Whether
it's shopping or buying a home, luxury touches without the bling is trending
Quiet luxury is having a defining moment in Dubai,
whether it's in how the city shapes up its next urban expansion or the
lifestyle choices of its influx of new wealthy residents.
Although
Dubai originally made headlines for its 5-star bling and record-breaking
architecture, it has now also established a reputation for innovation, culture
and the arts. As the market continues to mature at an exponential rate, it also
broadens, with a more diverse demographic attracted to Dubai.
The
allure of ostentatious opulence remains and has its place in the market, but
demand for a more understated and genuine form of luxury is emerging. ‘Quiet
luxury’ is a growing movement among the ultra-high networth community, of which
4,500 extra millionaires will relocate to Dubai this year.
Subtle shifts to what wealthy
residents want
The
notion of quiet luxury is not new, but typically associated with the fashion
industry and has gained recognition globally - and in Dubai. Though capturing
the attention of the international tourist remains central to premium brands,
long-term residents of Dubai is a key demographic in their own right. And a
growing desire for a quieter, more genuine form of opulence is steering the
agenda.
This has, equally, been driven by
the city’s increasing population of high networth individuals, which has risen
to 67,900 in June 2023 compared to 54,000 in June 2021.
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Google
searches for the quiet luxury term has grown by a staggering 614 per cent in
the last year, while terms like ‘old-money outfit’ gathering more than 74,000
searches per month. Quiet luxury has now extended into all aspects of life,
including hospitality, architecture and retail.
A different sort of experience
But
it is Dubai’s ability to listen and adapt to the market trends that have placed
it at the forefront of international tourism and led to its success as a global
economic hub.
The
city has recognized the importance of sustainability in the luxury industry,
from environmental-friendly architecture to hyper-connected living. Dubai is
focusing on providing eco-conscious practices and embracing a more responsible
- and harmonious - approach to luxury living.
Equally,
consumers are increasingly looking for destinations with history, flair and
understated sophistication, seeking to travel consciously and engage in
community initiatives that make the world a better place.
The
Covid pandemic has played a role in this transformation, making people see that
flaunting wealth lacks substance, personality, and human connection.
Celebrities and influencers have faced criticism for their obsession with
5-star bling, which often fosters feelings of disconnection and superficiality.
Easy with the bling
In
contrast, quiet luxury places importance on meaningful experiences and products
that enrich life on a holistic level. The UAE's affinity for Snapchat
exemplifies the shift towards luxury being about exclusivity and authentic
endorsement, rather than publicized sponsorships.
This
change also drove a deeper yearning for authentic hospitality experiences of
understated sophistication, greater simplicity, and emotional fulfilment and
the global hospitality and dining sector has seen a significant shift. In Dubai
it’s a move away from gold-frosted drinks and truffle-layered menus to more
genuine experiences, rich in depth and character, not just in the price tag.
While
Dubai's Michelin-starred restaurants and hidden gems have rightfully garnered
global attention, the dining scene is evolving to also cater to those who
appreciate understated sophistication. Diners are now willing to pay for menus
featuring locally sourced ingredients, fostering experiences that engage all
the senses.
'Logo-mania'
Within
the retail industry, logo-mania has been eradicated and priority has been
placed on exclusivity and craftsmanship. It is no coincidence that the beacon
of quiet luxury, Loro Piana, recently opened a new flagship in Dubai Mall. In
fact, a BoF Insights study found that as much as 50 per cent of high earners in
the UAE spend $1,000 on luxury fashion per month.
Although
the city is known for its luxury malls and high-end boutiques, there is a
notable flourishing of smaller, independent stores that offer unique,
handcrafted and ethically sourced products. Ultimately, quiet luxury clearly
prioritises quality over quantity.
Cultural destinations have also
grown significantly in Dubai, with world-class museums, art galleries, and
cultural districts celebrating both the city's history and the global art scene.
-
Places
like Dubai Design District (d3) and the Al Fahidi Historic Neighbourhood
provide insights into Dubai's rich heritage and artistic expression, fostering
a deeper appreciation for the intellectual and aesthetic aspects of luxury.
Dubai's
transformation towards quiet luxury is a testament to its adaptability and
foresight. Agile as ever, Dubai is setting new standards for a genuine, subtle,
and refined form of opulence.
Although
there will always be a demand for 5-star bling, by simultaneously embracing
sustainability, authenticity, and a connection with its traditional luxurious
culture, Dubai continues to resonate with the evolving desires of a global
audience.
Dubai's real estate sector, as showcased in the Q3 2023 market
update, is not merely thriving: it's flourishing. The diversity in property
types, the impressive surge in transactions, and the remarkable growth in total
worth reflect a market that continually adapts to meet the evolving needs and
aspirations of its investors and residents. As the city looks towards the
future, the Q3 2023 results affirm that Dubai's real estate remains an
unwavering symbol of innovation, resilience, and unparalleled growth.
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