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Written by Rahul Singh » Updated on: December 11th, 2024
Saudi Arabia Luxury Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: USD 9.2 Billion
Market Forecast in 2032: USD 22.5 Billion
Market Growth Rate: 10.1% (2024-2032)
The Saudi Arabia luxury market size reached USD 9.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 22.5 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.
Saudi Arabia Luxury Market Trends:
The market in Saudi Arabia is primarily driven by the augmenting interest in premium lifestyles among the affluent population, fuelled by the nation's economic diversification efforts under Vision 2030. In line with this, the increasing influx of global luxury brands establishing flagship stores is facilitating market growth.
Moreover, rising disposable incomes are enabling consumers to invest in high-end products and experiences, propelling demand. Furthermore, the cultural shift toward embracing modern lifestyles is creating lucrative opportunities for luxury retailers.
Additionally, the growing influence of social media in promoting luxury trends is significant for consumer engagement. Besides, the development of luxury tourism projects, such as NEOM and Red Sea resorts, is reinforcing the market's growth. In addition, the rising interest in sustainable luxury and eco-friendly products is attracting a new segment of socially conscious consumers, further augmenting the market's growth.
Saudi Arabia Luxury Market Scope & Growth Analysis:
The market scope is broadening significantly due to the increasing focus on luxury tourism initiatives, which are positioning the country as a global luxury destination. Besides, the strategic partnerships between international luxury brands and local entities are fostering market collaboration and innovation. Moreover, the establishment of high-end malls and shopping districts is creating a thriving retail environment catering to both domestic and international consumers.
Furthermore, the inclusion of women in the workforce is amplifying their purchasing power, contributing to higher demand for luxury goods. Additionally, the ongoing diversification of the luxury segment into sectors such as automobiles, wellness, and real estate is opening new avenues for the market.
Besides, the integration of digital innovations like augmented reality (AR) in luxury shopping is improving customer experiences. As per market analysis, government-led efforts to promote art and culture are further driving demand for luxury collectibles and bespoke products, thereby providing an impetus to the market.
Request for a sample copy of this report: https://www.imarcgroup.com/saudi-arabia-luxury-market/requestsample
Saudi Arabia Luxury Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Distribution Channel:
Mono-brand stores represent the most popular distribution channel
Breakup by Category:
Cars hold the largest share in the market
Breakup by Gender:
The report has provided a detailed breakup and analysis of the market based on the gender. This includes male and female. According to the report, female represented the largest market segmentation.
Regional Insights:
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
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