As many have said in recent years, the UAE wants to develop tourism to diversify its revenue streams. This is why the country has been trying hard in recent years to attract wealthy clients and increase its market share in the luxury sector.
Dubai’s roads are filled with supercars, Rolls Royces and other expensive and rare exotic cars, and its stores are lined with high-end international boutiques. What’s even better is that you can rent a Ferrari in Dubai to experience that exclusivity. Luxury is plentiful in every corner of the city. For example, the Burj Khalifa, built in just six years, has become a symbol of luxury and grandeur, and people from all over the world want to visit the building and stay in the city to enjoy the luxurious atmosphere.
How Dubai aims to become one of the world’s luxury cities
The UAE’s luxury market generates an average of US$10-14 billion per year. The country aims to reach US$15.9 billion by 2024. Dubai alone generates more than half of this amount.
High-end clothing and accessories store
Dubai is home to luxury brands from around the world who set up shop in the region. The city accounts for 30% of the Middle East’s luxury market sales. To stand out among locals and tourists, brands have to surpass themselves.
One factor in the analysis is the size of the population: just over half of the Gulf countries’ population is under the age of 30. Millennials and Gen Z will make up more than 40% of luxury market consumers in 2025, up from 30% in 2016. As such, many brands are deciding to focus their marketing strategies on this goal.
For local residents, clothing and outward signs of wealth are powerful means of social affirmation. In the UAE, wearing luxury goods is a sign of recognition and social advancement, and supercars can even be rented in Dubai. However, this customer base has become more demanding and seeks unique luxury items. Therefore, after Dubai Fashion Week, boutiques are noticing a significant increase in demand as customers order what they saw on the shows. Customers are also seeking limited edition or exclusive products to feel unique while enjoying the social status that luxury brings.
Customers also buy around family and others. The act of buying is like belonging to a tribe. Family members and relatives may have their own branded watches and cars. You will often see locals drinking coffee with the same Rolex watch on their wrist, and you may encounter a UAE resident carrying the same luxury brand Louis Vuitton bag after shopping at the Mall of the Emirates. Considering that UAE residents spend around 30% of their monthly salary on luxury goods, brands must constantly cultivate loyalty.
This market caters to locals as well as tourists, especially Chinese. Moreover, the shops have sellers of Chinese origin who offer services in their language and culture.
Luxury cars and numerous yachts
Dubai is filled with a wide variety of car brands. Lovers of exotic and rare car models come here from all over the world to experience this luxury. Dubai car rentals not only have a large selection of luxury cars like Ferrari, Lamborghini, Porsche and more, but they are also available for rental.
It is also worth noting that Dubai has many beautiful scenic walkways that run alongside its skyscrapers, so renting an expensive and beautiful car here is a special treat.
If you want to take your lifestyle even further, you can rent a yacht in Dubai, which is just as famous for its luxury yacht cruises as the Cote d’Azur.
Conclusion
Dubai has firmly established itself as a global leader in the luxury rental market, offering an unparalleled blend of luxury and exclusivity. From exotic supercars driving its scenic roads to luxury yachts gliding across its pristine waters, the city attracts the world’s wealthiest individuals.
