Logo of the Small & Medium Enterprises General Authority (Monsha’at)
The Small & Medium Enterprises General Authority (Monsha’at) revealed key economic indicators for the Saudi fashion industry in its Q1 2024 report.
The Kingdom’s fashion sector is expected to grow at a compound annual growth rate (CAGR) of nearly 48% between 2021 and 2025.
The sector’s value amounted to roughly SAR 92.3 billion in 2021, Monsha’at added.
It was valued at SAR 46.9 billion in 2022, with consumer spending on imported brands reaching SAR 27.4 billion in 2021.
The men and women’s apparel market is expected to expand by 27% and 20% by 2027, respectively.
Key Economic Indicators for Saudi Fashion Industry
Value of Saudi fashion industry including int’l brands in 2021
SAR 92.3 bln
Consumer spending on imported brands on 2021
SAR 27.4 bln
Value of Saudi fashion industry in 2022
SAR 46.9 bln
Number of sector employees in 2022
230,000
Percentage of females to sector’s total workforce in 2022
52%
Saudi fashion industry CAGR from 2021-2025
48%
Sector’s GDP contribution in 2022
1.4%
Expected growth in women’s apparel market by 2027
20%
Expected growth in men’s apparel market by 2027
27%
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