|
|
Saudi Arabia Retail Report Q2 2009Published by: Business Monitor International Published: May. 14, 2009 - 43 Pages Table of Contents
AbstractThis new BMI Saudi Arabia Retail report predicts that the country’s retail sales will grow from around US$63bn in 2007 to US$89bn by 2013. Key factors behind the forecast growth in Saudi Arabia’s retail sales are the following: strong economic growth, rising disposable incomes, increasing acceptance of the concept of modern retailing, a youthful population, and an enlarged consumer base created by the improved position of women in society.Saudi Arabia’s nominal gross domestic product (GDP) was US$382bn in 2007. Average annual GDP growth of 3.4% is predicted by BMI until 2013. With the population increasing from 24.2mn in 2007 to an estimated 26.5mn by 2013, GDP per capita is predicted to rise by more than 22% by the end of the forecast period, reaching US$19,286. We believe consumer spending per capita will increase from US$3,921 in 2007 to US$5,241 by 2013. The retail sector benefits from the large number of Muslim tourists visiting the country to take part in the Haj and Umrah festivals every year. Sales of gifts and souvenirs in 2008 were estimated to have risen by at least SAR4bn ($1.1bn) due to shopping by Haj pilgrims, according to a Gulf News report. Increasing urbanisation is also driving retail sales. In 2005, nearly 86% of the population was classified by the United Nations (UN) as urban, and this is forecasted to increase to more than 90% by 2010. The UN described more than 57% of the population as economically active in 2005, with this proportion forecast to exceed 59% by 2010 and 66% by 2015. Some 38% of the population was in the critical (for retail sales) 20-44 age range in 2005, and the UN forecasts that this will rise to almost 46% by 2015. San Francisco-based Gap is among the latest international retailers to enter the market. It plans to open 44 Gap stores (and Gap concept variations) and 10 Banana Republic stores in Saudi Arabia by 2012. Retail sales for our universe of 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. Saudi Arabia, South Africa and the United Arab Emirates (UAE) together in 2007 accounted for an estimated 61.1% of regional retail sales, and their combined share is expected to remain around this level to 2013. For Saudi Arabia, the estimated 2007 market share of 18.3% is expected to ease to 14.9% by 2013. Get Full Details About This Report >> |
|
|||
|
About MarketResearch.com
|
||||