Saudi Arabia has been strategizing to shift its economic dependency from oil and focus on non-oil sectors. Promoting tourism is one such important initiative of the country. Saudi Arabia is one of the major destinations of religious gatherings for Muslims with one of the largest religious congregations of Hajj and Umrah. As per Ken research findings, ~20 Mn tourists visit Saudi Arabia in a year for religious reasons with 2.4 Mn visiting Hajj in 2019. The growing tourism has also cushioned many industries and the Bags and luggage market is no exception here. The industry is growing at a positive growth rate but has a huge potential to grow more in the coming years.
The interesting note is- rising tourism is not “only” the growth driver of the KSA bags and luggage market. To find out what is contributing towards the expansion of the bags luggage industry in KSA, keep reading!
1. The Economy of Saudi Arabia is growing at a CAGR of 3.5% with Rapid Growth in Non Oil Sectors such As Tourism, Retail Business and Manufacturing
2. Due to the Global Pandemic, tourism was on hold due to which KSA Bags and Luggage Market also saw a Significant Dip in Revenues in 2020
3. Presently over ~35 Million Saudi & Non-Saudi Population of Different Income Group presents a Huge Potential for Different Variants of Bags and Luggage present in the Market
4. Imported and Locally manufactured Bags and Luggage are effectively distributed to all Retail outlets via Effective Distributive channels operational throughout KSA
5. Seasonal Discounts during festive months of Eid and Ramadan, New years and Christmas are offered for high influx of customers in the Stores
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6. People of KSA are being aware of the fashion trends by Influencers and Bloggers trend, Online Marketing Techniques in KSA which is boosting the demand for stylish yet functional bags and luggage in KSA
7. Also, the growth of E-commerce, FDI, rising Tourism, and surging Young and Women population will further fuel the growth of the Bags & Luggage market in KSA
To Know more about this Whitepaper, Visit this link:-
Saudi Arabia Bags & Luggage Market
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