Fine Wines/Champagne and Spirits in the United Arab Emirates - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-06 10:07:03
The most successful brands in the United Arab Emirates fine wines market are PatrÃ³n, Grey Goose, Belvedere, MoÃ«t & Chandon, Chivas Regal and Johnnie Walker. These are the most popular brands because they are widely available in the most exclusive and popular nightclubs and restaurants, not to mention that each of them has a high profile abroad. The majority of young on-trade consumers focus on a brands reputation and perceived prestige, while off-trade customers tend to be a bit older and wiser and more concerned with the quality of the products.
As local laws tightly control the sale of alcohol drinks through off-trade channels, the strong growth in fine wines/champagne and spirits in 2012 was driven primarily by on-trade sales. The United Arab Emirates, and especially Dubai, enjoyed a huge increase in inbound tourism during 2012 as the countrys economy continued to improve. Immigration also began to recover in the United Arab Emirates towards the end of the review period, with a large proportion of the countrys new residents being young, highly educated, relatively affluent Westerners.
Young tourists and local residents in search of nocturnal entertainment generally seek out Dubais many fashionable, expensive nightclubs and high-end restaurants such as Mahiki, Cavalli Club, People by Crystal, 360, Armani/PrivÃ© and XL Beach Club. Bottle service at exclusive nightclubs such as these usually costs in excess of AED5,000 per table; nevertheless, come the weekend these clubs are invariably packed with partygoers ready for a good time. On-trade sales of the alcoholic drinks favoured by the United Arab Emirates young partygoers have grown accordingly, with fine champagne, luxury whisky and luxury vodka some of the most dynamic product categories in fine wines/champagne and spirits in 2012.
Fine wines/champagne and spirits is expected to increase in constant value at a CAGR of 11% during the forecast period, rising to AED108 million by the end of 2017. This set to be a significantly superior performance to the 7% constant value CAGR recorded over the review period as this growth rate was dragged down by the poor performance recorded in the category early in the period as the economic crisis had a devastating effect on the economy of Dubai from late 2009 until the end of 2012. However, the economy of the United Arab Emirates has already rebounded strongly and solid growth is expected to continue throughout the forecast period.
- Fine wines/champagne and spirits increases in value by 11% in 2012, rising to AED66 million
- Rising levels of inbound tourism drives growth in Dubais world famous nightclub scene, which in turn boosts sales of fine wines/champagne and spirits
- Fine non-grape wine and fine champagne remains the most dynamic categories during 2012
- Due to the complete lack of local manufacturers in the category, well-known multinational players dominate fine wines/champagne and spirits
- Fine wines/champagne and spirits is expected to increase in constant value at a CAGR of 11% over the forecast period
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