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Israel Retail Report Q2 2009Published by: Business Monitor International Published: May. 14, 2009 - 44 Pages Table of Contents
AbstractThis new BMI Israel Retail report predicts that the country’s retail sales will grow from around US$32bn in 2007 to more than US$50bn by 2013. Key factors behind this growth are Israel’s strong underlying economic growth, sophisticated consumption habits, its growing population, and rising disposable incomes. Israel’s nominal gross domestic product (GDP) was US$164.2bn in 2007. Average annual GDP growth of 2.6% is predicted by BMI up until 2013. With the population increasing from 7.2mn in 2007 to 7.6mn throughout the forecast period, GDP per capita is predicted to rise by more than 31% by 2013, reaching US$29,766.The Jewish tradition of offering gifts to relatives and friends at many festivals during the year - Hanukkah in December, Passover in March/April, and the Jewish New Year in September - generates healthy demand for products such as consumer electronics, fashions and accessories, jewellery and other quality goods. Also, with about 30% of the Israeli population aged under 14, the youth market presents great potential for toy and game retailers. In 2005, 63.3% of the Israeli population was described by the United Nations (UN) as active, with 35.5% in the critical (for retail sales) 20-44 age range. By 2010, 64.3% of the population is expected to be economically active, while the proportion of those in the 20-44 age band is forecast to fall slightly to 35.3%. A very high level of urbanisation is also contributing to retail growth. In 2005, 91.7% of the population was classified by the UN as urban, and this is forecasted to increase to 92.0% by 2015. In terms of retail sub-sectors, Central Bureau of Statistics (CBS) data indicate that, in 2006, 3.9% of the Israeli household budget was spent on furniture and household equipment. 3.4% went on clothing and footwear, 1.3% on cosmetics, and 0.4% on jewellery and watches. On this basis, the furniture and household equipment market was worth US$1.1bn in 2006, clothing and footwear was valued at US$1bn, cosmetics was US$0.4bn, and jewellery and watches was US$0.1bn. Retail sales for our universe of Middle East and Africa (MEA) countries in 2007 amounted to an estimated US$344bn, based on the varying national definitions. Total consumer spending for the region, based on BMI’s macroeconomic database, amounts to US$467bn. In 2007, Saudi Arabia, South Africa and the United Arab Emirates (UAE) together accounted for an estimated 61.1% of regional retail sales, with their combined share expected to remain around this level until 2013. For Israel, the estimated 2007 market share of 9.3% is expected to ease to 8.5% by 2013. Get Full Details About This Report >> |
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