DUBAI: A report by The Future Laboratory and Together Group explores the emergence of Saudi Arabia as a cultural epicenter for luxury consumers, and also the role of women within this expanding market.
“New Codes of Luxury in Saudi Arabia,” released in February, presents a detailed analysis of key trends in the market, exploring how the notion of luxury is shifting with the emergence of a new generation of consumers who are leaving behind outdated tropes and playing a vital, active role in defining new standards of luxury.
A key part of the report focuses on women's participation in the Saudi workforce and how it is shaping a new era of luxury consumption, as 88 percent of Saudi nationals believe that luxury brands should contribute to the empowerment of women in the region through their business practices and initiatives, according to the report.
The study suggests that owing to reforms and diversification in career opportunities, women’s increasing economic influence in the workforce and beyond is expanding the range of luxury product categories they are purchasing – from fashion to automotives.
Speaking to Arab News about the report, Bana El-Ajou, Brand Marketing Manager at MJS Holding, said that women are now focussing on spending their money within the Kingdom, as opposed to looking at Western markets.
“Spending in the luxury market has been there since years and years for Saudi women. But now, I see the spending is shifting from abroad to within the country, because we are finding more opportunities to spend within the country. Everything is available in terms of luxury restaurants, luxury retail, luxury services. It is very different from years back,” said El-Ajou.
Working within the hospitality industry, El-Ajou notes that women are also on the lookout for lifestyle and beauty collaborations.
“Women are very attracted to when we do collaborations. For example, across the years we have done collaborations between famous fashion brands, lifestyle brands, like Armani etc. So, in such events and collaborations, you can see the spend of women increasing,” said El-Ajou.
El-Ajou also cited the example of Pilates as a luxury sport that is up-and-coming in Saudi Arabia — a direct result of women in the Kingdom looking to spend more on wellness and lifestyle choices.
“Saudi is becoming one of the biggest places where you can find top-notch Pilates. I’ve been to Pilates studios abroad and I’ve been to them in Saudi, and the level of trainers, the level of studios is a different story here,” she said.
Quoted as part of the study, Saudi fashion designer Razan Alazzouni agrees that women simply have more choices now. “It’s not about opportunities, it’s about more choices and the different professions that they can go into. That’s why more women are joining the workforce in that way,” she said in the report.
“Women now drive, so in terms of automobiles, dealerships must cater for women’s tastes too. You’re seeing smaller and more sleek-looking cars, which previously wouldn’t have been supplied to the market,” she added.
