Saudi Arabia Luxury Watch Market Surges with Rising Wealth

Saudi Arabia Jewellery News: Expanding Demand in a Growing Market

Saudi Arabia’s luxury watch market is entering a dynamic growth phase fueled by higher disposable incomes, expanding retail opportunities, and the Kingdom’s broader push toward prestige-driven consumerism. Valued at USD 270.11 million in 2024, the market is projected to reach USD 318.52 million by 2030 with a CAGR of 2.85%. This Saudi Arabia Jewellery News report highlights how affluent Saudis are increasingly investing in watches from global powerhouses such as Rolex, Patek Philippe, Audemars Piguet, and Richard Mille, treating them as much more than timepieces — they are symbols of status, heritage, and personal accomplishment.

Saudi luxury watch sales rise sharply as wealth grows and exclusivity drives demand.
Image Credit: Richard Mille

The market’s trajectory is closely tied to Vision 2030, Crown Prince Mohammed bin Salman’s ambitious economic reform initiative aimed at transforming the nation into a global hub for wealth and luxury. Alongside infrastructure improvements, the expansion of premium retail outlets in Riyadh and Jeddah, as well as the digital transformation of sales channels, has made luxury watches more accessible to younger and tech-savvy consumers who view watches as both fashion and long-term investment assets.

Wealth Explosion in Saudi Cities

The rapid increase in Saudi Arabia’s wealthy class further explains the demand surge. According to the World’s Wealthiest Cities Report 2025, Riyadh recorded a 65% jump in millionaires between 2014 and 2024, with over 20,000 high-net-worth individuals now residing in the capital. The city also boasts 77 centi-millionaires and 11 billionaires. Jeddah, meanwhile, has seen billionaire numbers rise by more than 50%, cementing the Kingdom’s position as one of the fastest-growing luxury markets worldwide. This wealth creation provides fertile ground for luxury brands aiming to capture the aspirations of Saudi collectors.

Key Drivers Behind the Market

A major factor fueling this market is the rise in disposable income. The 2023 Household Income and Consumption Expenditure Statistics revealed that average monthly household disposable income stood at USD 3,197, with Saudis averaging USD 1,074 per person compared to USD 515 among non-Saudis. Such economic strength translates into greater spending on status goods, with luxury watches serving as key symbols of social success.

Saudi consumers are particularly drawn to exclusivity. Rolex and Richard Mille models are coveted for their rarity, while Patek Philippe continues to be admired for its timeless craftsmanship. For many, these purchases double as collectible investments, often passed down through generations.

For Saudis, luxury watches represent symbols of status, heritage, and personal accomplishment.
Image Credit: StockShots

Supply Chain and Import Reliance

Despite its strong outlook, the Saudi market faces obstacles. Almost all luxury watches are imported from Switzerland, Germany, or other traditional hubs. This reliance makes the sector vulnerable to global trade disruptions, tariff changes, and fluctuating exchange rates. Retailers must carefully balance inventory and pricing strategies to mitigate these risks. Collectors in particular expect timely delivery of limited editions, and delays caused by geopolitical or logistical issues can impact consumer trust.

Growing Trend Toward Limited and Bespoke Watches

One of the strongest emerging trends is the appetite for limited-edition and bespoke pieces. Saudi HNWIs increasingly seek customization, whether through engraved initials, rare materials, or unique colorways. These personal touches transform a watch into a statement of individuality, while limited editions feed the desire for rarity and exclusivity.

Luxury brands are responding with Middle East-exclusive launches and Saudi-focused editions. In-person consultations and customization services in Riyadh and Jeddah boutiques are reinforcing consumer loyalty, ensuring that Saudi buyers feel recognized by the global maisons they support.

Future Outlook

Looking ahead, the Saudi luxury watch market is expected to maintain steady growth as both wealth and demand for exclusivity rise. By 2030, the industry’s value of USD 318.52 million will represent not only a robust commercial opportunity but also a reflection of cultural shifts toward prestige consumption. The continued success of Rolex, Patek Philippe, and Richard Mille alongside bespoke offerings shows how the market is adapting quickly to the tastes of Saudi elites.

The Kingdom’s role as a luxury hub will only strengthen as Vision 2030 reshapes its economy and urban centers grow more affluent. For international brands, Saudi Arabia represents both a lucrative market and a testing ground for innovation in exclusivity, personalization, and digital engagement. The appetite for limited and bespoke timepieces ensures that the luxury watch industry here will remain vibrant, competitive, and closely tied to the nation’s rising wealth.

The detailed research report for Saudi Arabia’s luxury watch market can be found here:

https://www.researchandmarkets.com/report/saudi-arabia-luxury-watch-market?

For the latest Saudi Arabia Jewellery News, keep on logging to Gems News.