(MENAFN- Khaleej Times)
Dubai is witnessing an increased inflow of tourists with high disposable income, resulting in higher purchases of Gold jewellery electronic items, and other retail items.
The emirate welcomed 17.15 million international overnight visitors in 2023. In 2024, the numbers hit 14.9 million in the first 10 months alone, marking an increase of eight per cent over the same period in the previous year.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Visitors from Western Europe topped the list with 2.939 million, followed by South Asia at 2.543 million, GCC at 2.217 million, and CIS and East European countries at 2.075 million.
This reflects that majority of tourists who fly to Dubai are coming from rich countries where people enjoy high disposable income.
“We have seen a bigger inflow from higher-income people. The number of tourists with disposable income is higher in 2024 than in the previous year. People travel a lot; therefore, the trend of gifting has improved significantly. Hotel bookings are full and airlines are operating at full capacity during long holidays,” said Tawhid Abdullah, chairman of Dubai Jewellery Group and CEO of Jawhara Jewellery.
International visitors' spending in the UAE is projected to grow 9.4 per cent to Dh191.57 billion in 2024 compared to Dh175 billion in the previous year, making the UAE the 10th-largest recipient globally and second in the region after Saudi Arabia in 2024. These are based on figures from the World Travel and Tourism Council's 2024 Economic Impact Trends Report released in September 2024.
Many people leave the country during long holidays but the local market is compensated by a lot of tourists who are coming to the UAE, Abdullah said.
Shamlal Ahamed, managing director for international operations at Malabar Gold and Diamonds, said that during the ongoing holiday season, tourists drive the business in Dubai in specific areas like Gold Souq, Meena Bazaar, and Karama while business in other locations - like Al Barsha, Al Qusais - is driven by residents' purchases.
Vikas Chadha, CEO of Jumbo Electronics, said his firm had also observed growth in the overall tourist business.
“Tourists are an integral part of our sales mix, and Jumbo's sales have been steadily improving, particularly during the Dubai Shopping Festival (DSF) and the winter tourism season. Overall, we have seen an increase of more than 30 per cent compared to off-peak periods,” he said.
Over the past few years, Chadha added that there is a growing preference for their products among Indian, Russian, and Turkish customers.“Based on data from the last two months, the top three source markets are India, Russia, and Turkey,” he said.
MENAFN02012025000049011007ID1109048514
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.