The Liminal Luxurian – a view from the edge of luxury
5: New Codes of Luxury in Saudi Arabia?
My monthly musing on a life – and business – spent peering into the world of luxury.
This month I’m delighted to be sharing the fruits of over ten months of hard luxury labour from the team here at The Future Laboratory. On the 20th February we are publishing our latest piece of luxury intelligence, New Codes of Luxury in Saudi Arabia, researched and written for our parent company the Together Group.
The Kingdom of Saudi Arabia (KSA) is renowned for its storied history and culture. Now, it is emerging as a highly influential hub for luxury living – one that is opening its doors to the world. As it embraces transformation at a truly remarkable pace and scale, the Kingdom’s pioneering Vision 2030 is paving the way for a bright future. Vision 2030 is a government programme launched by KSA that aims to achieve the goal of increased diversification economically, socially and culturally, in line with the goals of Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud. It is built on three pillars: fostering a vibrant society, cultivating a flourishing economy and nurturing an ambitious nation. When combined, these provide the perfect conditions for a new generation of luxury. Major commitments are being made to diversify Saudi Arabia’s economy and celebrate its local treasures in global lights.
Moreover, a substantial youth population – 63% are under 30, according to a 2022 census, making it one of the most vital Zalpha (Gen Z and Gen Alpha) markets globally. And significant purchasing power means it is firmly poised to be the next great wealth capital, with a potent luxury market expected to reach a staggering value of $15.8bn by 2028, according to International Market Analysis Research and Consulting (IMARC) Group. The flurry of cultural activity taking place is the result of a huge effort spanning both public and private investment. Today, the country’s creative sectors are in their infancy, but a larger number of home-grown brands are coming to the market, and established luxury names are eyeing KSA. As a result, tourists will soon find more reasons to visit the country and Saudis will find many more possibilities nationwide. By 2030, KSA will have firmly and boldly put itself on the luxury map. ‘I want it to be the number one luxury market in the world – to really be leading,’ says HH Prince Bandar bin Saud bin Khalid Al Saud, chairman of hospitality group Al Khozama, and one of the report's interviewed experts. ‘We have what it takes: I don’t think we lack the will, and I don’t think we lack the imagination or the ambition.’?
In our conversations, interviews and observations with Saudis and international professionals alike, one thing has become clear – Saudi Arabia is emerging not just as a focus for new luxury attractions with an increasingly buoyant home market, but as the fulcrum for change in the sector from a global context.
So – you think you understand luxury in Saudi? Next week I’m hosting a webinar to launch our New Codes of Luxury in Saudi Arabia report, and I’m going to be joined by a fantastic panel of Saudi experts to discuss the key themes of our report and to whet your appetite for the report proper. Both event and report are complimentary – you can find out more information and sign up here:
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I do hope you’ll join me then
with thanks to the report writer Alex Hawkins
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