Saudi Fashion Industry Valued at SAR 92.3 Billion by Monsha'at

Saudi Arabia’s fashion sector seems set to continue on its trend of rapid growth, with the industry now valued at SAR 92.3 billion by the Small and Medium Enterprises General Authority (Monsha’at) in Q1 of 2024. The new figures come just after the inaugural Red Sea Fashion Week, which took place May 16th to 18th at the St. Regis Red Sea Resort on Ummahat Island.

Perhaps most importantly, the local fashion market alone contributes around half of that figure, valued at SAR 46.9 billion. The new data supports a projected 48% cumulative growth in the sector’s value between 2021 and 2025, with consumer spending on imported brands reaching SAR 27.4 billion.

Ramadan was no doubt a time of increased spending across all sectors, with Saudi consumers spending more than SAR 11.5 billion in the first week of the holy month.