Saudi Arabia Luxury Market Report and Forecast 2024-2032

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