Industry leaders discuss unique Saudi market traits and emerging opportunities at Hia Hub’s fourth edition

Hia Hub, Saudi Arabia’s premier conference for fashion, beauty, and lifestyle, returned for its fourth year on 30th October, drawing top industry figures to Riyadh’s JAX District. The opening day featured lively discussions on Saudi Arabia’s unique consumer market and its expanding growth potential.

The session titled “Capitalizing on KSA and Beyond: Unveiling Market Opportunities in Saudi Arabia” set the tone for the conference. Moderated by journalist Ritu Upadhyay, the panel included key players like Burak Cakmak, CEO of the Saudi Fashion Commission; Patrick Chalhoub, Group President of Chalhoub Group; and Mazroua Almazroua, Chief Marketing and Experience Officer at King Abdullah Financial District (KAFD).

Understanding Saudi Arabia’s Consumer Landscape

Patrick Chalhoub began the conversation by emphasising the distinct aspects of the Saudi market, specifically its demographic depth and purchasing power. Unlike many markets, he noted, wealth in Saudi Arabia is not exclusive to an elite few but extends to a burgeoning middle class. This demographic shift opens doors for businesses eager to tap into evolving consumer tastes and rising disposable incomes.

“What’s different first is the size of the population. We have a much bigger and wider demographic,” Chalhoub remarked, highlighting the need for brands to genuinely engage with Saudi consumers. He added, “In Saudi Arabia, there is a stronger cultural attachment to luxury. Consumers are looking for creative, personalised, and exclusive products.” He urged brands to delve into local cultural nuances to offer products that truly resonate with Saudi values and preferences.

Mazroua Almazroua elaborated on these cultural insights, discussing how integrated luxury experiences could enhance brand appeal in Saudi Arabia. He pointed out that “over 70 per cent of Saudis travel specifically for fine dining and unique experiences.” Almazroua shared examples of successful initiatives like KAFD’s collaboration with Michelin-star chefs, which consistently sold out, underscoring Saudis’ appetite for world-class experiences paired with a touch of local culture.

Opportunities for Local Designers and Cultural Fusion

Burak Cakmak took the opportunity to highlight the Kingdom’s blossoming local design scene. “There is a burgeoning local design scene that has often been overlooked. We need to celebrate Saudi creativity,” he said, adding that the Kingdom’s cultural heritage presents an opportunity for designers to blend Saudi identity with global fashion trends.

Cakmak stressed the importance of fostering local talent as the country’s fashion sector gains international attention, stating, “We have a chance to create something unique that reflects our identity while engaging with global trends.” This emphasis on Saudi creativity aligns with Vision 2030’s goals of economic diversification and cultural empowerment.

The Future of Luxury and Lifestyle in Saudi Arabia

The panellists agreed that Saudi Arabia’s luxury market is primed for growth, driven by evolving lifestyles and consumer preferences. Chalhoub noted that while the market is currently small, it holds immense potential as brands adapt to local demand for personalised and meaningful luxury items.

Hia Hub 2024’s opening day laid the foundation for a robust exploration of Saudi Arabia’s unique market dynamics. Through workshops, masterclasses, and interactive exhibitions, Hia Hub aims to further illuminate the Kingdom’s potential as a global luxury and fashion hub. The event, running from 30th October to 3rd November, will continue to offer insights and inspire industry leaders to capitalise on the ever-evolving Saudi market.