According to our new report,
“Saudi Arabia Furniture Market Analysis”, furniture consumption in Saudi Arabia has rapidly expanded over the past few years on the back of rising affluence, influence of western culture, and tourism developments. Despite the economic slowdown, the industry sustained its growth rate and achieved positive year-on-year growth. Moreover, the furniture consumption is anticipated to grow at a CAGR of around 12% during 2011-2013, making the Kingdom one of the most attractive furniture markets in the Middle East.
Our research identified that, the Saudi Arabia hotel industry has emerged as one of the flexible pillars of economic development. Despite challenges of oversupply in the short to medium term, investors in the hotel industry are optimistic about future prospects with a paradigm shift from development to investment-led market. Institutional Investors are increasingly focusing on stable, secure, and more predictable income streams as opposed to short-term capital gains which favor the hotel sector that offers them a range of income producing assets.
On the regional front, the Central region is considered a major hub for the country’s furniture manufacturing industry. Riyadh, Qasim, Hail, etc. are the most preferred regions for manufacturing furniture in the Kingdom. The area comprises of uplands, broad valleys, and dry rivers. Qasim and Kharj areas are famous for agriculture production and wood work is also a growing opportunity there. Amid most favorable regulatory policies and suitable business environment, the region has showed notable developments in the furniture industry.
Besides, the factors critical to the success of the Saudi Arabian furniture industry is also analyzed in this report. The report facilitates information and statistics of furniture industry structure, production trends, demand scenario, and import-export developments. It also provides segment-wise furniture production and demand forecast to facilitate cutting-edge market intelligence.
Our comprehensive report provides a deep insight into the Saudi Arabian furniture industry and evaluates the past, present, and future scenario of the Saudi Arabian furniture market. It discusses current and futuristic trends on Interior Design Contracting and Fit-out Industry spending that are included for retail, office, residential, and hotels sectors which are making Saudi Arabia an attractive destination for furniture industry giants. Our report also covers the industry forecast and analysis based on various macro- and micro-economic factors.
