Boston, MA -- (ReleaseWire) -- 05/22/2014 -- A favourable long-term economic outlook, a sophisticated consumer base and high levels of disposable income are likely to result in a strong rise in household spending in Kuwait over the next few years, boding well for the health of the retail sector. We are particularly positive about the future growth prospects for communications and personal care; however, we expect the highest proportion of the household budget to be spent on housing and utilities throughout our forecast period, with food and nonalcoholic drinks also taking a substantial share.
The Kuwait Retail Report provides an extensive and comprehensive forecast of various retail indicators including household spending and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, clothing & footwear, household goods and a number of other subsectors.
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Until recently, Kuwait's retail market was somewhat overshadowed by neighbouring Dubai, with its more sophisticated offerings. However, international retailers are increasingly eyeing up opportunities in the small but wealthy state, with Kuwait at the forefront of the fashion market in the Middle East. The nonfood sector is dominated by shopping malls, which are becoming larger and more impressive, with The Avenues is Kuwait's luxury shopping mall which houses strong international brands and attracts more than 20mn visitors every year.
In a country in which 45% of the population is in the 20-39 years age range, important for household spending on the retail sector, malls such as The Avenues are attracting young consumers keen to buy international brands. Kuwaiti women do not generally wear abayas, so there is a much more open attitude towards fashion. Retailers and developers are all too aware of this, with Sheikh Majed al-Sabah's planned 86,000 square foot Exhibition Hall destined to showcase many international fashion brands; and Philippines-based Golden ABC's clothing retail chain Penshoppe planning to pursue an 'aggressive expansion programme' in the Middle East, including Kuwait.
We see long-term potential in the Kuwaiti consumer market, particularly for non-essential items and aspirational purchasing by younger consumers whose incomes are rising. Net per capita income is projected to increase from US$10,178 to US$11,521 throughout our forecast period, with average net household income forecast to rise from US$47,508 in 2014 to US$51,994 by 2018. This increased spending power is good news for retailers of non-essential, luxury items, and we expect a corresponding increase in household spending on clothing & footwear, communications, personal care and restaurants and hotels.
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