Luxury brands that offer high-end products and services have a lot to celebrate right now even in a recession. It seems that their target audiences are still spending and buying high-end brands. That’s right wealthy shoppers are not cutting back on making high-end brand purchases.
During the Global Luxury Summit on Tuesday Chief Executive Mohammed al-Fahim told Reuters the sales trend improved in the first quarter this year, with a fall of just 25 percent.
A key point is that in Dubai which is considered the luxury capital of the Middle East, Fahim stressed “Those people who have high disposable income are not cutting on buying high-end brands, but those in the middle class (segment) … are more careful.”
Smart luxury brands should target Dubai affluent consumers and focus on engagement and lifestyle. This will help with creating a demand for their luxury brand through name recognition by building credibility and sustainability in an open market.