The Gulf Cooperation Council's (GCC) strong economic base, high urbanisation and strategic investments in non-oil sectors have positioned the region as a key player in global economic trends. With a GDP surpassing USD2 trillion in 2023 and continued growth driven by rising employment, particularly among women, the region is set to see increased consumer spending and a booming retail sector, especially in e-commerce.
Loyalty programmes are a powerful tool that can help you build strong customer relationships. Sign up for this webinar to gain insights on the MEA landscape and how you can transform your loyalty strategy in the region. You’ll get actionable takeaways to enhance customer retention and drive growth.
The United Arab Emirates and Saudi Arabia are exceptions to global inflation trends due to factors such as high profit margins, low sales tax, franchising dominance, discounters and local manufacturing, regulatory changes, oil prices and state spending, in addition to exchange rate and interest rate dynamics. These factors have helped maintain price stability and low inflation rates in these economies, despite global turmoil.
According to the latest data identified by Euromonitor International, fast-moving consumer trends, changing macroeconomic and demographics indicators and shifts in consumer behavior are opening up opportunities within the luxury goods industry in Saudi Arabia. Luxury brands need to understand the impact of these changes which will be essential for businesses to create winning strategies to penetrate or expand across markets.