According to the latest report by IMARC Group, titled “Saudi Arabia Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the Saudi Arabia luxury market size reached US$ 8.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.8 Billion by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028. Luxury goods represent durable and premium key entities that are desired within the culture and society for exhibiting the status symbol of their owners while providing satisfaction at the highest price point. They offer superior craftsmanship and high-value aesthetics. In line with this, some of the common luxury products include bags, cars, watches, jewelry, fragrances, etc. They are manufactured by using high-grade materials and provide uniqueness. As such, luxury goods are widely available via e-commerce and online shopping channels across Saudi Arabia.
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Saudi Arabia Luxury Market Growth:
The growing consumer inclination towards enhancing their personal appearance and the expanding travel and tourism sector are primarily driving the Saudi Arabia luxury market. Additionally, the inflating disposable income levels of individuals and the launch of numerous favorable policies by government bodies for investing in various ongoing renovations and intrastromal projects to strengthen economic cities and foster internal trade are further catalyzing the market growth. Besides this, the rising need among brands for extending their luxury products portfolio, improving operations, and catering to the middle-class and upper-class population is acting as another significant growth-inducing factor. Moreover, the widespread adoption of marketing strategies, such as celebrity endorsements, through social media platforms, the emerging trend of online shopping, and the development of upscale malls are propelling the market growth across the country. Apart from this, strategic collaborations among key market players have led to the introduction of mono-brand stores in shopping areas to offer secondary product lines at an affordable price, which is anticipated to fuel the Saudi Arabia luxury market over the forecasted period.
Saudi Arabia Luxury Market 2023-2028 Analysis and Segmentation:
Key Market Segmentation:
- Mono-brand Stores
- Multi-brand Stores
- Online Stores
- Travel and Hotel
- Personal Luxury Goods
- Food and Drinks
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.
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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.