South Korea, which boasts of a highly developed mixed economy with GDP worth US $ 1798.53 billion in 2021 (as per data from the World Bank) and representing around 0.81 per cent of the world economy, holds its own significance with reference to fashion retail, both in Asia as well as the globe.

As per Statista, the South Korean apparel market stood at US $ 38 billion (apparel imports was US $ 10.21 billion) in 2021 and is expected to grow by CAGR of 0.36 per cent between 2023-2027.

The market's largest segment is women's apparel with a market volume of US $ 18.32 billion in 2023.

However, Covid-19 pandemic impacted the market in 2019 and 2020 even as it started to make a recovery from 2021.

Menswear surpassed the pre-pandemic levels of sales in both volume and value terms in 2021, and continued its increasing momentum in 2022, despite the surge in inflation, with even higher growth than in the previous year.

While inflation increased the price of menswear in 2022, it did not stop men from spending on clothing.

Similarly, in 2021, womenswear was able to rebound fully from the decline seen during the pandemic in 2020 in both retail volume and value terms whilst the growth continued in 2022, as people continued updating their wardrobes with new clothing.

What’s more, despite Korea recording the world’s lowest fertility rate in 2022, childrenswear also increased in both retail volume and in value terms, as Covid-19 restrictions were lifted in the first half of 2022 and children started returning to schools by March 2022.

Meanwhile, the South Korean fashion e-commerce market is predicted to reach US $ 32.64 billion by 2023, accounting for 32.1 per cent of the total e-commerce market in the country with an expected compound annual growth rate for the next four years (CAGR 2023-2027) somewhere around 3 per cent, resulting in a projected market volume of US $ 36.77 billion by 2027.

To know more about South Korea and how to make a successful foray there, make sure to attend the third edition of Apparel Sourcing Week (ASW), scheduled to be held at Bengaluru’s iconic Grand Sheraton Hotel and Convention Center on 20th and 21st July, to be attended by leading CEOs/CXOs, sourcing heads of Indian retailers and brands, sourcing teams from international brands and retailers including from South Korea, UAE, Europe, Australia and Japan, buying houses (present in South Asia) representing and sourcing for global brands and retailers apart from a host of wholesalers and importers.