Noida, India (PressExposure) September 16, 2009 -- The retail industry in the UAE is thriving on the back of expanding service sector (including tourism, banking and trading sectors) in the country. The sector contributed around 37% to the nationâs GDP in 2008. Young people lying in the age group of 20-40 years, enjoying higher income levels and excessively exposed to the western culture, constitute the major customer segment of the countryâs retail sector. This is reflecting in ever increasing per capita retail spending in the country and driving the market to grow at a CAGR of nearly 12.5% till 2013, according to a new market research report âBooming Retail Sector in UAEâ by RNCOS.
In our research, we have acknowledged the prevailing trends shaping the industryâs success. It has been identified that tourism industry has been steadily fueling the growth in nationâs retail sales since last few years. In 2008, the number of foreign tourist arrivals in the country surpassed 9 Million and are further anticipated to reach 18 Million by 2016, which will certainly assist retail industry to sustain its sky rocketing growth in future time.
We have also inferred that retail industry in the UAE has remained almost unaffected by the global economic slowdown amid its burgeoning construction industry. The country has seen opening of new giant malls and shopping centers routinely in last few years and similar trends are expected to prevail in the coming years. As a result, UAE offers enormous growth opportunities to new players.
Our report âBooming Retail Sector in UAEâ is an in-depth analysis of the UAEâs retail industry, which focuses on all the prospective segments of the industry. The report highlights past and present performance of the countryâs retail sector. It also facilitates structured snapshot of UAEâs prospective consumer behavior, which is an essential ingredient of business strategies formulation. The overview on opportunities and future forecast expedite understanding of the industryâs future course of direction and will help clients to make informed investment decision.
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