RIYADH: A recent study found that as competition in the retail industry in the Gulf Cooperation Council grew, retailers there were under more and more pressure to differentiate themselves. In a recent research titled “The Affordability Imperative: Capitalising on Value-Led Grocery Retail in the GCC,” the US-based management consulting firm Oliver Wyman emphasised the growing importance of value-led grocery shopping in the area.
“The need for differentiation has never been more critical as the grocery retail landscape in the Gulf Cooperation Council becomes increasingly saturated,” the report stated, adding that retailers have the chance to reshape the market by implementing cost-conscious strategies in response to changing consumer priorities and rising affordability demand.
A crucial case study in the evolution of food retail was the Kingdom, the biggest market in the GCC. More than half of Saudi Arabian households saw a change in their income levels over the course of the year, according to a 2024 Oliver Wyman poll on consumer trends in the country.
According to the study, 40 percent of consumers observed a reduction in their savings, while only 23 percent were able to raise them. “Around 31 percent of households reported a drop in income during 2024, with 11 percent seeing declines of more than 50 percent,” the report stated.
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