GCC retail sales expected to exceed $280b by 2028

Rising female employment is boosting growth in beauty, health, luxury, and apparel retail categories.

Retail sales in the Gulf Cooperation Council (GCC) are projected to surpass $280b by 2028, Euromonitor International reported.

The sector has grown from $203b in 2018 to $215b in 2023, with a forecasted growth rate of over 5% between 2023 and 2024.

E-commerce is driving much of this growth, with its share of retail sales doubling since 2018. The UAE and Saudi Arabia lead in this area, together accounting for more than 80% of the GCC's online sales.

The region's advanced tech infrastructure, including high mobile internet speeds in the UAE, Qatar, and Kuwait, supports this expansion.

Increasing female employment is also contributing to the growth of key retail categories such as beauty, health, luxury, and apparel. Women's participation in the workforce is set to rise from under 16% in 2018 to 20% by 2028, with Saudi Arabia aiming for 30% by 2030.

With the GCC's GDP exceeding $2t in 2023, the region is poised for continued retail growth, especially in the e-commerce sector.

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