The Saudi General Authority for Small and Medium Enterprises, also known as Monsha’at, has released key economic indicators for the Kingdom’s fashion industry.
According to Monsha’at’s Observatory report for the first quarter of 2024, the fashion sector in Saudi Arabia is expected to witness a growth rate of about 48% between 2021 and 2025.
The total value of the fashion industry in the Kingdom, including international fashion houses, reached approximately SAR 92.3 billion in 2021.
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Moreover, the value of the local fashion industry was reported at SAR 46.9 billion in 2022, while the expenditure on imported brands amounted to SAR 27.4 billion in 2021.
Forecasts anticipate the men’s clothing market to grow by 27% by 2027, and the women’s clothing market is expected to expand by 20% during the same period.
Key Economic Indicators for the Fashion Industry in the Kingdom:
- Total value of the fashion industry in 2021, including international fashion houses: SAR 92.3 billion
- Expenditure on imported brands in 2021: SAR 27.4 billion
- Value of the local fashion industry in 2022: SAR 46.9 billion
- Number of employees in the fashion sector in 2022: 230,000
- Percentage of women among all employees in the sector in 2022: 52%
- Expected cumulative annual growth rate for the fashion sector between 2021 and 2025: 48%
- Contribution of the fashion industry to the Kingdom’s GDP in 2022: 1.4%
- Expected growth rate for the women’s clothing market by 2027: 20%
- Expected growth rate for the men’s clothing market by 2027: 27%
