02.11.16
Think women in Rome, Rio or Rochester spend a lot on their cosmetics collections? They have nothing on the women in Riyadh! Saudi women spend more on cosmetics compared to women in the West, the Arab world and even in the Gulf, according to one report.
Recent statistics issued by Saudi Customs suggest the amount of imported cosmetics in the past year exceeded SR2.3 billion ($612 million at current exchange rates), according to an article in Arab News. One observer, Dr. Salim Bajajah, director of administrative and financial sciences faculty at the University of Taif, said that Saudi women on average spend nearly $4,000 annually on beauty, personal care, cosmetics, skin care, fragrance, and hair care which amounts to a large part of the family budget. More amazing, financially-independent women spend 70-80% of their salary on cosmetics. That's made possible in a country where the state covers 90% of living expenses through oil revenues. But how much longer can Saudi citizens remain on the dole when oil prices continue to crater?
Still, cosmetic imports are growing. According to Issa Al-Issa, a Saudi customs spokesperson, imported cosmetics reached 44.6 million kilograms. In monetary value, the cosmetics market is estimated at nearly $16 billion and growing 11% a year, including a 26% increase in skin care product sales
In related news, observers estimated cosmetic surgery clinics in Saudi Arabia will increase 10 times during the next five years.
Taking a look at the bigger regional picture, the Middle East’s share of cosmetics amounts to 20% of the total global market, with Saudi Arabia at the top for Middle Eastern countries. Besides perfume, hair-care products are showing an increasing importance in Saudi Arabia and other Gulf states.
Recent statistics issued by Saudi Customs suggest the amount of imported cosmetics in the past year exceeded SR2.3 billion ($612 million at current exchange rates), according to an article in Arab News. One observer, Dr. Salim Bajajah, director of administrative and financial sciences faculty at the University of Taif, said that Saudi women on average spend nearly $4,000 annually on beauty, personal care, cosmetics, skin care, fragrance, and hair care which amounts to a large part of the family budget. More amazing, financially-independent women spend 70-80% of their salary on cosmetics. That's made possible in a country where the state covers 90% of living expenses through oil revenues. But how much longer can Saudi citizens remain on the dole when oil prices continue to crater?
Still, cosmetic imports are growing. According to Issa Al-Issa, a Saudi customs spokesperson, imported cosmetics reached 44.6 million kilograms. In monetary value, the cosmetics market is estimated at nearly $16 billion and growing 11% a year, including a 26% increase in skin care product sales
In related news, observers estimated cosmetic surgery clinics in Saudi Arabia will increase 10 times during the next five years.
Taking a look at the bigger regional picture, the Middle East’s share of cosmetics amounts to 20% of the total global market, with Saudi Arabia at the top for Middle Eastern countries. Besides perfume, hair-care products are showing an increasing importance in Saudi Arabia and other Gulf states.