Boston, MA -- (SBWIRE) -- 05/29/2014 -- Microwaves benefited from a rise in religious tourism in Saudi Arabia at the end of the review period, thanks to the government investing in upgrading the country's tourism infrastructure. Many tourists buy consumer appliances such as microwaves to take home for themselves or as gifts, due to the tax-free nature of these products in the country, which keeps prices low. An increase in the number of pilgrims thus fuelled overall sales growth at the end of the review period.
United Yousef M Naghi was a steady leader in microwaves at the end of the review period, accounting for 38% retail volume share in the last three years of the review period. This company benefits from offering the LG brand, which enjoys a high level of consumer trust and offers a wide range of prices from economy to premium. This brand also benefits from its strength across consumer appliances in general and from wide distribution and effective marketing support.
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Microwaves is expected to benefit from a shift towards smaller households and Saudi Arabia's young population during the forecast period. A growing number of young Saudis will be keen to move out of their parents' homes, particularly as the housing shortage eases and disposable income levels continue to rise. This trend will also be encouraged by the growing number of women in the workforce. However, many of these young consumers lack confidence in cooking or lack the time or inclination to invest in cooking food from scratch. These consumers are expected to show growing interest in convenient meal solutions and also in convenient microwaves with which to prepare this food.
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The Microwaves in Saudi Arabia market research report includes:
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