Dubai’s clothing, footwear and hats industry is picking up
The Dubai Chamber of Commerce and Industry released a report that since 2010, the Dubai clothing, footwear and hats industry market has grown at an average annual rate of 5.5%, with an estimated market value of US$12.8 billion. According to data released by the British market data and market analysis company Euromonitor, the market value of Dubai’s clothing industry is US$10.4 billion, with a compound annual growth rate of 5.8%.
However, the mature footwear and sportswear markets, which according to rough estimates are worth US$2.4 billion and US$1 billion respectively, are growing at a slower pace.
A report from the Dubai Chamber of Commerce and Industry shows that as Dubai is a regional shopping center for luxury goods and high-end products, mid-range brands are beginning to be favored by budget-conscious tourists.
According to the report, in the past five years, the compound annual growth rate of Dubai’s electronic products market has been 8.9%, with an estimated market value of US$2.4 billion. It is expected that in the next five years, the average annual growth will be 4.7%, and the market value will exceed US$3 billion by 2020.
In addition, Dubai’s beauty and personal care market was worth US$1.2 billion in 2015, with mass beauty and personal care products accounting for 51% and sales of US$616 million, and high-end beauty and personal care products accounting for 37% and sales of US$449 million. .
According to the report, the market value of Dubai’s clothing, footwear and hats industry is expected to be US$13.5 billion this year. As of 2020, the average annual compound growth rate of the clothing, footwear and hats industry will remain at 6.6%, with a market value of more than US$17 billion.
Among them, the apparel industry is expected to maintain an average annual growth of 6.9% before 2020; the growth of footwear and sportswear is relatively flat, with compound annual growth rates expected to maintain 5% and 5.6% respectively. The market value is expected to be 2020 Reaching US$3 billion and US$1.3 billion respectively.
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