How Saudi Arabia is Getting Modernize and Changing With Time
There are two ways through which one could look at the future of Saudi Arabia and its young people. The first perspective is that, gives the kingdom of Saudi Arabia a strong economic and social development. Its millions of young citizens can be an engine of constructive progress.
Since the Prince Mohammed bin Salman has taken over and come to the power, people around the globe are seeing tremendous social reforms, like reforms regarding the ban on concerts, movie theater, driving, and much more for women.
The only certainty is that the current regime claims to be making really tough decisions about society in a way that may harm the basic frameworks of Saudi Arabia. The idea that information tools like Twitter alone can overbalance a dictatorship should be treated a bit differently. Social media is playing a very crucial role in the transformation of Saudi Arabia. Platforms such as Facebook, Twitter, Snap Chat are quite popular and used by millions of people in the country. Twitter and Snap Chat are widely used in the country because it has more privacy to it.
But this means that Saudi Arabia has a dynamic combination of youth and technology that can create political uncertainty and variability. This makes it unique, according to a recent report by the Center for the Middle East and North Africa Studies.
This is a time of opportunities in the Kingdom of Saudi Arabia. The nation is putting so much effort into transforming the country socially and economically, both.
New tourist visa has opened the country for the people around the globe, and business opportunities and investment in the kingdom of Saudi Arabia. Studies have shown that travelers and shoppers would be really happy to visit Saudi Arabia and explore the country and its culture.
The World Bank has ranked the Kingdom of Saudi Arabia as the fastest growing and reforming country in the world. Saudi Arabia is not the one of old times and has done a lot of reforms in business and tourism, as they understand the need for trades and tourism in the country. It hasn't been a long time, but if someone compares 5 years back Saudi Arabia with today's Saudi Arabia, they have marginally changed their ways in many things. Now there is 100% ownership across several emerging sectors, including retail, and many more.
The kingdom has a growing population of 34 million and is located near Asia, Europe, and a few more, which is leading it towards transforming and expanding the consumer landscape.
The retail sector seems to be one of the tempting investment opportunities and signifies good growth in the future. In 2019, Saudi Arabia’s authority has issued more than 100 foreign investment licenses to companies in the retail sector. Which was around double from last year's investment.
Saudi Arabia Malls and bazaars are changing in terms of improvements and complimenting the changing habits of shoppers. Until online shopping was not popular in the Kingdom, the designer clothing stores, chocolate, and flowers, perfumes the only things popular and used to get the great number of footfall. But now things have changed and, budget stores, fast-food, and movie theater are rolling into the retail spaces.
In addition to that, Saudi Arabia is providing fewer subsidies on petrol and electricity bills and has raised the VAT, which has resulted in a negative and direct impact on the household budget and many shoppers are making choices of budget shopping, instead of luxury goods.
The reforms like bringing women into the workforce, and pushing of entertainment have lifted many other types of spending of a household in Saudi Arabia, which has directly or indirectly impacted the emotion and budget of a buyer.
The period time of reform has and is still seeing many new emerging online marketplaces, which is trying to be parallel to the shopper and provide the best value with the price. The online places like Amazon.sa, Noon, Goldenscent, Max Fashion, Centrepoint, Splash, Namshi, Ounass, and may others are the key players in the Kingdom’s online market with a vision of providing goods and services at much affordable pricing with deals and discounts time to time.
After the outperformance of the online market, retails have become very cautious about pricing the product and delivering value. Things are a bit hard for retailers as online shopping is very easy and return and refunds are the best part involve in online shopping. But, retails are also coping and becoming smarter, because it’s difficult to get a shopper's loyalty when a customer could check price and compare the same product in retail and online before buying.