Vertu is by far most coveted brand in the United Arab Emirates luxury electronic gadgets market. This is primarily due to the perceived exclusivity which derives partly from the brand's extremely high prices and partly from the fine finishes of Vertu mobile phones. The brand's popularity is evident in the strength of its retail network; Vertu and its local distribution partner, Rivoli Group, currently operate six Vertu mono-brand boutiques in the United Arab Emirates, all of which are located in the most desirable shopping centres and two luxury hotels. Vertu mobiles are also available at eight locations of Rivoli Prestige, Rivoli's most exclusive retail chain.
Luxury electronic gadgets increased in value by 28% during 2012, a higher rate of growth than the 25% current value CAGR recorded over the entire review period. Sales of luxury mobile phones remained strong in the United Arab Emirates during the economic crisis as the country's ultra high net worth individuals became increasingly interested in luxury mobile phones and had the disposable income to purchase them. The country is now well on its way to a full economic recovery and immigration rates are increasing once again. In addition, the number of tourists visiting the United Arab Emirates is rising again, which is a positive influence on demand for luxury mobile phones.
Luxury electronic gadgets is expected to increase in constant value at a CAGR of 15% over the forecast period, rising to AED594 million by the end of 2017. This is set to be a slower rate of growth than the 20% constant value CAGR recorded over the review period, during which growth rates were boosted tremendously by the large number of Vertu mono-brand outlet openings in the United Arab Emirates. Solid growth is expected in luxury electronic gadgets during the forecast period as the category is clearly becoming more developed in the United Arab Emirates. Thus, large numbers of new outlet openings are not expected to occur during the forecast period. However, increasing numbers of very affluent tourists, especially those visiting the luxury shopping centres which are soon to be completed in Abu Dhabi, are expected to continue driving demand for luxury electronic gadgets in the United Arab Emirates during the forecast period.
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