This region is rapidly emerging as a key market for luxury, and our presence here is both operational and commercial, with numerous meetings and collaborations. Pietro Trapletti, our Chairman, shared his thoughts on the significance of the Middle East for our development journey and the importance of being present to meet the key players in luxury travel. He emphasized, "This opportunity allows us to strengthen the formal bonds of friendship that have always distinguished us."
The Middle East represents a growing opportunity for luxury brands. In 2023, the luxury market in the region reached 15 billion euros and is expected to double by 2030, reaching 30-35 billion. Saudi Arabia and the United Arab Emirates drive 81% of the region's luxury demand. The demand for luxury goods is fueled by factors such as high purchasing power, the search for status symbols and the cultural appreciation for fine craftsmanship and exclusivity. The concept of luxury is evolving from vanity to sustainability. Today, luxury is associated with the exclusivity of products and experiences, personal leisure and craftsmanship. The leading brands in 2030 will be those that have put sustainability at the center of their strategic agenda. Generation Z will increasingly reward brands that have a positive impact on the environment and society.
Many luxury brands have been investing in the Middle East in recent years, here are some examples.
Balsamo is committed to supporting Middle Eastern customers not only during their travels in the region, but also anywhere in the world. We offer customized solutions that respond to the specific needs of our customers, ensuring unique and sustainable luxury experiences.