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The Saudi Arabia luxury market reached a value of US$ 7.41 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.24 Billion by 2027, exhibiting a CAGR of 11.72% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia luxury market, along with forecasts for the period 2022-2027. Our report has categorized the market based on category, gender and distribution channel.
Breakup by Distribution Channel:
Mono-brand stores currently dominate the market as they offer brand visibility at high-prestige locations.
Breakup by Category:
At present, cars exhibit a clear dominance in the industry.
Breakup by Gender:
At present, female 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Category, Gender, Distribution Channel|
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The Saudi Arabia luxury market was valued at US$ 7.41 Billion in 2021.
We expect the Saudi Arabia luxury market to exhibit a CAGR of 11.72% during 2022-2027.
The advent of mono-luxury brand stores, along with the establishment of upscale malls, offering brands
with ample space to expand their operations, is primarily driving the Saudi Arabia luxury market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from
conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of
luxury products across Saudi Arabia.
Based on the distribution channel, the Saudi Arabia luxury market can be segmented into mono-brand
stores, multi-brand stores, online stores, and others. Currently, mono-brand stores hold the majority of
the total market share.
Based on the category, the Saudi Arabia luxury market has been divided into travel and hotel, cars,
personal luxury goods, food and drinks, and others. Among these, cars exhibit a clear dominance in the
Based on the gender, the Saudi Arabia luxury market can be categorized into male and female.
Currently, female accounts for the largest market share.
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