Luxury goods lose sheen

A visit to the malls in Dubai, Qatar, Bahrain, or any Gulf country makes a regular Indian’s eyes pop out. The array of luxury stores and labels on display is mind boggling. Most of us do not pick up the courage to even enter such shops, least the price tags give us a heart attack. At the same time, instead of feeling  deprived one cannot help but pity those who are slaves to these brands and luxury goods – for them how much ever they earn, it will just not be enough as they have to constantly “keep up.”

 But the excesses seem to be catching up. With oil slumping, the Middle Eastern luxury shops are now grappling. From some 100 foot falls a day, it has trickled down at an average to some 15-20 per day and these do not translate into sales. Apart from slumping oil income, Russians, who are usually the best customers in the region too are keeping away due to the weak ruble. Global tax-free spending by shoppers from the United Arab Emirates, Qatar, Saudi Arabia and Kuwait was flat in March after growing for seven straight months, according to Global Blue. In Saudi Arabia, cash withdrawals have declined for two straight months compared with the same period last year, according to central bank data. 

Well, what can we say? No sympathy here…this is the way is, sometimes a bed of roses and sometimes a bed of thorns. Tsk, tsk!