The Saudi Arabia luxury market reached a value of US$ 14.5 Billion in 2018. Looking forward, the market value is further expected to reach US$ 22.2 Billion by 2024, exhibiting a CAGR of 7.2% during 2019-2024. With its huge oil wealth, Saudi Arabia represents a nation having one of the highest concentrations of super rich households across the globe. Driven by rising income levels, the country’s luxury market has been exhibiting a continuous growth. Saudi Arabia has also witnessed strong population growth with the country’s population increasing by nearly 30% over the last decade. Moreover, more than half of the total population in the country is below 25 years of age. With this generation of the population being brought up during has the country’s economic rise, they consider luxury not given but as a gift. It is the country’s young population that represents the biggest catalyst of the luxury market. Moreover, infrastructure development, strong growth of the e-commerce industry, increasing internet penetration, and growing travel and tourism sector in Saudi Arabia are further expected to bolster the luxury market in the country.
This report provides a deep insight into the Saudi Arabia luxury market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Saudi Arabia luxury industry in any manner.
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