The report highlights that the entertainment, cultural, and leisure markets are en route to becoming billion-dollar industries.
Saudi Arabia is ushering in a new era and innovating with digitization, and it is well on its way to becoming a global investment powerhouse. With sustainability at its heart, Saudi Arabia’s Vision 2030 is a catalyst for reform. The way people live and where they live in the Kingdom are being transformed under Vision 2030 as cities become more livable through increased green spaces, new experiences, and exposure to nature, leading to an improved quality of life. GfK, an NIQ Company's recent study sheds light on how Saudi Arabia is an important market that is “growing and promising” for the Middle East region and the world. The findings touch upon consumer attitudes & behavior towards retail shopping.
According to Prachi Satoskar, Commercial Director, at GfK an NIQ Company, “Brands, and leaders must understand that sustainability does not always equate to premium. With a trusted, forward-thinking partner by your side, strategizing under extraordinary market and ecological pressures is more than possible. Brands must tap into unrivaled data science and business intelligence expertise, and AI-backed technology to find out how your business can achieve its sustainability impact targets and drive growth.”
Key highlights of the study:
Women Consumers in KSA are ‘traditional’ yet aspiring to ‘play’ an active role in society.
47% of Saudi consumers agree that experiences are more important than possessions, as they aspire to explore and indulge in the world outside the home.
68% of Saudi consumers are watchful’ about companies’ green motivations as Sustainability plays an increased role in purchase decisions.
Saudi Women are in anchor roles hence brands need to embrace inclusivity & integrate women’s stories into their brand campaigns and strategies
By partnering with leisure & entertainment players, there is a huge potential in the ‘experience’ space – an opportunity to re-vamp loyalty & rewards programs
Saudi consumers prioritize sustainability hence measures coupled with economic consideration are key to driving consumer adoption
The full report can be viewed here.