The Saudi Arabia luxury market reached grew at a CAGR of 7.4% during 2014-2019. Saudi Arabia is one of the fastest growing economies in the world owing to the elevated income levels of individuals and soundness of the banking and financial system in the country. As a result, there has been a rise in the sales of luxury products such as cars, watches, fragrances and leather products. The country is also experiencing significant growth in terms of the population and the younger consumers currently represent the biggest catalyst of the luxury industry. Furthermore, infrastructure development, burgeoning e-commerce industry, increasing internet penetration, and the thriving travel and tourism sector in Saudi Arabia are some of the other factors bolstering the industry growth.
The Government of Saudi Arabia has recently announced its plan to develop four economic cities to foster internal trade, attract foreign direct investment (FDI) and diversify into non-oil sectors which, in turn, is strengthening the market growth for luxury products in the country. Moreover, global luxury brands, including Prada, Tiffany and Mulberry, are increasing their presence in Saudi Arabia by establishing mono-brand stores and adapting to the regional demand and trends. They are also introducing secondary product lines, catering to the middle and upper-middle classes that aspire to own affordable luxury. Apart from this, the establishment of upscale malls has also offered these brands ample space to expand their operations in the country. Moreover, the influence of social media, along with the trend of online shopping, has positively influenced the luxury market in Saudi Arabia since shoppers can now access luxury brands through online platforms. Looking forward, IMARC Group expects the Saudi Arabia luxury market to exhibit moderate growth during 2020-2025.
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At present, travel and hotels exhibit a clear dominance in the industry.
At present, males 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.
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