Qatar’s luxury goods market, valued at $ 1.84bn and expected to grow at a 2.55 percent healthy CAGR for the forecast period 2019-2024, is considered the fastest-growing luxury market in the world, according to a report by Mordor Intelligence.
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Qatari are also considered to be the largest buyers of goods in the Middle East, the report said, which also emphasized a large part of Qatar at the Italian fashion company Valentino and the historic Harryarrs and Printemps stores in London and Paris, in addition to enhancing its fashion with the gorgeous label Group.
With many shopping malls developed and launched ahead of the FIFA World Cup 2022, such as the opening of the Palace Vendome, the world luxury industry is putting a lot of effort into continuing to grow. In addition to investments made by Qatar sovereign wealth fund Qatar Investment Authority (QIA) in world-class companies, individual Qatari and other Qatari-based entrepreneurs are also investing in luxury local and foreign markets.
In an interview with the Peninsula, Qatari Businesswomen Association (QBWA) Board Member Mishael Al Ansari noted that several members of the group are actively involved in the luxury goods sector. Today we have many members with their businesses in London, New York, and Paris, and many of these businesses are in the fashion industry, said Al Ansari.
According to Mordor Intelligence, the key factors that help Qatar become a major regional fashion destination for Qatar are the high salaries and investment growth in the luxury fashion industry. There is also a great need for fashion trends in the country, which are expected to continue to grow in the future.
The widespread presence of a wealthy consumer base has attracted several magnificent retailers in Doha, and Qatar’s formal shopping mall is currently experiencing a period of rapid growth and a strong pipeline opening chain, with many international and regional retailers continuing to establish and expand the country’s presence, the report said.
Nevertheless, jewelry continues to have a prominent share in the Qatari luxury goods market, which is reflected in the exciting atmosphere surrounding the much-anticipated Doha Jewelry & Watches Exhibition (DJWE), which was opened by Qatar Tourism yesterday. The growing rate of urbanization and consumer preferences are forcing jewelry companies to successfully market their products and expand their product lines by developing designs, the report said. For more to know about Qatar World Cup tickets Click here.
He added that at present, manufacturers in the Qatari market are focused on developing new and innovative designs, meeting the changing needs and needs of consumers, and using advanced technologies, such as computer-assisted design (CAD) and fast prototyping (RP), which play a key role in integrating 3D printing into jewelery. Most retailers also used online marketing strategies to reduce costs and increase their profit margins, which will benefit the market, the report said.
Qatar University, SC host World Cup Trophy Tour
Qatar University (QU) in partnership with the Executive Committee on Delivery & Inheritance (SC), recently hosted the World Cup as part of the FIFA World Cup 2022 Trophy Tour which will conclude today. Students and members of Qu’s talent have had the opportunity to see the World Cup up close and take pictures with the landmark trophy.
The trip, organized as part of efforts to promote the FIFA World Cup, Qatar World Cup 2022, boosted the enthusiasm of fans to watch the tournament and support their favorite teams, as well as instilled a culture of football in the community to prepare for the biggest football ever an event of its kind. The Auditor Qatar Company, which specializes in organizing sporting events, is responsible for organizing the Qatar World Cup 2022.
At the event, Drs. Hassan Al Derham, President of the University of Qatar, said, The University of Qatar has a responsibility to support all projects of the Province of Qatar. We hosted the Qatar Football World Cup at our university so that the QU community can enjoy and click on the pictures.
Al Derham added The University has conducted research, lectures, conferences, and seminars on the FIFA World Cup 2022. QU has changed its plans to accommodate this important event. It will also host the Argentina national team, which has selected QU as its headquarters during the tournament, given its state-of-the-art stadiums, and modern facilities.
For his part, Drs. Hitmi Khalifa Al Hitmi, Director of Communications and Public Relations, said, The University of Qatar hosted the 2022 FIFA World Cup to demonstrate the university’s role in promoting a successful international sporting event. As Qatar University participates in the event, it fulfills its responsibilities as a national higher education institution.
We must all do our best to provide the best that our generations can be proud of and that will inspire them to do better in the future. Qatar University has welcomed Argentina’s choice of campus as its FIFA World Cup base. Argentina is in Group C with Saudi Arabia, Mexico, and Poland. A team from the team visited the university and inspected all the facilities and stadiums.
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