- Dubai Shopping Festival reaches a peak of DHS 117 billion within 17 years

Dubai Shopping Festival reaches a peak of DHS 117 billion within 17 years

Dubai Shopping Festival will reach a peak of DHS 117 billion in 17 years

Since 1996, the number of visitors of Dubai Shopping Festival increased from 1, 6 million to 4, 3 million by 2012, which is 68, 7 % rise. The total spending of the Annual Dubai Shopping festival is expected to be raised to Dhs 117 billion ($31, 88 billion) in 17 years. It is actually higher than the gross domestic product (GDP) of at least 110 countries. According to the World Bank statistic, 85 countries such as Yemen, Libya, Ethiopia, Jordan, Latvia, Panama, Cameron and Estonia had higher GDP than $32 billion till 2011. More than 50 million visitors have spent over Dhs 117 billion during Dubai Shopping Festival; 2,340 dirham’s ($638) per visitor have been spent to the DSF.

 The DSF has introduced the government’s strategy to diversify its economy and reduce usage of hydrocarbon in order to make it more sustainable once oil runs out. Since its period, it has started to pay off the Emirate rich dividends year after year. Most retailers make provision for large inventories for DSF. Sales of goods such as electronics, IT products and household are increased by 25 % every year. In addition, the Dubai Government introduce in key private sector sponsorship programme of part-finance of the DSF budget that is spent on marketing, advertisement and promotion of the event to help attract tourist and shoppers. In effect, the success and the return of the investment are so high that the same business houses, conglomerates and corporations come back every year to support the government in organizing DSF.

The DSF is also a large contributor to Dubai’s tourism industry. From 20 to 30 per cent of visitors come during the DSF as tourst.

 In total, the volume of consumer’s spending during Dubai Shopping Festival has a huge impact on Dubai’s economy stimulating more than Dhs 14.7 billion during 2012, which is around 1 billion dollars per week.

 Since 2012, the total shopping has been raised from  Dhs 8.7 to 8.9 billion  along with accomodation spenditure from Dh 2.7 to 2.8 billion. In 2012, by International Festivals and Events Association (IFEA), appointed Dubai with a cup of its “World Fest and Event City 2012”.

 Besides DSF, Yearly, Dubai attaracts more than 10 million people in its events sector and in terms its business deals,  corporate meetings, exhibition, conferences and etc.

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