The Middle East has the potential to become the world's fastest-growing luxury market, according to a new report.
Qatar topped the list of fastest growing luxury markets for 2014, followed by the UAE and Saudi Arabia, a study by Ledbury Research revealed. The results are based on the amount of business air traffic into the country, the number of luxury store openings and the gross domestic product per capita.
The survey's results come as analysts predict a slowdown in the China luxury market with former Burberry CEO Angela Ahrendts, claiming that the Chinese market was experiencing a "new normal".
Luxury awareness in Qatar is high with Italian label Valentino, iconic British shop Harrods and French department store Printemps under the country's control through its sovereign wealth fund.
Many men and women in Qatar wear traditional Islamic dress and donning expensive bags and jewellery is a way to individualise an outfit, Nicola Ko, senior luxury analyst at Ledbury, told CNBC in a phone interview.