Boston, MA -- (ReleaseWire) -- 05/22/2014 -- The UAE retail sector is forecast to continue to grow over the next few years, with strong underlying economic growth, expatriate wealth and Dubai's growing importance as a fashion hub resulting in a strong rise in household spending across all retail subsectors. We are particularly positive about the growth prospects for clothing & footwear and food & non-alcoholic drinks; however, we expect by far the highest proportion of the household budget to be spent on housing & utilities throughout our forecast period. Food & non-alcoholic drinks and transport will also take substantial
The new UAE retail report provides an extensive and comprehensive forecast of various retail indicators including household spending and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, clothing & footwear, household goods and a number of other subsectors.
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The UAE's economy has grown at phenomenal speed over the past decade, and it has been almost impossible for the consumer goods industry to keep up with the development of tastes and preferences. Modern retail outlets are concentrated in the largest emirates of Abu Dhabi, Dubai and Sharjah, whose populations account for 34%, 32% and 19% of the total UAE population respectively, according to census data issued by the economy ministry. However, the federal government's plan to pursue a large-scale infrastructure spending programme in the north will bring about significant investment opportunities over the coming years, particularly in Ras al-Khaimah; while a number of retailers, including Majid Al Futtaim and E-City are expanding into Sharjah.
We see long-term potential in the UAE consumer market, particularly for branded and luxury goods that appeal to a sophisticated and wealthy population. We forecast average net income per capita to be a hefty US$41,106 in 2014, with 99% of households falling into the top wage bracket of US$50,000-plus. By 2018, 99.2% of households are expected to be in this top income bracket, which bodes well for continued high household spending on luxury and branded items. We expect a corresponding increase in household spending on personal, insurance & other; restaurants & hotels; and recreation & culture.
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