Record-Breaking Performance
Dubai Duty-Free recorded a new annual sales record of AED7.901bn ($2.164bn) for 2024, with a significant surge in sales happening towards the end of the year.
December set a record with sales of AED821.944m ($225.190m), a 2% increase over the same month in 2023.
They were fuelled by Dubai Duty-Free’s 41st-anniversary celebrations, when the operation offered a 25% discount on December 20, resulting in a 24-hour shopping spree of AED59.993m ($16.436m).
Sales Performance by Category
This performance followed strong sales in November 2024, which were also higher than in the same month last year. Confectionery was the best-performing category in December, with sales up 29.46% over December 2023.
The top five selling categories for the year were:
- Perfumes
- Liquor
- Cigarettes and Tobacco
- Gold
- Electronics
With sales of AED1.50bn ($411m), Perfumes contributed 19% of total sales and retained their position once again as the top-selling category, growing 9.79% over last year.
Liquor sales reached AED1.056bn ($289m), accounting for 13% of the total annual sales, which declined by 6.6% over the previous year.
Meanwhile, Cigarettes and Tobacco recorded sales of AED807m ($221m) and contributed 10% towards total revenue with growth of 8.27% over last year.
Gold came in fourth place with sales amounting to AED779.m ($213m), accounting for 10% of total revenue and just higher last year.
Electronics came in fifth place with sales of AED546.m ($149million), accounting for 7% of total annual sales but dropping 13% compared to last year.
Sales Channels and Customer Transactions
The operation recorded more than 20.733m sales transactions throughout the year, an average of 56,649 daily, while a staggering 55.137m units of merchandise were sold.
It is also estimated that over 13.7m customers shopped in DDF’s Arrivals and Departures stores in 2024.
Online sales topped AED197m ($54m), accounting for 2.5% of the overall sales tally for 2024.
Sales in Departures across the operation was AED7.121bn ($1.951bn), representing 90% of total annual sales, and grew 0.84% over last year, while Arrivals sales totaled AED537m ($147m), representing 6.8% of total annual sales and declined 12.21% over last year.
Management Commentary
Reflecting on the year at Dubai Duty-Free, Managing Director Ramesh Cidambi said: “We had a terrific November and December, and the last week in December was particularly good with the staff pushing hard to surpass 2023’s record year.
“Despite all the significant renovations and refurbishments, I am pleased with how the year has turned out.
“I am very grateful for the support that I have from our Chairman, Sheikh Ahmed bin Saeed Al Maktoum, and I join His Highness in thanking our front and back-office staff, suppliers, and customers for contributing to another great year.“
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Staff and Organizational Growth
Meanwhile, in line with the operation’s growth, staff recruitment continued in 2024, with total staff numbers now at 6,030, comprising 54 nationalities.
Cidambi said: “In addition to adding to our diverse sales force this year, we also strengthened our senior management team by recruiting eight senior managers in key roles, which include seven UAE nationals. The new senior managers have integrated very well and are a key part of our five-year business plan (2025-2029).“
Future Development Plans
Looking ahead, Dubai Duty Free will continue to enhance its retail operation, including the completion of the last phase of renovations in the Arrival shops in the three terminals with construction to be finished in early 2025.
This will be followed by significant refurbishment in Concourse B of the Luxury Watches and Electronics shops spanning 2025 and 2026.
Also, in 2025, Concourse A will see a significant renovation of the Perfumes and Cosmetics shops on the East and West sides, renovation of the Gifts from Dubai offer, and the opening of three new boutiques for major Fashion brands.
Due to the extent of work in Concourse A, the renovation is expected to start in early 2025 and finish by late 2026.
