Middle East market touted as safe haven during slump

By Simon Pitman

- Last updated on GMT

Related tags United arab emirates Shopping mall

The forthcoming Beautyworld Middle East event is set to capitalise on the fact that the market in the region is continuing to grow, its organiser claims.

Beauty sales have continued to grow at an annual rate of 12 per cent in recent years, growth that is set to continue and should see the market valued at AED11bn (€2.35bn) by 2010.

In light of this prediction, event organiser Mess Frankfurt has underlined the fact that despite the economic downturn, the show’s expected attendance and exhibition participation is already up by 17 percent compared to the same period last year.

Tapping into younger population

With a young population and expanding breadth of business and industry within the region, interest in the event is being given a boost by the fact that other global markets, particularly North America and Europe, have seen a rapid downturn in recent months.

The younger population is increasingly visiting the huge shopping malls that are springing up all over the region - retail space that is often taken up by cosmetic and personal care outlets.

Indeed, the event organiser currently estimates that around 30 per cent of that retail space, including the newly opened Dubai Mall and Dubai Marina Mall, is occupied by beauty retailers.

International hub

Added to the fact that Dubai International Exhibition and Convention Centre, the location of the event to be held on June 7-9, is in the midst of an international hub, the event organiser says it is expecting a high turn out of international attendees.

“From a trade perspective, during a time of economic uncertainty, export companies try to seek new lucrative markets like the Middle East in order to reduce their dependence on one or two larger developed markets, such as Europe and the USA,”​ said Andrea Werner, senior show manager of Beautyworld Middle East.

“This year, we have noticed an increase in the number of companies interested in exhibiting from the USA, Italy and Argentina, indicating more international awareness of the cosmetics and toiletries market potential here in the Middle East.”

Related topics Market Trends

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