Saudi Arabia Luxury Market Overview:
According to the latest report by IMARC Group, titled “Saudi Arabia Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Saudi Arabia luxury market reached a value of US$ 7.41 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.24 Billion by 2027, exhibiting a CAGR of 11.72% during 2022-2027.
Saudi Arabia is one of the richest Arab countries as well as the fastest-growing economies in the world. On account of the sustained economic growth and high per capita income, the country has witnessed an increase in spending on luxury products and services such as fragrances, cars, watches, leather items, hotels, etc. Moreover, the Kingdom is investing in economic diversification and has identified retail as a key channel for growth. It is supporting the expansion of the retail industry by encouraging public investments in retail infrastructure projects. Apart from this, the booming tourism industry has also created vast opportunities for both the luxury hospitality and retail sectors.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
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Saudi Arabia Luxury Market Trends:
Saudi Arabia has emerged as one of the largest luxury goods markets in the GCC region owing to rapid digital transformation, varying economic trends, and evolving consumer preferences and tastes. The country’s young population has one of the highest disposable incomes in the world which has created a high demand for luxury goods across the country. Further, global luxury brands such as Tiffany, Mulberry and Prada are increasing their presence in Saudi Arabia by establishing mono-brand stores as well as adapting to regional demands and trends. The establishment of upscale malls has also provided these brands ample space to expand their operations in the country. Moreover, internet penetration, influence of social media and the trend of online shopping have positively impacted the luxury market in Saudi Arabia as shoppers can now access global brands through online platforms.
Saudi Arabia Luxury Market 2022-2027 Analysis and Segmentation:
Breakup by Distribution Channel:
- Mono-brand Stores
- Multi-brand Stores
- Online Stores
Mono-brand stores currently dominate the market as they offer brand visibility at high-prestige locations.
Breakup by Category:
- Travel and Hotel
- Personal Luxury Goods
- Food and Drinks
At present, cars exhibit a clear dominance in the industry.
Breakup by Gender:
At present, female account for the majority of the total market share.
The competitive landscape of the industry has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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