Saudi Arabia Luxury Market to Reach US$ 22.2 Billion by 2024
The Saudi Arabia luxury market has witnessed strong growth over the past several years. The high per capita income, along with rising tourist inflow and increasing investments in retail infrastructure projects, is giving an impetus to the market growth.
According to the latest report by IMARC Group, titled “Saudi Arabia Luxury Market: 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 Saudi Arabia luxury 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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