{"id":98291,"date":"2025-06-30T00:00:00","date_gmt":"2025-06-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/30\/gulfs-taste-for-luxury-defies-global-slowdown\/"},"modified":"2025-06-30T00:00:00","modified_gmt":"2025-06-30T00:00:00","slug":"gulfs-taste-for-luxury-defies-global-slowdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/06\/30\/gulfs-taste-for-luxury-defies-global-slowdown\/","title":{"rendered":"Gulf\u2019s taste for luxury defies global slowdown"},"content":{"rendered":"

Saudi Arabia and the UAE were the two \u201cmain growth engines\u201d for the GCC personal <\/strong>luxury market in 2024<\/strong>, according to Chalhoub Group\u2019s GCC Personal Luxury report (pdf)<\/a>. Saudi Arabia accounted for 18% of the regional luxury market \u2014 up 5 percentage points y-o-y \u2014 coming in behind the UAE, which rose 7 percentage points to 56% of the market. Kuwait comes in third (13%), followed by Qatar (10%), Bahrain (1%), and Oman (1%). <\/p>\n

The Kingdom stands out for its dynamic retail environment<\/strong>, which saw a 24% y-o-y increase in gross leasable area (GLA) and a 3% rise in private consumption compared to 2023. Luxury mall developments, new brand entries, and high consumer optimism \u2014 65% of Saudi respondents said the economy had improved \u2014 are creating strong momentum. KSA also holds a 21% GCC market share in watches and jewelry, second only to the UAE.<\/p>\n

\n

THE REGIONAL PICTURE-<\/p>\n

Shoppers across the GCC spent USD 12.8 bn on personal luxury goods in 2024, bucking<\/strong> a global downturn<\/strong> to grow 6% y-o-y, according to the report. Driving this growth was luxury fashion, which accounted for 43% of the total market, registering 6% y-o-y growth. Prestige beauty was the fastest growing at 12% y-o-y, led by a 17% rise in skincare. Fragrance dominates the beauty category at 49% of sales, with niche and private collections gaining popularity. Watch sales were flat, reflecting global patterns, but jewellery helped offset this with a 7% gain.<\/p>\n

Across the GCC, tourist luxury spending rose 5% y-o-y<\/strong>, with an 8% rise in air arrivals. Saudi tourists ranked among the top spenders abroad, particularly in the UAE, attracted by broader product offerings and competitive prices. <\/p>\n

The luxury fashion market\u2019s growth extended into 1Q 2025<\/strong>, with Saudi Arabia contributing to an 11% regional rise in luxury fashion sales and a 23% jump in prestige beauty. The positive trend was supported by Ramadan coming in during the first quarter of the year, along with expanded points of sale and sustained consumer demand.<\/p>\n

Meanwhile, the GCC\u2019s e-commerce sector grew 13% y-o-y in 2024<\/strong>, once again bucking the global trend, where e-commerce is contracting as much as 4%. Still, online sales make up just 13% of the region\u2019s total, compared to a 20% global average.<\/p>\n

IN CONTEXT- <\/strong>Saudi Arabia ranked<\/a> second among seven MENA countries and 26th globally in the E-Commerce Maturity Index earlier this year. Domestic e-commerce spending is projected to grow 10.6% annually to reach USD 24.5 bn by 2029, with its share of total consumer spending rising from 3.6% in 2025 to 4.1% by 2029.<\/p>\n

Looking ahead:<\/strong> The GCC personal luxury market is expected to reach USD 15 bn by 2027, driven by domestic spending, tourism recovery, and an expanding base of high-net-worth expats. Eight luxury malls are planned across KSA and the UAE, alongside new category growth and e-commerce expansion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Strong local demand, rising tourism, and new retail openings continue to fuel growth<\/p>\n","protected":false},"author":1,"featured_media":98292,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2671],"tags":[1803,836,10,211],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","tag-chalhoub-group","tag-consumer-spending","tag-enterpriseam-ksa","tag-retail","wpautop","entry"],"acf":{"mongo_id":"5a8b5395-d3f0-40c5-87bc-d14449e2f1f5","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/6\/1661.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GCC luxury sales climb 6% in 2024 to USD 12.8 bn","related_issue":[98275],"teaser":"Strong local demand, rising tourism, and new retail openings continue to fuel growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.dcab9bc1-a7a9-4479-8386-f3093f8d8b70.mp3"},"yoast_head":"\nGulf\u2019s taste for luxury defies global slowdown - 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