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Saudi retail market to grow 21pc by 2013, says study
Saudi Arabia’s retail market is expected to grow by 21 percent over the next four years, from…
December 16, 2009 4:32 by kippreport
Saudi Arabia’s retail market is expected to grow by 21 percent over the next four years, from $76 billion in 2008 to $97 billion by 2013, according to a Retail Report on the kingdom by Business Monitor International (BMI).
The nation’s economic growth, its young population and the rise in disposable income will drive Saudi’s retail growth, the report said.
“With the population increasing from 24.4 million in 2008 to an estimated 26.5 million by 2013, consumer spending per capita is predicted to rise by more than 24 percent by the end of the forecast period, reaching $5,246,” BMI said.
“Increasing urbanization is also driving retail sales. In 2005, nearly 89 percent of the population was classified by the UN as urban, and this is forecast to increase to more than 90 percent by 2010,” the report said, adding: “The UN also described more than 57 percent of the population as economically active in 2005, with this proportion forecast to exceed 66 percent by 2015.”
The report noted, however, that Saudi Arabia’s expected retail growth is not the highest in the GCC; BMI predicts the UAE’s sector will grow by 26 percent over the same period, to reach $142.59 billion by 2013.