{"id":36016,"date":"2024-11-04T15:47:13","date_gmt":"2024-11-04T12:47:13","guid":{"rendered":"https:\/\/entarabi.com\/?p=36016"},"modified":"2024-11-04T15:47:13","modified_gmt":"2024-11-04T12:47:13","slug":"snapchat-and-the-business-of-fashion-unveil-gcc-and-saudi-luxury-market-insights-at-crafted-for-luxury-event-under-the-theme-culture-is-the-catalyst","status":"publish","type":"post","link":"https:\/\/entarabi.com\/en\/2024\/11\/snapchat-and-the-business-of-fashion-unveil-gcc-and-saudi-luxury-market-insights-at-crafted-for-luxury-event-under-the-theme-culture-is-the-catalyst\/","title":{"rendered":"Snapchat and The Business of Fashion Unveil GCC and Saudi Luxury Market Insights at \u2018Crafted for Luxury\u2019 Event under the Theme: \u201cCulture is the Catalyst\u201d"},"content":{"rendered":"

Dubai, UAE \u2013 4 November, 2024:<\/strong> Dubai has followed in the footsteps of luxury capitals Paris, Milan and Geneva by hosting for the first time \u2018Crafted for Luxury\u2019, an insightful luxury event by Snapchat.\u00a0 For its inaugural edition in Dubai, Snapchat collaborated with The Business of Fashion (BoF) who brought their expertise to the UAE for the first time. The event explored the rapid growth of the luxury market in the region, with GCC locals leading the way.<\/p>\n

While the global luxury industry is experiencing a slowdown, the GCC luxury market is growing at twice the global rate. The UAE dominates in revenue, but Saudi Arabia, with 50% of the GCC\u2019s GDP and 60% of its population, presents the biggest opportunity for growth.<\/p>\n

GCC locals form the foundation of the luxury market growth, as they are 1.6x more likely to be luxury shoppers compared to expats, therefore brands that understand and engage with the unique identities and traditions of the GCC are well-positioned to thrive. As such, \u2018Crafted for Luxury\u2019 emphasized the importance of cultural relevance for brands seeking success in this market. 73% of luxury consumers believe brands should reflect the society they live in, however, less than 15% of local luxury buyers feel represented in current advertising. This cultural disconnect presents a major opportunity for brands to better engage local audiences by embracing the unique identities and traditions of each GCC country.<\/p>\n

\"Snapchat
Snapchat and The Business of Fashion Unveil GCC and Saudi Luxury Market Insights at \u2018Crafted for Luxury\u2019 Event under the Theme: \u201cCulture is the Catalyst\u201d<\/figcaption><\/figure>\n

Hala Zgeib, Head of Luxury at Snap Inc., shared:<\/strong> \u201cTo resonate with luxury shoppers in the GCC, understanding the cultural context is essential. Culture is the catalyst for growth,\u00a0 innovation, and influencing purchase. Snapchat has been ingrained in the lives of GCC locals for over a decade, offering brands the chance to build cultural credibility and genuine connections. We provide unique access to shoppers’ inner circles of trust. This is particularly evident in Saudi Arabia, where 78% of luxury shoppers are influenced by their inner circle, compared to lower figures in the UK and US.\u201d\u00a0 She added: <\/strong>\u201c\u2018Crafted for Luxury\u2019<\/em> serves as an ideal platform for thought leadership exchanges among luxury executives, and we look forward to hosting more of these forums.\u201d<\/p>\n

During Crafted for Luxury, BoF reinforced the critical need for luxury brands to adopt a hyperlocal approach when engaging GCC shoppers. In the State Of Fashion 2024 report from BoF and McKinsey that surveyed fashion executives, the Middle East was believed to be the frontrunner as the most promising market, with 51 percent net intent. In comparison, North America and China recorded 8 percent and 3 percent respectively, while Western Europe was negative 11 percent.<\/p>\n

Miglena Zivkovic, General Manager MAKE UP FOR EVER Middle East, LVMH<\/strong> spoke on the importance of Crafted For Luxury, \u201cWe are living in one of the most exciting, diverse, and dynamic regions of the world. In the GCC, the importance of heritage and inner circle cross trajectory with fast technological progress and societal advancement, and it is up to us, the global brands, to find the sweet spot of communication and dialogue with our ever so \u201cglocal\u201d consumers of the region. With the help of our trusted partners at Snap, we are equipped with the right knowledge and understanding of the desires and needs of our GCC audience, and the evolving meaning of luxury for them.\u201d<\/p>\n

Olfa Messaoudi, Chief digital and marketing officer, L\u2019Or\u00e9al Middle East commented, <\/strong>\u201cThe Snap \u2018Crafted For Luxury\u2019 data-driven presentation highlighted culture as a crucial catalyst for innovation, influence, and growth in GCC and particularly in Saudi Arabia\u2019s luxury market. With Vision 2030 reshaping lifestyles and consumer behavior, the insights emphasized how brands need to decode the unique cultural context to stay relevant. The growing spending power, particularly among dual-income households and women, along with the exponential rise of e-commerce, presents significant opportunities. To truly succeed, brands must not only adapt to the rapid market evolution but also integrate deeply with local culture and tap into the influential \u2018inner circles\u2019 that shape trends and brand credibility. Snapchat\u2019s platform offers a direct connection to these networks, making it a powerful tool for driving cultural relevance and fostering long-term brand loyalty in the region.\u201d<\/p>\n

\u201cThe GCC luxury market continues to evolve, driven by a strong focus on culture, localization, and a discerning audience that expects innovation and convenience. The insights shared at the Snap \u2018Crafted For Luxury\u2019 event emphasized the importance of understanding the region’s unique dynamics, especially in markets like Saudi Arabia, where 91% of consumers prioritize convenience, yet 15% still feel underrepresented in advertising. It\u2019s clear that while progress is being made, the emphasis remains on connecting with the ‘inner circle’ , the close community that influences cultural trends. The discussion highlighted the need for Luxury brands to adapt and innovate continuously to maintain relevance in this competitive landscape,\u201d added Ramit Harisinghani, General Manager Luxury Tech, Chalhoub Group.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai, UAE \u2013 4 November, 2024: Dubai has followed in the footsteps of luxury capitals Paris, Milan and Geneva by hosting for the first time \u2018Crafted for Luxury\u2019, an insightful luxury event by Snapchat.\u00a0 For its inaugural edition in Dubai, Snapchat collaborated with The Business of Fashion (BoF) who brought their expertise to the UAE […]<\/p>\n","protected":false},"author":37,"featured_media":36017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1772],"tags":[6216],"class_list":["post-36016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-snapchat"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/36016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=36016"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/36016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/36017"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=36016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=36016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=36016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}