PROSPECTS AND OPPORTUNITIES
Counterfeit shoes becoming increasingly sophisticated
Footwear is expected to see relatively flat sales over the forecast period, with sales supported by baseline demand, but with challenges coming from the rise of counterfeit products. It is noted that “must-have” footwear brands can sell out, thus consumers who cannot wait for new official stock to arrive can fall foul to the fraud of counterfeit alternatives.
New Balance opens its flagship store and promotes it with a special exhibition
Competition is expected to become more intense over the forecast period, with brands opening flagship stores to connect with consumers, showcase their brand identity, and display their latest designs. For example, New Balance opened its Sungsu Flagship Store in Seoul in November 2024, which is promoted as a place where consumers can “feel the New Balance brand heritage and craftsmanship” and see “the largest collection of New Balance shoes in Korea”.
Brands enter South Korea directly, in order to better engage with local consumers
South Korea is a key fashion market in the Asia-Pacific territory and, as a result, international brands which used to be retailed through local distributors or via licensing are directly entering South Korea to better communicate directly with consumers, maximise profits, and become more agile in the territory. Birkenstock is one such brand cited in this context, with the Swiss On brand being another.
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Overview:
Understand the latest market trends and future growth opportunities for the Footwear 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 Footwear 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 Footwear 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 Footwear in South Korea?
- Which are the leading brands in South Korea?
- How are products distributed in South Korea?
- How is the rise of e-commerce shaping demand?
- What % of apparel and footwear sales are made via grocery retailers?
- Do consumers want premium quality or fast fashion?
- How will COVID-19 and recession impact demand?
- How important is sustainability in Footwear in South Korea?
- Where is future growth expected to be most dynamic?
Footwear in South Korea - Category analysis
KEY DATA FINDINGS
Footwear sales supported by the running trend in South Korea
Sports brands remain popular in footwear, with Nike in the lead
Department stores upgrade their running-related areas to keep up with the trend
Counterfeit shoes becoming increasingly sophisticated
New Balance opens its flagship store and promotes it with a special exhibition
Brands enter South Korea directly, in order to better engage with local consumers
Apparel and Footwear in South Korea - Industry Overview
Apparel and footwear in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for apparel and footwear?
DISCLAIMER
The following categories and subcategories are included:
Footwear
- Children's Footwear
- Men's Footwear
- Women's Footwear
Footwear
This is the aggregation of children's footwear, men's footwear and women's footwear. Includes all men’s, women’s and children’s outdoor and indoor shoes made of materials as leather, fabric or plastic. Outdoor shoes includes all dress shoes, trainers, sports shoes, sandals, boots, pumps, and high heels. Indoor shoes includes house-shoes and slippers. Items must be new when sold to the consumer; second-hand/used footwear is excluded. Antique and/or vintage footwear is also excluded. Sports footwear (broken out as a separate category) is included in total footwear figure. One pair of footwear constitutes one volume unit.
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 Footwear research and analysis database.
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