Yonhap News Agency reported on January 22 that the Korea Fiber Industry Federation (hereinafter referred to as the Fiber Industry Federation) released the “Korea Clothing Market Trends” report stating that the size of the Korean clothing market in 2020 will be more than It decreased by 2% year-on-year to 40.8 trillion won. After a year-on-year decrease of 3.6% in 2019, it has experienced negative growth for two consecutive years.
Affected by the reduction of working from home and external activities, the size of the women’s formal wear market decreased by 17.5% to 2.5 trillion won, and the men’s formal wear market was 3.7 trillion won, a decrease of 9.9% %. The children’s clothing market fell by 11.4% to only 800 billion won due to the impact of remote teaching and the decrease in the child population. The sportswear market and underwear market experienced negative growth of 7.6% and 3.5% respectively, but the demand for golf wear and pajamas increased, with only a decrease of 3.3% and 0.9% respectively compared with 2019.
On the contrary, the casual wear market grew by 1.9% to 15.9 trillion won. According to analysis, casual clothing accounts for the largest proportion of the entire clothing market, reaching 38.9%. Due to the increase in home offices, casual clothing with both indoor and outdoor functions is very popular. As the younger generation’s demand for sports shoes and fashionable shoes increases, the shoe market grew 5.7% to 6.6 trillion won. The luggage market grew by 8.8%, reaching a record high of 3.2 trillion won. The Fiber Industry Federation explained that due to the impact of high-priced brand-name consumption, the per capita purchase amount increased.
The Federation of Textile Industry Federation predicts that if the gross domestic product (GDP) growth rate is 3% this year, the domestic apparel market will reach 41.3 trillion won, an increase from 2020 1.3%. </p
