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Saudi Arabia Luxury Market Growth, Challenges, and Investment Opportunities - IMARC Group
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Saudi Arabia Luxury Market Expected to Reach $22.2 Billion, exhibiting grow at 7% CAGR by 2024 by IMARC group.

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According to IMARC Group, titled " Saudi Arabia Luxury Market : Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the luxury market in Saudi Arabia reached a value of US $ 14.5 Billion in 2018. Saudi Arabia is one of the richest countries 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 goods and services such as fragrances, cars, watches, leather items, hotels, etc. Moreover, the Kingdom is investing in economic diversification and has identified a key channel for growth. It is supporting the expansion of the retail industry by public investment in infrastructure projects. Apart from this, the booming tourism industry has also created vast opportunities for both luxury hospitality and retail sectors.

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Saudi Arabia Luxury Market Trends:

Saudi Arabia has emerged as one of the largest market segments in the GCC region, and is 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. Further, Tiffany, Mulberry and Prada are increasing their presence in Saudi Arabia by establishing single-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. Looking forward, the luxury market in Saudi Arabia is projected to reach a value of US $ 22.2 Billion by 2024, exhibiting at CAGR of 7% during 2019-2024.

Saudi Arabia Luxury Market Summary:

·         Based on categories, representing the leading category, holding the largest market share . Travel and hotels, personal luxury goods, and food and drinks.

·         On the basis of gender, the luxury market in Saudi Arabia has been segmented into males and females. Males currently dominates the market, accounting for the majority of the overall market share.

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·         The competitive landscape of the Saudi Arabia luxury market HAS aussi beens Examined with the profiles of the leading key players operating in the market.


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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with customers in their sectors to identify their highest-value opportunities, their most critical challenges, and their businesses.


IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, nanotechnology and novel processing methods are at the top of the company's expertise.

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