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GCC perfume market worth $3 billion.

Growth in demand for premium fragrances in the UAE continues unabated, with sales of high-end, signature products growing at a CAGR of 5.4 per cent. This is faster than the sales of mass-produced fragrances, making the region a prime target market for luxury perfume labels from across the world.

Recent research from Euromonitor International, official knowledge partner for Beautyworld Middle East, estimated that the market for premium fragrances will be worth Dh663.5 million by 2014 while sales of mass fragrances are expected to be worth Dh247.9 million in the same period. This is a key indicator that the UAE market has a marked preference for high end perfumes and other luxury goods.

The GCC market for fragrances is estimated at Dh11 billion ($2.99 billion) per annum accounting for approximately 20 per cent of the world market, according to a recent international study.

"The fragrance market in the UAE and the wider region remains an exciting one with tremendous potential for growth," said Ahmed Pauwels, Chief Executive Officer of Epoc Messe Frankfurt, who organize Beautyworld Middle East, the foremost trade event in the region for beauty products, fragrances, haircare and wellness.

"The average spend on premium perfume is relatively higher than in other parts of the world as fragrances and perfumes are an important part of the local lifestyle and there is a higher disposable income." "Beautyworld Middle East, with its region- wide footprint, gives leading perfume houses and fragrance products a first-hand look at this burgeoning market. Retailers and wholesalers from the region also use the event to scout for new deals, sign up new suppliers and place purchase orders," Pauwelsadded.

While the local population is big consumers of premium perfumes, another big factor driving the luxury perfume market in the region is the thriving tourism industry. Tourists account for a significant segment of the perfume market, with duty free sales at the region's airports, mall retail outlets and other shopping locations further driving spending in this segment.

Beautyworld Middle East 2011 will be held at the Dubai International Convention and Exhibition Centre from May 24th to 26th. In 2010, the event featured 700 international exhibitors and attracted over 16,000 international trade visitors.

Saudi Economic Survey. All rights reserved.

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Publication:Saudi Economic Survey
Geographic Code:70MID
Date:Mar 23, 2011
Words:382
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