Sector 2024” report released this week. The Saudi fashion industry, valued at $30 billion in 2023, is expected to reach $42 billion by 2028, with Fashion contributing 2.5 percent to the Kingdom’s GDP.
The report highlights several key factors driving this robust growth. The rising participation of women in the workforce, which increased from 22 percent in 2018 to 34 percent in 2022, is boosting purchasing power and demand for diverse fashion products. And with 60 percent of the population under 30, young Saudis have changing fashion preferences that blend global trends with cultural heritage.Cakmak noted this combination of tradition and modernity is a benchmark of Saudi fashion.
Last year saw the launch of two marquis fashion weeks in the Kingdom, Riyadh Fashion Week, as well as Red Sea Fashion Week. Cakmak emphasized the role of these events in shaping the industry’s structure. “It creates a calendar and a schedule for brands on how to operate their businesses and an entire ecosystem around it.”
“With so many hotel megaprojects opening, I think it’s great opportunity, especially because tourism here is very much targeting a premium luxury audience. There are few spots around the world positioned this way,” Cakmak said.
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