• Color Cosmetics Sales Burgeoning in Once-Traditional Saudi Arabia, but Why?

    In 2020, 10.81 million barrels of crude oil were produced in Saudi Arabia every day, says the U.S. EIA. Long established as one of the largest oil-producing and exporting countries, Saudi’s very economy is driven by liquid gold. The biggest result of this has been seen in its citizens’ disposable income, which, as per the CIEC, rose to $658,493.5 in 2017 from $617,848.7 in 2016. Compared to a couple of decades ago, Saudis are a lot more cosmopolitan today and embracing the modern lifestyle with a touch of luxury.

    P&S Intelligence credits the rising spending power in the country while forecasting a rise in the Saudi Arabian color cosmetics market size to $1,197.2 million by 2030 from $603.6 million in 2020, at a 7.1% CAGR. Moreover, the country has witnessed increasing liberalization in recent years, with women gaining more independence and rights. This has allowed for a rapid increase in the female working population; between 2018 and 2020, the employment rate of women 18‒39 years of age increased by at least 10%, while that of those in the age group of 40‒54 rose by more than 20%.

    A professional life calls for impeccable appearance and presentability in front of peers, which is the key factor driving color cosmetic sales in the kingdom. Moreover, many people consider a good appearance as a confidence booster, especially those under the strong influence of the Western culture. Additionally, many women and also men in their 40s and older now desire to look younger, which can be achieved with color cosmetics, as claimed by companies. Such thinking is being fanned by the rising number of social media platforms and those who promote such products via them.

    With the growing internet penetration, the number of people regularly visiting Instagram, YouTube, Twitter, Pinterest, Facebook, and beauty blogs in the country is surging. From just over 2% in 2000, the percentage of the Saudi population with access to the internet has risen to more than 97% in 2020, says the World Bank. This has, apart from an increase in the number of social media users, has also led to a spurt in beauty influencers, who now number over 1,000 in the kingdom alone. These people drive the Saudi Arabian color cosmetics market by informing netizens of the new products available and the ingredients in them.

    Read More: https://www.psmarketresearch.com/market-analysis/saudi-arabia-color-cosmetics-market
    Color Cosmetics Sales Burgeoning in Once-Traditional Saudi Arabia, but Why? In 2020, 10.81 million barrels of crude oil were produced in Saudi Arabia every day, says the U.S. EIA. Long established as one of the largest oil-producing and exporting countries, Saudi’s very economy is driven by liquid gold. The biggest result of this has been seen in its citizens’ disposable income, which, as per the CIEC, rose to $658,493.5 in 2017 from $617,848.7 in 2016. Compared to a couple of decades ago, Saudis are a lot more cosmopolitan today and embracing the modern lifestyle with a touch of luxury. P&S Intelligence credits the rising spending power in the country while forecasting a rise in the Saudi Arabian color cosmetics market size to $1,197.2 million by 2030 from $603.6 million in 2020, at a 7.1% CAGR. Moreover, the country has witnessed increasing liberalization in recent years, with women gaining more independence and rights. This has allowed for a rapid increase in the female working population; between 2018 and 2020, the employment rate of women 18‒39 years of age increased by at least 10%, while that of those in the age group of 40‒54 rose by more than 20%. A professional life calls for impeccable appearance and presentability in front of peers, which is the key factor driving color cosmetic sales in the kingdom. Moreover, many people consider a good appearance as a confidence booster, especially those under the strong influence of the Western culture. Additionally, many women and also men in their 40s and older now desire to look younger, which can be achieved with color cosmetics, as claimed by companies. Such thinking is being fanned by the rising number of social media platforms and those who promote such products via them. With the growing internet penetration, the number of people regularly visiting Instagram, YouTube, Twitter, Pinterest, Facebook, and beauty blogs in the country is surging. From just over 2% in 2000, the percentage of the Saudi population with access to the internet has risen to more than 97% in 2020, says the World Bank. This has, apart from an increase in the number of social media users, has also led to a spurt in beauty influencers, who now number over 1,000 in the kingdom alone. These people drive the Saudi Arabian color cosmetics market by informing netizens of the new products available and the ingredients in them. Read More: https://www.psmarketresearch.com/market-analysis/saudi-arabia-color-cosmetics-market
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