Dubai footwear sales to reach $3 billion by 2020
The Dubai Chamber of Commerce and Industry expects apparel and footwear sales in the emirate to reach $17 billion by 2020.
By the end of 2016, sales of apparel and footwear are expected to reach $13.5 billion, compared with $12.8 billion last year. The Dubai Chamber estimates that sales are likely to grow at a compound annual growth rate (CAGR) of 6.6 per cent until 2020. Since 2010, sales of apparel and footwear in Dubai have grown 5.5 per cent per year.
Footwear sales are forecast to expand by a CAGR of 5 per cent to reach $3 billion by 2020, having reached $2.4 billion following flatter growth in recent years. Apparel sales are currently valued at $10.4 billion but are predicted to accelerate to annual growth of 6.9 per cent and surpass $14 billion by 2020.
“Growing economic prosperity, steady population growth, and rising incomes are driving sales in major retail segments of Dubai. Dubai Chamber’s sectoral report highlights the vibrancy of Dubai’s retailing industry and its contribution to the overall economy,” said Hamad Buamim, president and CEO of Dubai Chamber.
