Saudi Arabia’s Luxury Watch Market: Competition, Market Share & Growth Outlook to 2030
The report titled “Saudi Arabia Luxury Watch Market, By Region, Competition, Forecast & Opportunities, 2020–2030F” has been officially added to the ResearchAndMarkets.com database. According to the study, the Saudi Arabian luxury watch market was valued at USD 270.11 million in 2024 and is projected to reach USD 318.52 million by 2030, registering a CAGR of 2.85% during the forecast period. This growth is being fueled by rising disposable incomes, a rapidly expanding affluent population, and the Kingdom’s strong cultural connection to prestige and status. At the same time, increased exposure to global luxury trends and the transformational influence of Saudi Arabia’s Vision 2030 are further driving demand. The expansion of premium retail spaces and the rapid pace of digitalization are also making it easier for both international luxury brands and local buyers to connect in an evolving marketplace.
Saudi Arabia’s growing wealth concentration is playing a critical role in shaping this upward trend. As highlighted in the World’s Wealthiest Cities Report 2025 by New World Wealth, Riyadh recorded an impressive 65% increase in millionaires between 2014 and 2024. The capital city is now home to over 20,000 individuals with investable assets of at least USD 1 million, including 77 centi-millionaires and 11 billionaires. Jeddah has also witnessed significant growth, reporting an increase of more than 50%, and is now home to over 10 billionaires. This sharp rise in affluent residents aligns closely with the objectives of the Vision 2030 economic reform program, which was launched in 2016 by Crown Prince Mohammed bin Salman to diversify the Kingdom’s economy and attract global investment.
One of the primary drivers of the luxury watch market in Saudi Arabia is the steady growth in disposable income and the expansion of the high-net-worth consumer segment. Supported historically by oil revenues and now strengthened by economic diversification initiatives under Vision 2030, Saudi Arabia has cultivated a powerful group of affluent buyers with significant spending power. Luxury watches are increasingly viewed not just as timekeeping devices, but as symbols of success, personal identity, and social status. With higher incomes, consumers are more willing to invest in premium models from globally recognized brands such as Rolex, Patek Philippe, Audemars Piguet, and Richard Mille. In 2023, the average household disposable income in Saudi Arabia was approximately USD 3,197 per month, while per-capita disposable income averaged USD 863 per month. Saudi nationals earned around USD 1,074, significantly higher than the USD 515 earned by non-Saudi residents, further indicating the strong domestic purchasing power driving this segment.
Despite strong momentum, the market faces certain challenges, particularly its heavy reliance on imports. Most high-end watches sold in Saudi Arabia are sourced from international manufacturing hubs in Switzerland, Germany, and other key regions, making the market vulnerable to supply chain disruptions. Factors such as geopolitical instability, regulatory changes, port delays, and global health crises can interrupt product availability and delay the arrival of new collections and limited-edition models. Additionally, fluctuations in currency exchange rates may impact retail prices, affecting competitiveness and affordability. Retailers must therefore take strategic measures to maintain inventory stability and manage pricing pressures efficiently.
At the same time, evolving consumer preferences are reshaping the market landscape. One of the most prominent trends is the growing demand for limited-edition and bespoke timepieces. Wealthy buyers in Saudi Arabia increasingly seek exclusivity, craftsmanship, and personalization in their purchases. Limited releases often feature rare materials, intricate mechanical complications, and distinctive design elements that add both aesthetic and emotional value. Many consumers see these watches as collectible assets or wearable works of art. Leading brands such as Patek Philippe, Audemars Piguet, and Richard Mille are responding by launching special editions tailored to the Middle Eastern market and offering customized services such as engraved initials or exclusive dial colors. The expansion of luxury boutiques in Riyadh and Jeddah has further enhanced access to personalized consultations and premium retail experiences.
The report profiles several major players operating in the Saudi Arabian luxury watch market, including Rolex S.A., Patek Philippe S.A., Audemars Piguet Holding S.A., Richard Mille S.A., Hublot S.A., Omega S.A., Cartier International SNC, TAG Heuer SA, Jaeger-LeCoultre S.A., and Jacob & Co. Inc. The market has been segmented by type (analog and digital watches), end user (men, women, and unisex), sales channel (online and offline), and region (Western, Northern & Central, Eastern, and Southern Saudi Arabia).
The study spans 82 pages and covers the 2024–2030 forecast period, offering in-depth analysis of current trends, competitive dynamics, and growth opportunities within the Kingdom. With Saudi Arabia continuing to position itself as a global luxury hub, the market is expected to remain resilient, supported by rising consumer wealth, expanding retail ecosystems, and a strong appetite for premium lifestyles.
ResearchAndMarkets.com, the publisher of this report, is recognized as one of the world’s leading sources for international market intelligence. The platform provides comprehensive data on global and regional markets, key industries, emerging trends, new product developments, and company insights, serving businesses, investors, and analysts worldwide.
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