Luxury Consumption In The Middle East Is Mainly Caused By Oil Prices.

China's economic growth is slowing and anti-corruption and Hong Kong and Macao are facing challenges.

The ice market effect has made the Great China market crumble; the strong US dollar and the slow economic recovery have made the United States market in the world's largest luxury market unrest; the European market with the increase of unemployment rate and terrorist attacks has also begun to appear in Waterloo in the first quarter. Now, the middle East market, which is seriously affected by the oil price slump, is also facing a great recession.

In the social media of China, the Middle East oil consumers are usually equated with the rich, and there are rich and leisure classes with hawks and hawks everywhere.

However, a survey released by Bloomberg on Tuesday showed that this was not the case in the Middle East.

According to a Bloomberg survey, the Centria Mall mall in Saudi Arabia, Riyadh, now has a small volume of passenger traffic. The past middle east Hakkas suffered from the recession brought by the decline in oil prices and had to be more cautious about consumption.

According to Centria Mall mall, Gucci, Gucci.

Sales Manager Mohammed Fahmawi said that compared to a year ago, the store's passenger traffic plunged by 80%, and now in good condition, there are 20 customers a day, while the average daily traffic volume is 100 a year ago; and the Cartire jewellery watch brand Cartier Gucci, Cartire, is also experiencing a sharp drop in passenger volume.

Mohammed Fahmawi said: "people are afraid that they dare not spend money."

In another high-end shopping mall in Riyadh, Al Faisaliah Mall, Bloomberg found that Italy brand Missoni and Valentino store were empty, while only two women in the lower end crystal brand Swarovksi SWAROVSKI shop were wandering around.

The decline of the luxury market in the Middle East has been jointly verified by market research institutes and luxury goods groups.

According to Bain&Co. Bain data, the luxury market in the Middle East increased by only 1% to 8 billion 100 million euros in 2015, compared with 4% in 2014.

The agency also said that the consumption of oil consumers in the Persian Gulf dropped by more than 13% in 2015.

Luxury consumption in the Middle East is mainly caused by oil prices, and crude oil prices plummeted 55% in two years in June 2014.

The decline in oil prices has even affected the luxury consumption of Middle East tourists in the weak currency market in Europe. As we all know, China is the largest consumer in the European luxury market, but in terms of per capita consumption, Chinese consumers are even much inferior to those in the Middle East.

According to data from the tourism Financial Services Company Global Blue SA, which provides rebate services, after 7 consecutive months of tax rebate spending, the tax exempt consumption in Europe from the United Arab Emirates, Qatar, Saudi Arabia and Kuwait in March has been flat.

However, the decline in the Middle East's luxury market is also a cyclical one.

Dubai Mall mall in the United Arab Emirates Montblan MontBlanc brand sales staff Mauricio Manrique said, sometimes when sales seem weak, Russian tourists will suddenly arrive.

Like the big middle east, the Russians are also a huge emerging force for luxury consumption. However, the Russian economy is also facing an unprecedented crisis, not only affected by the fall of oil prices, the country's currency is still devaluating, and the tension of geopolitics has also made the Russians cautious.

If we try to find some optimistic data, the only possibility is that a recent survey of American Express Co. (NYSE:AXP) American Express and Saudi financial institutions Mawarid Group showed that in 2015, Qatar's monthly luxury consumption increased from $2500 in 2014 to $4000, an increase of 60%.

In addition, the world's largest luxury goods supplier Yoox Net-a-Porter Group SpA (YNAP.MI) in April this year to Dubai international brand franchisee Alabbar Enterprises LLC LLC to sell a minority stake to promote the development of the world's largest luxury electric business group in the Middle East, perhaps another good news.