Saudi Arabia is one of the richest Arab countries as well as the fastest-growing economies in the world. On account of the sustained economic growth and high per capita income, the country has witnessed an increase in spending on luxury products and services such as fragrances, cars, watches, leather items, hotels, etc. Moreover, the Kingdom is investing in economic diversification and has identified retail as a key channel for growth. It is supporting the expansion of the retail industry by encouraging public investments in retail infrastructure projects. Apart from this, the booming tourism industry has also created vast opportunities for both the luxury hospitality and retail sectors.

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Saudi Arabia Luxury Market Trends:

Saudi Arabia has emerged as one of the largest luxury goods market in the GCC region owing to rapid digital transformation, varying economic trends, and evolving consumer preferences and tastes. The country’s young population has one of the highest disposable incomes in the world which has created a high demand for luxury goods across the country. Further, global luxury brands such as Tiffany, Mulberry and Prada are increasing their presence in Saudi Arabia by establishing mono-brand stores as well as adapting to regional demands and trends. The establishment of upscale malls has also provided these brands ample space to expand their operations in the country. Moreover, internet penetration, influence of social media and the trend of online shopping have positively impacted the luxury market in Saudi Arabia as shoppers can now access global brands through online platforms.

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Saudi Arabia Luxury Market 2021-2026 Analysis and Segmentation:

Breakup by Distribution Channel:

Mono-brand Stores

Multi-brand Stores

Online Stores

Other

Breakup by Category:

Travel and Hotel

Cars

Personal Luxury Goods

Food and Drinks

Others

Breakup by Gender:

Male

Female

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.

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