Saudi Arabia Luxury Market Report 2022-2027: Size, Share, Growth CAGR (11.72%) and Forecast

According to the latest report by IMARC Group, titled "Saudi Arabia Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the Saudi Arabia luxury market reached a value of US$ 7.41 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.24 Billion by 2027, exhibiting a CAGR of 11.72% during 2022-2027. Luxury goods refer to high-quality, durable, 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. Some of the common luxury products include watch, bags, cars, jewelry, and fragrances. On account of these factors, luxury items are widely adopted in Saudi Arabia due to the country's steady economic growth, high per capita income and strong financial system.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic.

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Saudi Arabia Luxury Market Trends:

The Saudi Arabia luxury market is majorly driven by the increasing population of young consumers and evolving lifestyle preferences, which, in turn, have facilitated the demand for various luxury products to enhance the personal appearance of an individual. This, along with the significant expansion in the travel and tourism sector, disposable incomes and ongoing infrastructural development is further driving the product adoption across both residential and commercial spaces. In line with this, numerous favorable initiatives undertaken by the government for investing in several ongoing renovations and intrastromal projects to strengthen economic cities, foster internal trade, and attract foreign direct investments (FDI) is acting as another growth-inducing factor.

Additionally, strategic collaborations amongst the key players have resulted in the establishment of mono-brand stores in the malls and shopping areas to offer secondary product lines at an affordable price, while meeting regional demands, which is contributing to the market growth. Furthermore, the rising emphasis of various brands to extend their luxury products portfolio, improve operations and cater to middle-class and the middle-upper class population is propelling the market growth. Other factors, such as the shifting inclination of consumers toward e-commerce and online shopping channels owing to their various beneficial properties, including easy availability and accessibility of branded goods, along with the deployment of various marketing strategies, such as celebrity endorsements through several social media platforms, are creating a positive outlook for the market across the country.

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Saudi Arabia Luxury Market 2022-2027 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.

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• 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.

Other Reports of IMARC Group:

• GCC Machine Tools Market: https://www.imarcgroup.com/gcc-machine-tools-market
• GCC Running Gear Market: https://www.imarcgroup.com/gcc-running-gear-market
• GCC E-Cigarette Market: https://www.imarcgroup.com/gcc-cigarette-market
• GCC Frac Sand Market: https://www.imarcgroup.com/gcc-frac-sand-market
• GCC Rechargeable Battery Market: https://www.imarcgroup.com/gcc-rechargeable-battery-market
• GCC Paper Products Market: https://www.imarcgroup.com/gcc-paper-products-market

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

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