Editor’s Note
This analysis highlights the steady growth of Saudi Arabia’s luxury watch market, driven by rising affluence, cultural values, and national economic diversification efforts under Vision 2030.
The Saudi Arabia Luxury Watch Market was valued at USD 270.11 Million in 2024 and is expected to reach USD 318.52 Million by 2030, rising at a CAGR of 2.85%. The market is driven by increasing disposable income, a rising population of affluent consumers, and a cultural emphasis on prestige and status. Greater exposure to global luxury trends, coupled with Saudi Arabia’s Vision 2030 initiatives, is accelerating demand. The growth is further supported by the expansion of premium retail infrastructure and the ongoing digital transformation, attracting both local buyers and leading international luxury brands.
One of the primary drivers fueling the growth of the Saudi Arabia luxury watch market is the steady increase in disposable income and wealth among the Kingdom’s affluent population. Over the past decade, Saudi Arabia has experienced significant economic growth, largely due to its oil wealth and ongoing economic diversification efforts under Vision 2030. This prosperity has led to a growing class of high-net-worth individuals (HNWIs) and affluent middle-class consumers with substantial purchasing power. Luxury watches are seen not only as functional timepieces but also as symbols of status, prestige, and personal achievement.
With more disposable income at their disposal, consumers are willing to invest in premium, high-quality watches from renowned global brands, ranging from Rolex and Patek Philippe to Audemars Piguet and Richard Mille. According to the 2023 Household Income and Consumption Expenditure Statistics, the average monthly household disposable income in Saudi Arabia was approximately USD 3,197. In terms of per capita disposable income, the national average stood at roughly USD 863 per month. Saudi individuals had a higher average income of about USD 1,074, while non-Saudi individuals earned around USD 515 per month.
A significant challenge for the Saudi luxury watch market is its heavy reliance on imports, as nearly all high-end watches come from established international manufacturers based primarily in Switzerland, Germany, and other global hubs. This dependence exposes the market to various supply chain vulnerabilities, including delays caused by geopolitical tensions, customs regulations, and logistical disruptions.
Saudi Arabia imports luxury watches through specific channels, and any disruption in global trade routes, such as increased tariffs, port congestions, or restrictions due to pandemics, can delay the delivery of new models and limited editions. Such delays can frustrate consumers, especially collectors and enthusiasts who prioritize exclusivity and timely access to the latest products. Additionally, fluctuating currency exchange rates can affect the final retail price of imported watches, sometimes making them less affordable or less competitive compared to neighboring markets. Retailers must manage these uncertainties carefully to maintain consistent stock and competitive pricing.
A prominent trend in the Saudi Arabia luxury watch market is the increasing demand for limited-edition and bespoke watches. High-net-worth individuals (HNWIs) in the Kingdom are seeking timepieces that reflect exclusivity, craftsmanship, and personal identity. Unlike mass-produced models, limited-edition watches often carry unique design elements, intricate complications, or historical relevance, making them highly desirable among collectors and status-conscious buyers.