The Saudi Arabian furniture industry has come up as one of the most vibrant segments of the retail industry over the past few years. Despite the 2008 economic turmoil, the Saudi furniture industry witnessed remarkable growth opportunities and became one of the fastest growing industries in the Middle East region. With the entry of a number of real-estate developers and increasing demand for residential property, the housing industry has witnessed tremendous growth in the past. Over a period of time, young population-base, government funding, a booming economy, together with other secondary factors provided the preferred platform to the furniture industry for developing new horizons.
According to our new report, “Saudi Arabia Furniture Market Analysis”, the 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.
Currently, 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.
Besides, the report analyzes factors critical to the success of the Saudi Arabian furniture industry. It facilitates information and statistics of furniture industry structure, production trends, demand scenario, and import-export developments. The report provides segment-wise furniture production and demand forecast to facilitate cutting edge market intelligence.
Our comprehensive report also 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. Besides, our report also covers the industry forecast and analysis based on various macro- and micro-economic factors.
