Saudi Arabia Luxury Market Analysis Report 2022-2027
According to the latest report from the IMARC group, entitled “Saudi Arabia Luxury Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, the Luxury market in Saudi Arabia reached a value of US$7.41 billion in 2021. Looking ahead, IMARC Group expects the market reach US$14.24 billion by 2027, growing at a CAGR of 11.72% over the period 2022-2027. Saudi Arabia is one of the richest Arab countries as well as the fastest growing economy in the world. Due to sustained economic growth and high per capita income, the country has seen an increase in spending on luxury goods and services such as perfumes, cars, watches, leather goods, hotels, etc. Furthermore, the Kingdom is investing in economic diversification and has identified retail trade as a key channel for growth. It supports the expansion of the retail sector by encouraging public investment in retail infrastructure projects. Apart from this, the booming tourism industry has also created vast opportunities for the luxury hospitality and retail sectors.
As the novel coronavirus (COVID-19) crisis grips the world, we are continuously monitoring changes in markets, as well as consumer buying behaviors around the world – our estimates on the latest market trends and values planned after taking into account the impact of this pandemic.
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Luxury market trends in Saudi Arabia:
Saudi Arabia has emerged as one of the largest luxury goods markets in the GCC region due to rapid digital transformation, varying economic trends, and changing consumer preferences and tastes. The country’s young population has one of the highest disposable incomes in the world, which has created a strong demand for luxury goods across the country. Additionally, global luxury brands such as Tiffany, Mulberry, and Prada are expanding their presence in Saudi Arabia by establishing single-brand stores and adapting to regional demands and trends. The creation of high-end malls has also provided these brands with enough space to expand their operations in the country. Additionally, internet penetration, social media influence and the trend of online shopping have positively impacted the luxury market in Saudi Arabia as buyers can now access global brands through online platforms. line.
Analysis and segmentation of the luxury market in Saudi Arabia 2022-2027:
Break by Distribution channel:
- Single-brand stores
- Multi-brand stores
- Online stores
Breakdown by category:
- travel and hotel
- Personal luxury items
- Food and drinks
Breakdown by sex:
The competitive landscape of the industry has been analyzed in the report, along with the detailed profiles of key players operating in the industry.
Main 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
- Complete 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 part of the customization.
The IMARC Group is a leading market research firm providing management strategies and market research worldwide. We partner with clients across all industries and geographies to identify their most important opportunities, address their most critical challenges and transform their businesses.
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