Market Overview:
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.
Market Trends:
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.
Key Market Segmentation:
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
- Multi-brand Stores
- Online Stores
- Others
Mono-brand stores currently dominate the market as they offer brand visibility at high-prestige locations.
Breakup by Category:
- Travel and Hotel
- Cars
- Personal Luxury Goods
- Food and Drinks
- Others
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.
Competitive Landscape:
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.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion |
| Segment Coverage |
Category, Gender, Distribution Channel |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Saudi Arabia Luxury Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Category
5.5 Market Breakup by Gender
5.6 Market Breakup by Distribution Channel
5.7 Market Forecast
5.8 SWOT Analysis
5.8.1 Overview
5.8.2 Strengths
5.8.3 Weaknesses
5.8.4 Opportunities
5.8.5 Threats
5.9 Value Chain Analysis
5.9.1 Overview
5.9.2 Research and Development
5.9.3 Manufacturing
5.9.4 Marketing
5.9.5 Distributors
5.9.6 Retailers
5.9.7 End-Users
5.10 Porters Five Forces Analysis
5.10.1 Overview
5.10.2 Bargaining Power of Buyers
5.10.3 Bargaining Power of Suppliers
5.10.4 Degree of Competition
5.10.5 Threat of New Entrants
5.10.6 Threat of Substitutes
5.11 Key Success and Risk Factors
6 Market Performance by Category
6.1 Travel and Hotel
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Cars
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Personal Luxury Goods
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Food and Drinks
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Performance by Gender
7.1 Male
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Female
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Performance by Distribution Channel
8.1 Mono-brand Stores
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Multi-brand Stores
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Online Stores
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Competitive Landscape
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
List of Figures
Figure 1: Saudi Arabia: Luxury Market: Major Drivers and Challenges
Figure 2: Saudi Arabia: Luxury Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Saudi Arabia: Luxury Market: Breakup by Category (in %), 2021
Figure 4: Saudi Arabia: Luxury Market: Breakup by Gender (in %), 2021
Figure 5: Saudi Arabia: Luxury Market: Breakup by Distribution Channel (in %), 2021
Figure 6: Saudi Arabia: Luxury Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 7: Saudi Arabia: Luxury Industry: SWOT Analysis
Figure 8: Saudi Arabia: Luxury Industry: Value Chain Analysis
Figure 9: Saudi Arabia: Luxury Industry: Porter’s Five Forces Analysis
Figure 10: Saudi Arabia: Luxury Market (Travel and Hotel): Sales Value (in Million US$), 2016 & 2021
Figure 11: Saudi Arabia: Luxury Market Forecast (Travel and Hotel): Sales Value (in Million US$), 2022-2027
Figure 12: Saudi Arabia: Luxury Market (Cars): Sales Value (in Million US$), 2016 & 2021
Figure 13: Saudi Arabia: Luxury Market Forecast (Cars): Sales Value (in Million US$), 2022-2027
Figure 14: Saudi Arabia: Luxury Market (Personal Luxury Goods): Sales Value (in Million US$), 2016 & 2021
Figure 15: Saudi Arabia: Luxury Market Forecast (Personal Luxury Goods): Sales Value (in Million US$), 2022-2027
Figure 16: Saudi Arabia: Luxury Market (Food and Drinks): Sales Value (in Million US$), 2016 & 2021
Figure 17: Saudi Arabia: Luxury Market Forecast (Food and Drinks): Sales Value (in Million US$), 2022-2027
Figure 18: Saudi Arabia: Luxury Market (Other Categories): Sales Value (in Million US$), 2016 & 2021
Figure 19: Saudi Arabia: Luxury Market Forecast (Other Categories): Sales Value (in Million US$), 2022-2027
Figure 20: Saudi Arabia: Luxury Market (Male): Sales Value (in Million US$), 2016 & 2021
Figure 21: Saudi Arabia: Luxury Market Forecast (Male): Sales Value (in Million US$), 2022-2027
Figure 22: Saudi Arabia: Luxury Market (Female): Sales Value (in Million US$), 2016 & 2021
Figure 23: Saudi Arabia: Luxury Market Forecast (Female): Sales Value (in Million US$), 2022-2027
Figure 24: Saudi Arabia: Luxury Market: Sales through Mono-brand Stores (in Million US$), 2016 & 2021
Figure 25: Saudi Arabia: Luxury Market Forecast: Sales through Mono-brand Stores (in Million US$), 2022-2027
Figure 26: Saudi Arabia: Luxury Market: Sales through Multi-brand Stores (in Million US$), 2016 & 2021
Figure 27: Saudi Arabia: Luxury Market Forecast: Sales through Multi-brand Stores (in Million US$), 2022-2027
Figure 28: Saudi Arabia: Luxury Market: Sales through Online Stores (in Million US$), 2016 & 2021
Figure 29: Saudi Arabia: Luxury Market Forecast: Sales through Online Stores (in Million US$), 2022-2027
Figure 30: Saudi Arabia: Luxury Market: Sales through Other Distribution Channels (in Million US$), 2016 & 2021
Figure 31: Saudi Arabia: Luxury Market Forecast: Sales through Other Distribution Channels (in Million US$), 2022-2027
List of Tables
Table 1: Saudi Arabia: Luxury Market: Key Industry Highlights, 2021 and 2027
Table 2: Saudi Arabia: Luxury Market Forecast: Breakup by Category (in Million US$), 2022-2027
Table 3: Saudi Arabia: Luxury Market Forecast: Breakup by Gender (in Million US$), 2022-2027
Table 4: Saudi Arabia: Luxury Market Forecast: Breakup by Distribution Channel (in Million US$), 2022-2027
Table 5: Saudi Arabia: Luxury Market: Competitive Structure
Table 6: Saudi Arabia: Luxury Market: Key Players