Paradigm shift in economy along with changing consumption pattern to drive Saudi Arabia retail market through 2024
According to TechSci Research report, “Saudi Arabia Retail Market By Distribution Channel, By Product Category, Competition, Forecast & Opportunities, 2024”, Saudi Arabia retail market is projected to surpass $ 159 billion by 2024. Growth in the market can be attributed to increasing standardization, rising disposable incomes and shift towards modern concept of retailing. Moreover, Internet of Things and Big Data are anticipated to shape retail industry in the Kingdom of Saudi Arabia. In Saudi Arabia luxury spending is strong, however, there is growing demand for affordable brands like Max, which are introducing aggressive plans to expand in the country. Additionally, government initiatives to encourage Saudization and feminization of retail categories catering to women, such as lingerie or cosmetics is further anticipated to fuel growth in Saudi Arabia retail market. Furthermore, rising young population along with increasing number of tourists would contribute to the retail market in Saudi Arabia.
Browse 17 market data figures spread through 70 Pages and an in-depth TOC on “Saudi Arabia Retail Market, 2024”
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Online retail is anticipated to grow at the fastest rate in Saudi Arabia retail market in the coming years, backed by factors such as increasing internet awareness and convenience offered by online shopping. Central region which comprises Riyadh, capital of the Kingdom, was the largest demand generating region in the country’s retail market in 2018 and is expected to maintain its leading market position during forecast period as well. Riyadh is the Saudi Arabia’s most developed region, with population of 6 million.
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“Growth in Saudi Arabia retail market is anticipated to register a steady growth over the course of next five years. Factors like population growth, rise in per capita gross domestic product and expanding tourism are driving growth in the market. Increasing number of heritage sites registering with UNESCO is promoting the growth of cultural and entertainment opportunities within the kingdom, which is likely to positively influence retail sector of the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Retail Market By Distribution Channel, By Product Category, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Saudi Arabia retail market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Saudi Arabia retail market.
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