The Future Laboratory and Together Group collaborated on a study, which explores how Saudi Arabia is becoming a hub of cultural refinement for luxury enthusiasts, shedding light on the evolving role of women within this rapidly developing market.
Titled "New Codes of Luxury in Saudi Arabia," the comprehensive study, unveiled in February, meticulously dissects pivotal market trends, illustrating how the very essence of luxury is undergoing a profound redefinition. It explains the emergence of a new consumer base that actively sets new standards for luxury and rejects outmoded conventions.
The report's main focus is on the increasing number of women working in Saudi Arabia and how this is contributing to changing the way people think about luxury spending. As highlighted within the report, a staggering 88 percent of Saudis advocate for luxury brands to actively promote women's empowerment through their programs and operational principles.
The research suggests that owing to sweeping reforms and the diversification of professional avenues, women's increasing financial power in and outside of employment is expanding the range of luxury products they purchase.
Bana El-Ajou, a marketing manager at MJS Holding, highlighted that more women are choosing to spend their money at home rather than abroad, indicating the growing presence of luxury options in Saudi Arabia. Establishing herself as a leader in the hospitality industry, El-Ajou explained why women are becoming more interested in lifestyle and beauty partnerships and how they may increase female spending. Additionally, she pointed out that Pilates is becoming increasingly popular as a luxurious activity in Saudi Arabia, reflecting women's increasing focus on improving their wellness and lifestyle, highlighting the Kingdom's emergence as a hub for high-quality wellness amenities.
Echoing El-Ajou's sentiments, Saudi fashion expert Razan Alazzouni, featured in the study, highlighted the growing number of options for women, going beyond just opportunities. She explained how this abundance of options even affects car preferences. She noted more women drive, hence dealerships are required to provide sleeker, more compact cars that were previously uncommon in the market.
The report shows Saudi Arabia's transformation into a hub of modern luxury, driven by women's growing economic power and their expanding choices in consumption and lifestyle.
