Online Retail to Witness Swift Growth in Saudi Arabia Retail Market through 2024
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”
https://www.techsciresearch.com/report/saudi-arabia-retail-market/1505.html
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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