The nation offers a budding creative economy and growing UHNW base, boasting one of the youngest populations worldwide, according to a soon-to-launch trend report.
Saudi Arabia boasts an increasing base of ultra-high-net-worth individuals carrying $30 million or more, according to a new report. Image credit: The Future Laboratory/Ahmad AlnajiWhen it comes to hotspots of growing interest for high-end brands, all eyes are on the Middle East, according to a soon-to-launch trend report.
"Moving away from high-status, high-shine luxury, the next generation of Saudi consumers are re-inventing luxury from the inside out," Mr. Hawkins said.
With one of the youngest populations worldwide — census data reveals that 63 percent of its citizens are under 30 years old — the country's future leaders are fueling a shift toward a thriving creative economy, propelling rapid market growth right now. Interacting with Saudi-first enterprises is of importance to a near-unanimous 95 percent of the group. The nation's fashion industry appears to be flourishing. Within the next five years, the trade is predicted to contribute $12.5 billion in value to its GDP, roughly 1.4 percent of the overall total.
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