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United Arab Emirates Retail Report Q3 2009
Business Monitor International, July 2009, Pages: 49
United Arab Emirates Retail Report provides industry professionals and strategists, corporate analysts, retail associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the United Arab Emirates' retail industry.
The United Arab Emirates (UAE) Retail report predicts that the country’s retail sales will grow from about US$103.50bn in 2008 to US$164.96bn by 2013. Key factors behind the forecast are strong underlying economic growth, increasing household consumption, growing acceptance of the concept of modern retailing and expatriate wealth.
The UAE’s nominal GDP was US$268.06bn in 2008, with a decline of 1.7% now assumed for 2009 as the economy goes into reverse. This report predicts average annual GDP growth of 3.8% between 2008 and 2013. With the population increasing from 4.7mn in 2008 to an estimated 5.4mn by 2013, GDP per capita is forecast to rise by almost 21% by the end of the forecast period, reaching US$68,740.
Average household spending power in the UAE stands at US$14,400 per annum, according to property consultants, Colliers International. ‘Emirati’ households account for the lion’s share of this spending, with an average of US$23,000, while ‘Western’, ‘Other Arab’ and ‘Asian’ households have annual spending power of US$19,500, US$13,500 and US$10,000, respectively. While Emiratis actively contributed to retail sales, the buying power of the country’s expatriate residents was the major source of success, a study by India-based RNCOS researchers found. Tourism is also a massive factor in stimulating retail growth, with the UAE expecting more than 11mn tourists every year by 2010.
Growing urbanisation is also factor in the buoyancy of the retail sector. Abu Dhabi in particular is highly urbanised, with the Urban Planning Council (UPC) projecting that Abu Dhabi City’s population will rise to 1.3mn by 2013. In 2005, 85.5% of the UAE’s population was classified by the UN as urban and this is forecast to increase to 86.3% by 2010.
The UN describes 73% of the UAE population in 2005 as economically active; forecast to rise to 78.6% by 2015. In 2005, just over 30% of the population was in the crucial, for retail sales, 20-44 age range, and this is expected to hit 57.6% by 2015.
Retail sub-sectors are predicted to show strong growth over the forecast period including over the counter (OTC) pharmaceuticals, with sales expected to increase from US$0.15bn in 2008 to US$0.25bn by 2013. Automotive sales are forecast to rise from US$10.1bn in 2008 to US$13.8bn during the forecast period, while sales of consumer electronics are predicted to increase from US$2.85bn in 2008 to US$4.47bn by the end of the forecast period, a rise of 57.0%.
Retail sales for our universe of Middle East and Africa (MEA) countries in 2008 amounted to an estimated US$384bn, based on the varying national definitions. Total consumer spending for the region based on a macroeconomic database amounts to US$1,214bn. In 2008, the UAE, Saudi Arabia, Egypt and South Africa together accounted for an estimated 79.5% of regional retail sales, and their combined share is expected to rise to 81.4% by 2013. For the UAE, the estimated 2008 market share of 27.0% is expected to rise to 28.8% by 2013.
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