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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Saudi Arabia Luxury Market Outlook
The Saudi Arabia luxury market size reached a value of about USD 19.23 billion in 2023. The market is further expected to increase at a CAGR of 7% between 2024 and 2032 to reach a value of approximately USD 35.42 billion by 2032.
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Saudi Arabia is among the wealthiest and fastest-growing Arab nations in the world. Due to steady economic growth as well as high per capita income, the country has seen increased spending on luxury products and services like fragrances, automobiles, watches, leather goods, hotels, etc. In addition, the Kingdom is investing in economic diversification and has established retail as a key growth channel. This promotes the growth of the retail sector by promoting public spending in retail infrastructure projects. In addition, the thriving tourism industry has also created enormous opportunities for both the luxury hospitality and retail sectors.
Properties and Applications
Luxury marketing refers to the marketing of luxury products that are not considered necessary for the customer, but which make life more enjoyable. Designer garments, luxury vehicles, and costly jewellery are among the things that qualify. The luxury industry is known to be different from the mainstream consumer market since luxury customers make unique purchases that the majority of consumers cannot afford.
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Based on the category, the Saudi Arabia luxury market can be divided into:
- Travel and Hotel
- Cars
- Personal Luxury Goods
- Food and Drinks
- Others
The industry on the basis of gender can be categorised into male and female.
On the basis of the distribution channel, the industry can be segmented into:
- Monobrand Stores
- Multibrand Stores
- Online Stores
- Others
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Market Analysis
The Government of Saudi Arabia recently announced its plan to build four economic cities to foster internal trade, attract foreign direct investment (FDI), as well as diversify into non-oil industries, which, in return, boost the Saudi Arabia luxury market growth of luxury goods in the country. In addition, major luxury brands, such as Prada, Tiffany, and Mulberry, are growing their presence in Saudi Arabia by opening up single-brand stores and responding to regional demand and trends. They are now launching secondary product lines, appealing to middle and upper-middle classes who aspire to their own affordable luxury. In addition, the establishment of state-of-the-art malls also provides these brands with sufficient space to broaden their operations in the region. Furthermore, the power of social media, together with the rise of online shopping, has had a positive effect on the luxury industry in Saudi Aravbia as shoppers can now access luxury brands even through online platforms.
The report by EMR covers the macro and micro aspects of the industry by covering the historical (2018-2023) and forecast (2024-2032) trends of its various segments like category, gender, and distribution channel. The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. It also gives the key demand and price indicators of the industry.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Category |
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| Breakup by Gender |
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| Breakup by Disribution Channel |
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| Market Dynamics |
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| Competitive Landscape |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the Saudi Arabia luxury market attained a value of nearly USD 19.23 billion.
In the forecast period of 2024-2032, the market is projected to grow at a CAGR of 7%.
By 2032, the market is estimated to reach a value of about USD 35.42 billion.
The major market drivers are the steady economic growth in the country, growing public spending on retail infrastructure projects, and thriving tourism sector.
The increasing expat population and the surging spending on luxury products and services are the key trends guiding the market.
The major categories in the market are travel and hotel, cars, personal luxury goods, and food and drinks, among others.
Male and female are the significant genders considered in the market report.
The major distribution channels in the market are monobrand stores, multibrand stores, and online stores, among others.
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