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Saudi Arabia Luxury Market

Saudi Arabia Luxury Market Size, Share, Growth, Trends: By Category: Travel and Hotel, Cars, Personal Luxury Goods, Food and Drinks, Others; By Gender, Male, Female; By Distribution Channel: Monobrand Stores, Multibrand Stores, Online Stores, Others; Market Dynamics: SWOT Analysis; Competitive Landscape; 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.

 

Saudi Arabia Luxury Market

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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.

 

Saudi Arabia Luxury Market By Category

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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

 

Saudi Arabia Luxury Market By Region

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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:

  • Category
  • Gender
  • Distribution Channel
Breakup by Category
  • Travel and Hotel
  • Cars
  • Personal Luxury Goods
  • Food and Drinks
  • Others
Breakup by Gender
  • Male
  • Female
Breakup by Disribution Channel
  • Monobrand Stores
  • Multibrand Stores
  • Online Stores
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Saudi Arabia Luxury Market Snapshot
7    Opportunities and Challenges in the Market
8    Saudi Arabia Luxury Market Analysis

    8.1    Key Industry Highlights
    8.2    Saudi Arabia Luxury Historical Market (2018-2023) 
    8.3    Saudi Arabia Luxury Market Forecast (2024-2032)
    8.4    Saudi Arabia Luxury Market by Category
        8.4.1    Travel and Hotel
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Cars
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Personal Luxury Goods
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Food and Drinks
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Others 
    8.5    Saudi Arabia Luxury Market by Gender
        8.5.1    Male
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Female
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Saudi Arabia Luxury Market by Distribution Channel
        8.6.1    Monobrand Stores
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Multibrand Stores
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Online Stores
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Others
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    9.2    Porter’s Five Forces Analysis
        9.2.1    Supplier’s Power
        9.2.2    Buyers Power
        9.2.3    Threat of New Entrants
        9.2.4    Degree of Rivalry
        9.2.5    Threat of Substitutes
    9.3    Key Indicators for Demand
    9.4    Key Indicators for Price
10    Value Chain Analysis
11    Competitive Landscape

    11.1    Market Structure
    11.2    Key Players Profile Analysis
12    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Saudi Arabia Luxury Market: Key Industry Highlights, 2018 and 2032
2.    Saudi Arabia Luxury Historical Market: Breakup by Category (USD Billion), 2018-2023
3.    Saudi Arabia Luxury Market Forecast: Breakup by Category (USD Billion), 2024-2032
4.    Saudi Arabia Luxury Historical Market: Breakup by Gender (USD Billion), 2018-2023
5.    Saudi Arabia Luxury Market Forecast: Breakup by Gender (USD Billion), 2024-2032
6.    Saudi Arabia Luxury Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
7.    Saudi Arabia Luxury Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
8.    Saudi Arabia Luxury Market Structure

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.

Analyst Review

The Saudi Arabia luxury market attained a value of USD 19.23 billion in 2023 driven by the growing disposable incomes and rising demand for luxury goods. Aided by the rising attempts for economic diversification in the country, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 7%. The market is projected to reach USD 35.42 billion by 2032. 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its categories, the Saudi Arabia luxury market can be segmented into travel and hotel, cars, personal luxury goods, and food and drinks, among others. The industry, on the basis of gender, can be divided into male and female. On the basis of distribution channels, the market is categorised into monobrand stores, multibrand stores, online stores, and others.

The major drivers of the market such as rising disposable incomes, increasing population, increased spending on luxury products and services, and economic diversification are expected to aid the market growth. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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