The luxury goods market has been growing rapidly in recent years with the number of worldwide luxury consumers more than tripling in size since 1995 according to a report by Bain & Company. "The race is on to capture an explosion in worldwide luxury consumer growth,” said Claudia D’Arpizio, a partner at Bain and lead author of the report. “But the luxury consumer of the future will become increasingly heterogeneous and luxury brands and operators need an immediate upgrade to their consumer strategies in response to this growing diversity, or else risk falling behind.” Cyrille Fabre, a partner at Bain pointed out, “Middle East consumers have the highest per capita spending on luxury goods, at about EUR 1,400 per year. The vibrancy of this market, however, has given light to a more cautious spending consumer, who shows high preference for well-known brands and logos. Their key luxury categories include leather goods, watches, cars and overseas holidays—with Dubai remaining the biggest market in the region with almost 30 per cent of the total market share.”