The South Korean fashion market size was forecast to amount to over 43.3 trillion South Korean won. Recently, the Korean fashion market has continued to decline due to the global economic downturn and the coronavirus outbreak. In the meantime, the luxury goods and bags market, the trendy street casual wear market, and the sports shoe market were leading the growth recovery of the fashion market. Impacted by the COVID-19 pandemic, the market for comfortable clothing such as loungewear and athleisure wear has grown significantly due to the increasing population working from home and staying at home.
In part due to high internet penetration and fast internet speeds, the Korean online apparel market has continued to grow. Online apparel sales accounted for the fourth largest proportion of online shopping transactions, following food and beverages, home appliances, and food services. While offline fashion companies are facing a crisis, online fashion companies are recording sales growth despite the recession. Especially, the "big 5" fashion platforms including Musinsa, Zigzag, Ably, Brandi, and Wconcept have attracted young consumers. The total transaction value of the big 5 platforms was forecast to reach over 4.7 trillion South Korean won in 2021, with every platform growing in transaction value. Musinsa, the leading online fashion platform with a transaction value of approximately 2.3 trillion won this year, was recognized as the 10th unicorn company in Korea. Based on the increasing number of cross-border transactions and the growing popularity of K-fashion, the Korean apparel market is expected to grow further.
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In the following 6 chapters, you will quickly find the 36 most important statistics relating to "Apparel industry in South Korea".