South Korea: fashion market size 2022 | Statista (2024)

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South Korea: fashion market size 2022 | Statista? ›

The market size of the South Korean fashion industry amounted to around 47.09 trillion South Korean won in 2022. Impacted by the COVID-19 pandemic in 2019 and 2020, the fashion industry in the country recovered again in 2021.

The global fashion retail market size was worth around USD 91.25 billion in 2023 and is predicted to grow to around USD 157.88 billion by 2032 with a compound annual growth rate (CAGR) of roughly 7.09% between 2024 and 2032.

South Korean fashion has maintained a unique style which has influenced worldwide trends. South Korea's style is known for being expressive and reflecting a sense of individuality, which are absent from the style of its northern counterpart, North Korea.

Monthly household spending on clothing and footwear South Korea 2017-2023. In 2023, households in South Korea spent an average of around 139.2 thousand South Korean won on clothing and footwear. Around 100.8 thousand South Korean won were spent on fabric and outer clothing.

The United States is leading the ranking by revenue in the apparel market, recording 351.35 billion U.S. dollars.

The market size of the South Korean fashion industry amounted to around 47.09 trillion South Korean won in 2022.

The "market size" is made up of the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate. It's important to calculate and understand market size for several reasons.

Korean fashion influencers, known for their impeccable sense of style and trendsetting prowess, have amassed millions of followers, cementing Seoul's status as a fashion capital. It is hard to disagree that Seoul's emerging influence on the global fashion stage is a force to reckon with.

The hanbok (Korean: 한복; Hanja: 韓服; lit. Korean dress) is a traditional clothing of the Korean people. The term hanbok is primarily used by South Koreans; North Koreans refer to the clothes as chosŏn-ot (조선옷, lit. 'Korean clothes'). The clothes are also worn in the Korean diaspora, especially by Koreans in China.

South Korea is renowned for its rich cultural heritage, vibrant K-pop music scene, delicious cuisine like kimchi and bulgogi. It is also famous because of the technological innovations from companies like Samsung and LG, stunning natural landscapes, and traditional arts and crafts.

What is the biggest fashion company in Korea? ›

coupang.com leads this market with revenues of US$6,546.2 million in 2023. Followed by nike.com with sales of US$879.9 million and then musinsa.com with sales of US$481.3 million. Together, the top three online stores account for a market share of 64.7% of the top 100 stores in the South Korean Fashion market.

Total spending on personal luxury goods by South Koreans year-on-year grew around 24% to $16.8 billion, amounting to $325 per capita.

Hard work, obedience to family, protection of the family, and proper decorum among family members are very much Korean values, even in the modern world.

Before the Covid-19 pandemic, the fashion industry global revenue was estimated between $1.7 trillion and $2.5 trillion according to two different research reports by Euromonitor and McKinsey.

France: France, particularly Paris, is often considered the global capital of fashion. It is home to iconic fashion houses, luxury brands, and renowned designers. The country's fashion heritage and influence are long-standing and highly regarded.

France is synonymous with fashion and haute couture is practically a national raison d'être. Paris Fashion Week is the highlight of the fashion world's calendar, and the city's fashion institutions are some of the most renowned.

According to Straits Research, “The global luxury fashion market size was valued at USD 123.05 billion in 2022. It is estimated to reach USD 198.55 billion by 2031, growing at a CAGR of 5.46% during the forecast period (2023–2031).”

Fashion marketing is the process of advertising clothing and accessories to the desired target audience. It's here where fashion and business intersect. One of the most important aspects of fashion, marketing helps boost sales and profits as well as build brand awareness and alter consumer perceptions.

The ready-made garments (RMG) industry in India is a significant contributor to the country's economy, boasting a large and growing market size. Estimated at approximately $178 billion in 2023, accounting for 11% of India's GDP.

The global Fast Fashion Market size was valued at USD 93.66 billion in 2022 and is projected to reach USD 167.50 billion by 2030, growing at a CAGR of 7.70% from 2023 to 2030.