The Dubai Chamber of Commerce (DCC) recently released an analysis showing that the retail market size in Dubai has reached $35.4 billion since 2015, demonstrating that there have been sustained yearly growth rates.
Thanks to data taken from Euromonitor International, these rates have varied from 3.5 percent to 7.5 percent since 2010. Experts expect that consumer spending will support the ongoing retail activity through 2016, growing by 7.7 percent this year. Growth is expected to stand at 8.1 percent through to 2020, when retail sales are approximated to exceed $52 billion.
“Growing economic prosperity, steady population growth and rising incomes have all helped to increase consumers’ overall expenditure in Dubai,” Hamad Buamim, president and CEO of Dubai Chamber, said. “In addition, the boom in tourist numbers have kept the wholesale and retail sector vibrant. Dubai Chamber has encouraged the development of business in Dubai and promoted Dubai as an international business and retail centre. The chamber’s research analyses have helped the business community in Dubai identify key market trends to chart their growth plans. The latest analysis on Dubai’s retail market offers vital insights on the prospects available for Dubai’s retail sector.”
These figures will be included in the World Retail Congress scheduled for next week.