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(GlobeNewswire) - The "Saudi Arabia Fashion Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" report has been added to ResearchAndMarkets. com's offering.
The Saudi Arabia Fashion Market was valued at USD 4. 25 Billion in 2024, and is expected to reach USD 5. 70 Billion by 2030, rising at a CAGR of 5. 07%
The Saudi Arabian fashion market is witnessing significant growth, fueled by changing consumer preferences and a younger, fashion-conscious population. As the country diversifies its economy through Vision 2030, fashion and retail sectors have become pivotal to its development. International brands are increasingly entering the market, while local designers are gaining recognition. E-commerce is rapidly expanding, offering consumers more convenience and a broader range of choices.
In 2024, a study highlighted that the digital fashion marketplace in Saudi Arabia operates on a robust dual-channel approach. E-tailing platforms, including popular names like Namshi, Shein, Temu, and Ounass, collectively account for 50% of the online fashion market in the Kingdom. On the other hand, omnichannel players such as Amazon, Noon, and Centrepoint contribute to 30% of the market share. These platforms have gained traction by offering extensive product ranges, exclusive deals, and a seamless online shopping experience tailored to local preferences. This dynamic shift promises a vibrant future for the Saudi fashion industry.
Changing Demographics and Growing Youth Population
One of the most significant drivers of the Saudi Arabian fashion market is the country's youthful population. With over 50% of the population under the age of 30, the demand for trendy, modern, and fashion-forward products is rapidly increasing. Young Saudis, especially millennials and Gen Z, are highly engaged in global fashion trends and are influencing the market with their preferences for modern, stylish apparel. They are more inclined toward international brands, yet also show growing support for local designers, which has led to a vibrant mix of global and homegrown fashion.
This demographic is heavily influenced by social media, where...