Gulf inhabitants spend 2,400 USD per month on luxury goods

Retail leader Chalhoub; 3 bln EUR on Italian products in 2013

19 June, 18:33

    Gulf inhabitants spend 2,400 USD per month on luxury goods Gulf inhabitants spend 2,400 USD per month on luxury goods

    (ANSAmed) - MILAN - In the Gulf region an average of 2,400 per month is spent by inhabitants on luxury goods. The second 'white paper' issued by the leading luxury retailer in the Middle East, the Chalhoub Group, notes that the some 42% of inhabitants purchase new attire twice a month and that the area's search for personal satisfaction leads to high spending on luxury products. On Italian high-end products, ''Gulf consumers spent about three billion euros, mostly in the region but also in Italy and Europe'', said Altagamma deputy chief Armando Branchini on the sidelines of a press conference in which it was underscored that the area ''is expected to continue growing over the next few years''. According to the report, the Gulf region is a strategic market for large Italian luxury brand names as well as all those operating in the sector. The IMF expects the region's GDP next year to rise by 4.4%, while it already has a per capita GDP among the highest in the world. The wealthiest inhabitants of the region not only spent a high amount every month on luxury goods (2,400 dollars), some 42% of them also frequently indulge on clothes once or twice a month, while 41% focus on footwear and 37% on bags (two to three times per month).(ANSAmed).

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