Is the UAE Market Finally Profiting?

In amidst the everlasting menace of COVID-19, people around the world including the UAE were cornered to a point where their very mindset was about survival and paying home bills.  Dubai specially was the greater victim as the nation and the citizens are avid for a rather luxurious lifestyle, which is why when the pandemic hit most of Dubai’s Fashion, Tech and accessory market suffered a huge backlash as people began worrying about what they were going to eat rather than what kind of clothes they’d wear to a party.

Aside from crucial household appliances and mandatory  innerwears, the shoppers of UAE have not purchased anything extravagant since the past several months. This caused a huge state of crisis among the suppliers and producers as they were suffering irreversible losses which ultimately resulted in introducing new shopping plans and ideas that seems to have piqued the interests of the consumers.

Most fashion industries of UAE leaned towards the online shopping portal, mostly because of the buyer’s concern for their safety. Online shopping portals have now experienced sustainable profit and income as the Fashion Industry sources report that buyer’s activity has skyrocketed ever since August. As reported by RedSeer Consulting the ending value of the UAE fashion market has been  speculated to be around $1.5 billion which is quite unexpected as the market was almost dead during the early phase of the pandemic.

First hand interviews and data from private as well as global sellers has indicated that this rise in profit was possible mostly because of the promotions, well planned offers and massive discounts that were provided within the online shopping portal and to some extent, in the physical market.

The massive flow of discounts and promotions has not ceased yet and has been attracting customers more than ever as sellers state that the time lost between the early phases of the pandemic is irreversible and they have to make up to it somehow. This has allowed the food product market and the grocery market to thrive as they haven’t felt the need to present the consumers with any sort of discount, making them the obvious winners of this year.

While the sales may be increasing in recent times, experts suggest that it is still a long way till Fashion and Accessories market reclaim their top spot, they still have a ground to cover before the streets of Dubai glisten with sparkling jewels and dazzling outfits. People are still reluctant to organize even small events and gatherings so the need for something luxurious to wear has not been ignited even amongst the rather hardcore buyers.

This has also seen a competition within the Fashion market as the physical stores retailers are struggling to divert the traffic away from the online store retailers. Ganediwalla stated that the physical shop retailers are planning to launch bigger promotional movements and are about to sacrifice a lot of stock products with massive discounts and compelling offers. The main bet of physical stores is to maintain their rich character and make sure it flourishes and still retains the same reputation by the time the streets and other marketplaces start stabilizing.

Image: Pixabay

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