This category saw a relatively limited impact from COVID-19 in 2020. While value sales did drop into negative growth territory, this was not as severe as the downturns seen elsewhere in the market.
Given the economic impact of COVID-19, consumers continued to favour apparel and footwear at relatively affordable prices. Younger consumers especially drove this trend.
Despite COVID-19, the category’s performance benefited from consumers being forced to change plans. As travel restrictions hit, many of those who were planning to go on an overseas trip prior to the COVID-19 outbreak turned to spending their money on luxury goods, including designer apparel and footwear.
Concerns regarding the availability of imitation/replica designer apparel and footwear products continues. Retailers and manufacturers are seeking to address this issue, but progress is limited.
While women’s designer apparel and footwear categories will remain the largest and see the strongest performances over the forecast period, men’s designer apparel and footwear products are expected to see the strongest rebound as the country recovers from the COVID-19 pandemic. Men’s goods in this category offer a high level of potential, and players will develop their offer to support consumer demand more strongly.
Due to the effects of COVID-19, and consumers’ reluctance to visit bricks and mortar outlets despite the lack of official lockdown, the e-commerce channel gained share in 2020, and this is expected to continue over the forecast period. Consumers in Korea will increasingly value the convenience, wide range of products, and competitive prices offered by this channel.
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Understand the latest market trends and future growth opportunities for the Designer Apparel and Footwear (Ready-to-Wear) 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 Designer Apparel and Footwear (Ready-to-Wear) 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.
This report originates from Passport, our Designer Apparel and Footwear (Ready-to-Wear) research and analysis database.
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