The Saudi Arabian Fashion Commission released the ‘Saudi Arabian Fashion Industry Report 2024’ during the London roadshow sponsored by Fashion Futures, showing the great potential of a rapidly developing industry.
The Saudi Fashion Commission, one of the Ministry of Culture's 11 sectoral commissions, presented its annual report on the country's fashion industry in London, showing its great potential for growth and investment. The Report identifies new and interesting insights into the dynamic Saudi fashion landscape, with data on clothing, luxury, jewellery, beauty and business, as well as valuable insights from industry experts.
The role of fashion in Saudi Arabia
As of 2023,the fashion industry contributes 2.5 percent to Saudi’s GDP, up from 1.4% last year, and creates 320,000 jobs, an increase of 90,000 jobs over the period 2021-2022. An essential factor in this success is the sector’s strong focus on gender equality, with women making up 52 percent of the workforce, confirming the trends observed in 2022.2 Beyond economic contribution, the industry plays a seminal role in enriching quality of life, with fashion brands and retail experiences bringing new leisure and entertainment offerings. Fashion also plays a central role in enriching cultural heritage, with local designers highlighting Saudi’s traditional craft techniques and design language in their collections, and a wide supporting ecosystem of government organizations, writers, influencers, and communication agencies, showcasing Saudi talent and developments on a global stage.
A market with enormous potential
Valued at USD 80 billion today, the GCC (Gulf Cooperation Council) Fashion and Luxury market stands as a promising frontier of opportunities, considering all relevant segments from apparel to beauty. With an average GDP per capita twice that of Asia and approaching the European average, a rich cultural heritage, and a burgeoning interest in fashion, this market is projected to grow by approximately USD 20 billion by the end of the decade. Expected to rise from USD 30 billion in 2023 to USD 42 billion by 2028, Saudi Arabia will outpace its GCC counterparts, commanding 45 percent of the market expansion.12 This growth is fueled by a robust economy, favorable demographics, and transformative social reforms. A young, tech-savvy population with increasing disposable income, combined with a booming tourism sector, underpins the market’s expansion.
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