Restrictions implemented to curb the spread of COVID-19 negatively impact the current retail value sales of childrenswear in 2020. For instance, schools were closed for some time in 2020, and later they were only reopened for two to three days per week, therefore the demand for childrenswear continued to decrease throughout the year.
While department stores and apparel specialists still hold a strong position in 2020 in South Korea, they used to be a more popular channel for childrenswear. In light of the pandemic, internet retailing is getting more and more popular in childrenswear.
Childrenswear continues to be negatively affected by the country’s low birth rate. In fact, the birth rate in South Korea continues quickly decreasing, and is among one of the lowest global birth rates.
In 2021, childrenswear is set to return to positive but very slow current retail value growth. The remainder of the forecast period is anticipating stagnant or even slightly negative current retail value growth rates as the low birth rate in South Korea continues to have a negative impact on childrenswear.
Domestic fast fashion brands are expected to continue growing fast in childrenswear in the forecast period. For example, E-Land World’s fast fashion brand, SPAO, launched a SPAO Kids line in April 2020.
As the birth rate is set to continuously decrease in South Korea, childrenswear is expected to further decrease in the forecast period as well. Against the backdrop of the low birth rates, a number of brands have already decided to exit childrenswear in South Korea, while others will turn to targeting premium products to revive sales in the forecast period.
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Understand the latest market trends and future growth opportunities for the Childrenswear 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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This report originates from Passport, our Childrenswear research and analysis database.
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