According to the latest report by IMARC Group, titled "Saudi Arabia Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Saudi Arabia luxury market reached a value of US$ 8.3 Billion in 2022. Luxury goods refer to high-quality, durable, premium key entities that are desired within the culture and society for exhibiting the status symbol of their owners while providing satisfaction at the highest price point. Some of the common luxury products include watch, bags, cars, jewelry, and fragrances. On account of these factors, luxury items are widely adopted in Saudi Arabia due to the country’s steady economic growth, high per capita income and strong financial system.
Saudi Arabia Luxury Market Trends:
The Saudi Arabia luxury market is majorly driven by the increasing population of young consumers and evolving lifestyle preferences, which, in turn, have facilitated the demand for various luxury products to enhance the personal appearance of an individual. This, along with the significant expansion in the travel and tourism sector, disposable incomes and ongoing infrastructural development is further driving the product adoption across both residential and commercial spaces. In line with this, numerous favorable initiatives undertaken by the government for investing in several ongoing renovations and intrastromal projects to strengthen economic cities, foster internal trade, and attract foreign direct investments (FDI) is acting as another growth-inducing factor. Additionally, strategic collaborations amongst the key players have resulted in the establishment of mono-brand stores in the malls and shopping areas to offer secondary product lines at an affordable price, while meeting regional demands, which is contributing to the market growth. Furthermore, the rising emphasis of various brands to extend their luxury products portfolio, improve operations and cater to middle-class and the middle-upper class population is propelling the market growth. Other factors, such as the shifting inclination of consumers toward e-commerce and online shopping channels owing to their various beneficial properties, including easy availability and accessibility of branded goods, along with the deployment of various marketing strategies, such as celebrity endorsements through several social media platforms, are creating a positive outlook for the market across the country. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 15.8 Billion by 2028, growing at a CAGR of 11.6% during 2023-2028.
- Based on the distribution channel, the market has been segregated into mono-brand, multi-brand, online stores, and others. Mono-brand stores currently dominate the market.
- On the basis of the category, the market has been segmented into travel and hotel, cars, personal luxury goods, food and drinks, and others. At present, cars exhibit a clear dominance in the industry.
- Based on the gender, the market has been bifurcated into male and female. At present, female account for the majority of the total market share.
- The competitive landscape of the industry has been analysed in the report, along with the detailed profiles of the major players operating in the industry.
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