Hia Hub: Day 1 sees industry experts explore growth opportunities in Saudi Arabia
RIYADH: Hia Hub, Saudi Arabia’s fashion, beauty and lifestyle conference, returned for its fourth edition in Riyadh’s JAX District with the opening day on Wednesday featuring panel talks on the growth of market opportunities in the Kingdom.
One such panel discussion, titled “Capitalizing on KSA and Beyond: Unveiling Market Opportunities in Saudi Arabia,” was moderated by journalist Ritu Upadhyay. The session brought together industry leaders including Burak Cakmak, CEO of the Saudi Fashion Commission, Patrick Chalhoub, Group President of the Chalhoub Group, and Mazroua Almazroua, Chief Marketing and Experience Officer at King Abdullah Financial District (KAFD).
The conversation focused on the unique attributes of the Saudi market and the potential for growth in various sectors.
Chalhoub kicked off the discussion by highlighting the significant differences in the Saudi consumer landscape compared to other markets, stating: “What’s different first is the size of the population. We have a much bigger and wider demographic.” He emphasized that wealth in Saudi Arabia is not confined to a small elite but is increasingly found within a growing middle class. This demographic shift presents a wealth of opportunities for businesses, especially as consumer preferences evolve, he said.
“Understanding the local consumer is crucial,” he added, underscoring the need for brands to engage meaningfully with this diverse market.
Chalhoub also pointed out the cultural aspects that distinguish Saudi consumers, noting: “In Saudi Arabia, there is a stronger cultural attachment to luxury. Consumers are looking for creative, personalized, and exclusive products.”
This cultural context influences purchasing behaviors, with consumers placing a high value on the story behind luxury goods. However, he cautioned that the luxury market in Saudi Arabia remains relatively small, indicating room for growth.
“We have to change the environment and adapt,” he remarked, suggesting that brands must innovate to capture the market’s potential.
Almazroua contributed to the discussion by exploring how integrated luxury experiences can be designed to appeal to Saudi consumers. He shared insights on the importance of understanding local preferences, stating, “Over 70 percent of Saudis travel specifically for fine dining and unique experiences.”
He emphasized that events blending cultural elements with luxury offerings have proven successful. For instance, a KAFD initiative to host Michelin-star chefs has garnered significant interest. “We sold out every weekend,” Almazroua noted, indicating the strong demand for high-quality, culturally resonant experiences.
Cakmak further expanded on the opportunities for local designers as Saudi Arabia’s lifestyle destinations evolve, remarking: “There is a burgeoning local design scene that has often been overlooked. We need to celebrate Saudi creativity.”
The discussion at Hia Hub illuminated the vast potential for brands in Saudi Arabia. As the market continues to evolve, understanding the unique characteristics of the Saudi consumer will be key to capitalizing on emerging opportunities. The integration of cultural insights, innovative experiences, and a focus on local talent will shape the future of luxury in the Kingdom. As Cakmak aptly put it, “We have a chance to create something unique that reflects our identity while engaging with global trends.”
Taking place from Oct. 30 to Nov. 3, Hia Hub will feature discussions, masterclasses, workshops, interactive exhibitions and live performances.
