In the recent trend, the clothing and footwear retailing in Saudi Arabia is growing more significantly as branded cloths and footwear is define the status of a consumer which increase the demand and sales of both in a significant manner. Moreover, significant increase in the disposable income and urbanization has made the market more profitable and lead to effective growth in the retailing of clothing and footwear. The key players are establishing new technologies for making these products more attractive and reasonable which further lead the demand and increase the supply of the product. With the increase in supply and demand the market has become more effective as the present key players are introducing their business at an online platform which serves huge variety of goods across the globe and proved a reliable stage for gaining the highest share. Meanwhile the youth has become more conscious with their clothing sense and footwear which has further fueled this market more effectively.
According to the report analysis, ‘Clothing & Footwear Retailing In Saudi Arabia, Market Shares, Summary And Forecasts To 2022’ states that some of the major companies which are currently functioning in this domain more actively for attaining the market share and expanding their business premises which involves Lifestyle, Max, H&M, Zara, Gazzaz, Spash, BHS, U-Mark, Nayomi, Sun & Sand Sports and several others. Whereas, Zara produced the fastest growth in 2017 supported by growing store count. Not only has this, the report also offers detailed and relevant information related to the retailers in clothing and footwear category group with the market insights which is based on consumer trends, technology innovations, macroeconomic factors, changing economic and demographic factors.
Meanwhile, the Saudi Arabia retail market is anticipated to rise at a CAGR of 7.3% during 2017-2022 whereas, the sales are projected to increase from SR75.2 billion in 2017 to SR117.4 billion in 2022.
The increase in the population and development in the lifestyle with the growing female workforce are the growth drivers of this sector whereas, the government initiative and rising consumer confidence set to operate the growth of this market in the respected region. Undoubtedly, the e-commerce platform ensure the retailer for expanding their business across the globe and can be managed while sitting at a particular place hence, the online produces the fastest growth whereas, the specialists is the largest distribution channel.
As online penetration doubles the online sales are set to triple during 2017-2022. With the growing online demand the market of this is growing more significantly and key players are being able to attain the highest growth more effectively. Whereas, the international brands are expanding their business in both means that is physical and online due to rising demand in the market for clothes.
The major key players which are operating in the clothing and footwear market investigate the current behavior of consumer for identifying the best opportunities which are very much fruitful for both key players and consumers. Therefore, in the coming years it is expected that the clothing and footwear retailing in Saudi Arabia will grow rapidly over the decades with the effective strategies and policies of the key players.
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Ankur Gupta, Head Marketing & Communications