Saudi Arabia Luxury Market Research Report, Size, Share, Trends and Forecast to 2024
(EMAILWIRE.COM, June 18, 2019 ) According to the latest report by IMARC Group, titled Saudi Arabia Luxury Market Research Report and Forecast 2019-2024, the Saudi Arabia luxury market reached a value of US$ 14.5 Billion in 2018. 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.
Get a PDF Sample for more detailed market: http://www.imarcgroup.com/saudi-arabia-luxury-market/requestsample
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 countrys 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. Looking forward, the market is projected to reach a value of US$ 22.2 Billion by 2024, exhibiting a CAGR of 7% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: http://www.imarcgroup.com/saudi-arabia-luxury-market
Insights on Market Segmentation:
Market Performance by Category:
1. Travel and Hotel
2. Cars
3. Personal Luxury Goods
4. Food and Drinks
5. Others
Based on categories, travel and hotels represent the leading category, holding the largest market share. Travel and hotels are followed by cars, personal luxury goods, and food and drinks.
Market Performance by Gender:
1. Male
2. Female
On the basis of gender, the luxury market in Saudi Arabia has been segmented into males and females. Males currently dominate the market, accounting for the majority of the overall market share.
Market Performance by Distribution Channel:
1. Monobrand Stores
2. Multibrand Stores
3. Online Stores
4. Others
Based on distribution channels, the Saudi Arabia luxury market has been segregated into mono-brand stores, multi-brand stores, online stores and others.
Competitive Landscape :
The competitive landscape of the Saudi Arabia luxury market has also been examined with the profiles of the leading key players operating in the market.
Browse similar reports by IMARC Group:
Global Magnetic Stirrer Market Research Report and Forecast: http://www.imarcgroup.com/magnetic-stirrer-market
Global Stylus Pen Market Research Report and Forecast: http://www.imarcgroup.com/stylus-pen-market
About Us:
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.
IMARCs 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, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
IMARC Services Pvt. Ltd.
Richard Lewis
6317911145
sales@imarcgroup.com
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
style="display:inline-block;width:728px;height:90px"
data-ad-client="ca-pub-8067340778164251"
data-ad-slot="1705653249">
Source: EmailWire.Com
News Provided by EmailWire