Saudi Arabia Luxury Market To Grow From USD 10.1 Billion To USD 23.3 Billion By 2033

Market Size in 2024 : USD 10.1 Billion

Market Size in 2033: USD 23.3 Billion

Market Growth Rate 2025-2033: 9.7%

According to IMARC Group's latest research publication,“ Saudi Arabia Luxury Market Report by Distribution Channel (Mono-brand Stores, Multi-brand Stores, Online Stores, and Others), Category (Travel and Hotel, Cars, Personal Luxury Goods, Food and Drinks, and Others), Gender (Male, Female) 2025-2033“ , The Saudi Arabia luxury market size reached USD 10.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 23.3 Billion by 2033, exhibiting a growth rate (CAGR) of 9.7% during 2025-2033.

Our report includes:

• Market Dynamics
• Market Trends and Market Outlook
• Competitive Analysis
• Industry Segmentation
• Strategic Recommendations

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Saudi Arabia Luxury Market Trends & Drivers:

Saudi Arabia's luxury market is booming thanks to a surge in high-net-worth individuals, with 117,000 millionaires fueling demand for exclusive goods. Vision 2030's push for economic diversification, including 75 billion Saudi Riyals invested in non-oil sectors, supports luxury retail growth. Brands like Prada are opening flagship stores in Riyadh's upscale malls, catering to affluent shoppers. Social media influencers drive desire for status symbols, with 68% of Saudi consumers citing Instagram as a key purchase influencer. This wealth-driven demand, backed by government initiatives, creates a vibrant market for high-end fashion, jewelry, and cars.

The rise of e-commerce is reshaping Saudi Arabia's luxury market, with online platforms like Noon.com reporting a 30% sales increase for premium brands. Vision 2030's National Strategy for Data and AI fosters digital innovation, enabling brands like Hermès to launch tailored online stores. Younger consumers, with 60% of the population under 35, prefer seamless digital experiences, boosting platforms like Ounass. AI-powered personalization, used by retailers like L'azurde, enhances customer engagement, with 25% higher conversion rates. This digital shift, supported by government tech investments, makes luxury more accessible and appealing to tech-savvy Saudis.

Luxury tourism, backed by Vision 2030's giga-projects like NEOM and The Red Sea Project, is driving Saudi Arabia's high-end market. These initiatives aim to attract 100 million tourists annually, with luxury hotels like Four Seasons reporting 85% occupancy in Jeddah. Affluent visitors spend 15% more on premium retail, boosting brands like Tiffany in upscale malls. Local consumers, with rising disposable incomes, also fuel experiential luxury, with 72% prioritizing travel and dining. These ambitious projects and growing tourism create a dynamic environment for luxury brands to thrive.

How AI is Reshaping the Future of Saudi Arabia Luxury Market

Artificial intelligence is transforming Saudi Arabia's luxury market by personalizing shopping experiences and streamlining operations for high-end brands. AI-driven tools like those from FeatureMind are helping luxury jewelry brand Mouawad enhance e-commerce, offering tailored online experiences that resonate with Saudi consumers. Government initiatives under Vision 2030, like the National Strategy for Data and AI, are boosting innovation with over 75 billion Saudi Riyals in investments to support AI startups. Retail giants like Noon.com use AI for dynamic pricing and personalized recommendations, increasing sales by 22% for some Riyadh-based chains. With 117,000 millionaires driving demand, AI is making luxury shopping smarter and more exclusive.

Saudi Arabia Luxury Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Distribution Channel:

• Mono-brand Stores
• Multi-brand Stores
• Online Stores
• Others

Breakup by Category:

• Travel and Hotel
• Cars
• Personal Luxury Goods
• Food and Drinks
• Others

Breakup by Gender:

• Male
• Female

Recent News and Developments in Saudi Arabia Luxury Market

• June 2025: AI-powered personalization is revolutionizing Saudi Arabia's luxury retail, with brands like Mouawad using FeatureMind's machine learning tools to tailor e-commerce experiences, boosting online sales by 20% for high-end jewelry in Riyadh.
• July 2025: Electric foiling boats, introduced by Red Sea Global, transform luxury tourism with eco-friendly water transport, reaching 30 knots and cutting emissions, enhancing guest experiences at NEOM resorts.
• August 2025: Chalhoub Group's 'The Visitor' at Jeddah's airport leverages AR displays to showcase 200 luxury brands, increasing traveler spending by 15% through immersive shopping.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Note: If you require specific details, data, or insights that are not currently included in the scope of this report, we are happy to accommodate your request. As part of our customization service, we will gather and provide the additional information you need, tailored to your specific requirements. Please let us know your exact needs, and we will ensure the report is updated accordingly to meet your expectations.

About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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