Market Trends of Retail Industry in Kuwait
This section covers the major market trends shaping the Kuwait Retail Market according to our research experts:
Increase in the population is Driving the Market
Kuwait is one of the richest countries in the world. Rapid urbanization, the influx of the expatriate workforce, and a rising population of the young and affluent are the key factors driving Kuwait's retail industry. E-commerce and online shopping in Kuwait is also poised for growth, with a large percentage of the population under the age of 25, and social media and internet penetration in the country ranked among the highest in the GCC. The increasing population has been the vital driving force of the retail market in Kuwait. A high composition of young and working-class has led to a shift in consumer preferences towards international foods and western products. The retail industry, which is one of the fastest-growing sectors in Kuwait, has thrived over the last several years due to increasing purchasing power, growing expatriate population, and changing lifestyle.
Ecommerce Segment
Growing Kuwait e-commerce distribution channels are encouraging the foray of new entrants into the market. Kuwait retail companies are focussing on improving economies of scale, boosting operational efficiency, and diversifying revenue through e-commerce channels. The development of advanced online platforms has made online shopping a highly convenient experience and shoppers are also enticed by the attractive deals offered by these websites. The high rate of smartphone penetration in the count is one of the main reasons for e-commerce growth in Kuwait. The mobile operators in Kuwait offer one of the most advanced mobile networks in the Middle East.
