Forecasting the GCC Retail Market in 2024

The retail sector in the Gulf Cooperation Council (GCC) countries is poised for significant growth as it adapts to evolving consumer behaviors and economic conditions. With a diverse landscape encompassing countries such as Saudi Arabia, the UAE, and Qatar, the GCC retail market continues to attract attention from investors and analysts alike.

Economic Outlook and Consumer Spending

Looking ahead to 2024, the GCC economies are projected to stabilize and even experience moderate growth, supported by recovery in oil prices and ongoing economic diversification efforts. This economic backdrop is crucial for the retail sector, as consumer spending is closely tied to overall economic performance. As disposable incomes rise and consumer confidence improves, retail sales are expected to follow suit.