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Recent Study: Saudi Arabia Retail Report Q2 2014

Recently published research from Business Monitor International, "Saudi Arabia Retail Report Q2 2014", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 05/23/2014 -- Strong economic growth, rising disposable incomes, an increasing acceptance of the concept of modern retailing, an enlarged consumer base created by the improved position of women in society, as well as more opportunities for Saudi workers, are all expected to result in steady growth for the Saudi Arabian retail sector over the next few years. Household spending will rise across all retail subsectors, but we are particularly bullish about the future growth prospects for restaurants & hotel spending, with expenditure on furnishing & home also forecast to grow strongly between 2014 and 2018. However, we expect personal, insurance & other expenditure to remain by far the largest subsector throughout our forecast period.

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The new Saudi Arabia Retail report provides an extensive and comprehensive forecast of various retail indicators including household spending, and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts, and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, healthcare and insurance, consumer electronics, toys, pets, gardens, household goods, and a number of other subsectors.

Changing consumption patterns in Saudi Arabia have caught the attention of large multinational retailers, with local operators also investing heavily in expanding their modern store networks. Larger outlets are located in the three largest urban commercial areas of the country: Jeddah, Riyadh and Dammam/Khobar/ Dhahran ('the triplet cities'), although modern shopping centres are increasingly spreading beyond the major cities. There are still many small local grocery outlets, due mainly to the fact that women are not permitted to drive and therefore rely on stores in their immediate neighbourhoods for their daily shopping. However, there are growing signs that the position of women in society - and in the workforce - is improving.

We forecast that the average net household income will be around US$54,275 in 2014, and that this will rise to US$62,046 by the end of our forecast period in 2018. This bodes well for increased household spending on luxury items beyond necessities such as food, utilities and transport, and will result in a corresponding increase in household spending on health, communications and personal care.

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