous growth opportunities for new players.
Our report "booming retail sector in the UAE" is a profound analysis of the UAE's retail industry, focusing on all prospective parts of the industry. The report highlights past and current achievements of the country's retail sector. It also facilitates structured snapshot of the UAE's future consumer behavior, which is an essential component of business strategy formulation. The overview on opportunities and future forecast accelerate understanding of the industry's future course of direction and will help customers to make informed investment decision.
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