In spite of the sales increase in 2022, apparel and footwear specialists are not overly optimistic about 2023, with a slight sales decline currently expected due to the difficult economic climate. While growth will be seen in some years over the forecast period, the size of the channel’s decline in 2020 means that sales will still be well below their pre-pandemic levels by the of the 2022-2027 timeframe.
Consumers’ interest in value-for-money apparel is strong against a backdrop of rising inflation and living costs. This could see consumers shifting to more economical options from e-commerce and non-apparel and footwear players, such as hypermarkets.
While golf rose in popularity as a sport among Gen Z consumers during the pandemic, the sport seems to have passed its popularity peak, which will be impacting the sales of golf apparel and footwear. The sales growth of golf apparel and footwear in department stores during September 2022 (the peak season for golf) were reportedly slowing down, posting an increase of 10-20% compared to the same period in the previous year, as compared to the year-earlier period’s growth of more than 50-60%.
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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.
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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.
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 DefinitionsThis report originates from Passport, our Apparel and Footwear Specialists research and analysis database.
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