“You have 27 million Saudi nationals, the vast majority under 30, which will double in the next 20 to 25 years,” he said. “The government has an impressive clarity of vision and there has already been a big shift in society, these are all great conditions for long term.”
“The youth are very enthusiastic. The shift in the consumer mindset and opening up of society is very good for business in general,” Chalhoub said., the growth has not kept at the pace of other consumer industries. “There are so many options for Saudis on how to spend money from traveling to entertainment, the share of wallet spent on luxury has diminished.”
Overall the higher cost and ease of doing business remains a challenge for luxury retail. Chalhoub also cited the country’s high VAT of 15 percent being a deterrent. Other neighboring countries in the region are in the 5 percent range and often have glitzy malls, which are an attractive reason to travel for a weekend and shop.
Source: News Formal (newsformal.com)
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