Mubasher TV
Contact Us Advertising   العربية

Retail in GCC likely to grow with over $24bn in 5 yrs

Retail in GCC likely to grow with over $24bn in 5 yrs
The retail industry in Kuwait is forecast to grow by 9% in 5 years

Mubasher: The retail industry in the Gulf region is expected to grow with more than $24 billion during the coming five years, according to a recent report by Euromonitor International for market research, Al Jarida Newspaper reported.

Euromonitor noted that Kuwait, Oman, Saudi Arabia, and the UAE are expected to make good use of the increasing consumption, higher population, the extreme growth in the tourism sector, and individuals’ income, Al Jarida added.

The retail industry in Kuwait is forecast to grow by 9% in the coming five years to stand at a value of $15.4 billion by 2023, compared to its current value of $14.2 billion, Euromonitor said, according to Al Jarida.

Commercial stores are expected to remain a controller in the Kuwaiti market with a return accounting for $14.1 billion, the report added.

Online shopping and direct selling as well as mobile and home shopping in Kuwait likely to grow by 48% during the period from 2018 to 2023, Al Jarida said.