PROSPECTS AND OPPORTUNITIES
Decline for apparel and footwear specialists in 2025, although growth likely to return
Apparel and footwear specialists in South Korea is set to see a current value decline in 2025, although is expected to return to low growth for the rest of the forecast period. High inflation and economic downturn are expected to lead to a decline in consumer spending in the near term, with apparel and footwear likely to be one of the categories to see reduced purchases.
Growing market for children’s luxury clothing due to changes in consumer dynamics
Despite the declining birth rate, there are likely to be opportunities for growth for apparel and footwear specialists offering childrenswear. This is expected to be driven by the fact that the market for luxury childrenswear exclusively designed for preschoolers is set to continue expanding, despite challenges in the broader fashion industry.
Non-apparel specialists set to continue expanding into fashion retail
In the forecast period, growth in apparel and footwear specialists is expected to be hampered by competition from other retail channels offering such products. For instance, some convenience stores are now offering apparel, following their successful expansion into the beauty category.
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Overview:
Understand the latest market trends and future growth opportunities for the Apparel and Footwear Specialists industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Apparel and Footwear Specialists industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Apparel and Footwear Specialists in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Apparel and Footwear Specialists in South Korea?
- Which are the leading retailers in Apparel and Footwear Specialists in South Korea?
- How is the rise of e-commerce and the expansion of modern grocery retail impacting traditional retail?
- How has the impact of COVID-19 and national lockdown impacted consumer demand?
- Which formats have benefited the most from stockpiling and enforced home seclusion?
- How will the wider economic impact of COVID-19 shape the retail landscape in the future?
- Where is future growth expected to be most dynamic?
Apparel and Footwear Specialists in South Korea - Category analysis
KEY DATA FINDINGS
Fast fashion brands thrive amidst economic challenges
Polarisation in apparel and footwear specialists led by SPA (fast fashion) brands
Growth of the running trend impacts apparel and footwear specialists
Decline for apparel and footwear specialists in 2025, although growth likely to return
Growing market for children’s luxury clothing due to changes in consumer dynamics
Non-apparel specialists set to continue expanding into fashion retail
Retail in South Korea - Industry Overview
Retail in 2024: The big picture
Competition for fast delivery in South Korea
Convenience stores are evolving into lifestyle platforms
What next for retail?
Informal retail
Opening hours for physical retail
Seasonality
Summer Sale
Black Friday/Korea Sale Festa
DISCLAIMER
Apparel and Footwear Specialists
Apparel and footwear specialists are chained or independent retail outlets with a primary focus on selling one or more of the following categories: clothing, footwear, and/or fashion accessories (costume jewellery, sunglasses, belts, hats, gloves, handbags, scarves, etc.). Apparel specialists include specialty apparel like wedding dress shops. Example brands include Primark, TJ Maxx, and Zara. Sportswear retailers, such as Adidas and Nike, are excluded from this channel and are included in Sports Goods Stores; this is due to the companies considering themselves sports companies as opposed to apparel companies.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Apparel and Footwear Specialists research and analysis database.
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