Luxury sales in the Middle East have fallen sharply, particularly in the United Arab Emirates (UAE), as the Iran conflict disrupts one of the industry’s key growth regions, Reuters reported.
In March, sales at Dubai’s Mall of the Emirates dropped by 30% to 50% compared with the same period last year, while foot traffic declined by 15%. At the larger Dubai Mall, visitor numbers fell by around 50%, suggesting an even steeper sales downturn. In Abu Dhabi, performance was more resilient but still showed a roughly 10% decline at the Galleria mall.
The slowdown reflects the impact of...