Saudi Arabia Luxury Market to Hit $22.2 Billion This Year - IMARC Group
by Rahul Rastogi Market Research AnalystAccording to the latest
report by IMARC Group, titled “Saudi Arabia Luxury Market Report: Industry
Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”,
the luxury market in Saudi Arabia reached
a value of US$ 14.5 Billion in 2018. 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.
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Saudi
Arabia Luxury Market Trends:
Saudi Arabia has emerged
as one of the largest luxury goods market 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. Looking forward, the market is
projected to reach a value of US$ 22.2 Billion by 2024, exhibiting a CAGR of 7%
during 2019-2024.
Saudi
Arabia Luxury Market Summary:
·
Based on categories, travel and hotels represent the leading
category, holding the largest market
share. Travel and hotels are followed by cars, personal luxury goods,
and food and drinks.
·
On the basis of gender, the luxury market in Saudi Arabia has
been segmented into males and females. Males currently dominate the market,
accounting for the majority of the overall market share.
·
Based on distribution channels, the Saudi Arabia luxury market
has been segregated into mono-brand stores, multi-brand stores, online stores
and others.
·
The competitive landscape of the Saudi Arabia luxury market has
also been examined with the profiles of the leading key players operating in
the market.
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Figure: https://www.imarcgroup.com/saudi-arabia-luxury-market
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Created on Jun 21st 2019 04:35. Viewed 187 times.