In terms of product types, non-combo gift segment generated the highest revenue share in the UAE Gifting Market – 6Wresearch
In 2022, non-combo gift options secured the highest market share in revenue, driven by their extensive customization and personalization features, aligning with the valued preference for personalized gifts in the UAE. The ongoing trend highlights the increasing popularity of tailored gift choices, and this inclination is expected to persist in the upcoming years. Simultaneously, a significant surge in the digital gifts sector is anticipated due to the growing trend of digitalization and expanding corporate sector focussing on employee recognition and reward program, poised to play a pivotal role, contributing substantially to the rising demand for digital gifting in the foreseeable future.
According to 6Wresearch, UAE Gifting Market is projected to grow at a CAGR of 14.7% during 2023-2029. The UAE gifting industry has been growing substantially over the past couple of years on account of the rich heritage gifting culture in the Arab region coupled with the rising adoption of e-commerce owing to significant internet penetration, coupled social media influence. Moreover, in 2022 GDP per capita recorded $53,758 with an increase of ~20% during 2020-22 resulting in augmenting the disposable income of consumers thus bolstering the gifting market in the country.
With the presence of more than 60 nationalities in UAE, primarily consisting of Indians and Pakistanis, widely known for their gifting culture and festive celebrations such as Eid, weddings, birthdays, and other celebrations coupled with the traditional gift-giving culture of UAE, the gifting market in UAE is strong. Furthermore, the expanding corporate sector coupled with a rise in tourism in the UAE, is anticipated to contribute to the continued increase in demand for the overall gifting market in the country throughout the forecasted period.
According to Sumit, Senior Research Analyst, 6Wresearch, by applications, Residential sector garnered the maximum revenue share in 2022 and the same trend is likely to continue in the coming years on the back of diverse factors, including religious festivals, celebratory occasions, and the significance of personal relationships. These elements collectively drive an augmented demand for gifting within the residential sector.
The UAE Gifting Market (2023-2029) report provides an in-depth analysis with 24 figures and 8 tables, covering 117 pages. The report comprehensively covers the market by product type, sales channel, region category, and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.