The Saudi Arabia Luxury Market (2018-2023): The Market is Anticipated to Reach $20.8 Billion by 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 7, 2018--The “Saudi Arabia Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” report has been added to ResearchAndMarkets.com’s offering.
The Saudi Arabia luxury market reached a value of US$ 13.5 Billion in 2017. Looking forward, the market value is further expected to reach US$ 20.8 Billion by 2023, exhibiting a CAGR of 7.5% during 2017-2023.
Driven by rising income levels, the country’s luxury market has been exhibiting a continuous growth. Saudi Arabia has also witnessed strong population growth with the country’s population increasing by nearly 30% over the last decade.
Moreover, more than half of the total population in the country is below 25 years of age. With this generation of the population being brought up during the country’s economic rise, they consider luxury not given but as a gift. It is the country’s young population that represents the biggest catalyst of the luxury market.
Moreover, infrastructure development, strong growth of the e-commerce industry, increasing internet penetration, and growing travel and tourism sector in Saudi Arabia are further expected to bolster the luxury market in the country.
Based on the category, the market has been segmented into travel and hotels, cars, personal luxury goods, food and drinks, and others. Currently, travel and hotels dominate this market followed by cars, personal luxury goods, and, food and drinks.
On the basis of gender, the market has been segmented into males and females. Males currently account for the largest share in this market.
Based on the distribution channel, the Saudi Arabia luxury market has been segmented into mono-brand stores, multi-brand stores, online stores and others.
Key Topics Covered
2 Scope and Methodology
3 Executive Summary
5 Saudi Arabia Luxury Market
6 Market Performance by Category
7 Market Performance by Gender
8 Market Performance by Distribution Channel
9 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/cclh4l/the_saudi_arabia?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180907005518/en/
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INDUSTRY KEYWORD: LUXURY RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 09/07/2018 05:31 PM/DISC: 09/07/2018 05:31 PM