Summary
South Koreas retail market for clothing is estimated to grow at a robust CAGR of 7% over the next five years, to reach KRW34,345 billion by the end of 2019. The share of the clothing sector in overall retail sales is set to reach 9.3% by 2019, from 8.4% in 2014. As of 2014, the footwear category captured a 2.5% share of the overall retail market in South Korea. The footwear market is expected to reach a value of KRW11,181 billion in 2019, growing at a CAGR of 8.8% during 2014-2019. The footwear category is expected to witness robust growth over the analysis period backed by strong demand for quality footwear.
Key Findings
Increasing penetration of smartphones, wider choice of products and convenience is driving the sales of clothing and footwear through the online channel.
Footwear sales are expected to grow at a robust CAGR of 8.8% during 2014-2019
Department stores command the major share, accounting for 41.6% of total sales in the clothing sector.
Synopsis
Clothing and Footwear Retailing in South Korea- Market Summary and Forecasts is a detailed sector report providing a comprehensive analysis of the emerging trends, forecasts and opportunities to 2019.
What else does this report offer?
A thorough analysis of consumer trends changing economic and population factors
Both qualitative and quantitative insights and analysis of the shifting clothing and footwear retail dynamics for mens clothing, womens clothing, childrens clothing, mens footwear, womens footwear, and childrens footwear from 2009 to 2019
Sales of clothing and footwear products through the following channels from 2009 to 2019: Clothing, footwear, accessories and luxury goods specialists; department stores; other specialist retailers; online; hypermarkets, supermarkets and hard-discounters; value, variety stores and general merchandise retailers; other general and non-specialist direct retailers; cash and carries and warehouse clubs and duty free retailers
An overview of key clothing and footwear retailers operating across South Korea and their presence across distribution channels
Reasons To Buy
Gain a comprehensive knowledge on clothing and footwear sector in the South Korea retail market and develop a competitive advantage from the start of your supply chain
Investigate current and forecast behaviour trends in clothing and footwear category to identify the best opportunities to exploit
Analyze the recommended actions to align your marketing strategies with the crucial trends influencing the consumer behavior
Understand the fastest growing categories including menswear, womenswear, childrenswear, mens footwear, womens footwear and childrens footwear in the market, with insights on performance across key channels from 2009, with forecasts until 2019
Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the vital economic and population trends, key consumer and technology trends influencing the clothing and footwear market
Analysis of key international and domestic players operating in the clothing and footwear market - including store counts and revenues that give you a competitive edge - identify opportunities to improve your market share
Table Of Contents
1 Introduction
1.1 What is this Report About?
2 Executive Summary and Outlook
3 Market Context
3.1 Steady economic factors to benefit retailers
3.1.1 South Koreas export-reliant economy is at cross roads
3.1.2 Steady rise in savings rate is a concern for retailers
3.1.3 Services sector continues to be the major sector for employment
3.1.4 Low inflation levels to benefit retailers
3.1.5 Rise in consumption expenditure- a positive sign to reckon with
3.1.6 Increasing urbanization offers growth opportunities for retailers
3.2 Aging population pose challenges for retailers
4 South Korean Shoppers
4.1 Retailers adopting omnichannel strategies to increase their customer base
4.2 Surge in m-commerce with the rise in smartphone ownership and mobile internet penetration
4.3 Increasing adoption of private label brands threatens national brands
4.4 Social commerce is on exponential rise in South Korea
4.5 Luxury retailers are targeting affluent locals
4.6 Herd consumption behavior rampant in South Korean society with the desire for self-satisfaction growing among single workers
4.7 Increasing number of international tourists contributing to retail sales
5 Doing Business in South Korea
5.1 Summary
5.1.1 Bureaucracy
5.1.2 Business culture
5.1.3 Infrastructure and logistics
5.2 Business reforms in South Korea in the recent past
5.3 Korea eases rules for foreign investors
6 Retail - Product Sectors
6.1 Product Sector Analysis
6.1.1 Clothing
6.1.2 Footwear
6.2 Clothing and Footwear Category Overview
6.2.1 Clothing
6.2.2 Footwear
6.3 Major Retailers
6.3.1 Clothing
6.3.2 Footwear
7 Appendix
7.1 Definitions
7.1.1 This report provides 2014 actual sales; while forecasts are provided for 2015 - 2019
7.2 Summary Methodology
7.2.1 Overview
7.2.2 The triangulated market sizing method
7.2.3 Industry surveys in the creation of retail market data
7.2.4 Quality control and standardized processes
7.3 About Conlumino
7.4 Disclaimer
List Of Tables
Table 1: South Korea Clothing Retail Sales (KRW billion), by Product Sub-Category, 2009-2014
Table 2: South Korea Clothing Retail Sales (KRW billion), by Product Sub-Category, 2014-2019
Table 3: South Korea Footwear Retail Sales (KRW billion), by Product Sub-Category, 2009-2014
Table 4: South Korea Footwear Retail Sales (KRW billion), by Product Sub-Category, 2014-2019
Table 5: South Korea Clothing Retail Sales (KRW bn), by Channel Group, 2009-2014
Table 6: South Korea Clothing Retail Sales Forecast (KRW bn), by Channel Group, 2014-2019
Table 7: South Korea Clothing Retail Sales (US$ bn), by Channel Group, 2009-2014
Table 8: South Korea Clothing Retail Sales Forecast (US$ bn), by Channel Group, 2014-2019
Table 9: South Korea Clothing Retail Segmentation, by Channel Group, 2009-2019
Table 10: South Korea Clothing Retail Sales (KRW bn), by Sub-Category, 2009-2014
Table 11: South Korea Clothing Retail Sales Forecast (KRW bn), by Sub-Category, 2014-2019
Table 12: South Korea Clothing Retail Sales (US$ bn), by Sub-Category, 2009-2014
Table 13: South Korea Clothing Retail Sales Forecast (US$ bn), by Sub-Category, 2014-2019
Table 14: South Korea Clothing Retail Segmentation, by Sub-Category, 2009-2019
Table 15: South Korea Footwear Retail Sales (KRW bn), by Channel Group, 2009-2014
Table 16: South Korea Footwear Retail Sales Forecast (KRW bn), by Channel Group, 2014-2019
Table 17: South Korea Footwear Retail Sales (US$ bn), by Channel Group, 2009-2014
Table 18: South Korea Footwear Retail Sales Forecast (US$ bn), by Channel Group, 2014-2019
Table 19: South Korea Footwear Retail Segmentation, by Channel Group, 2009-2019
Table 20: South Korea Footwear Retail Sales (KRW bn), by Sub-Category, 2009-2014
Table 21: South Korea Footwear Retail Sales Forecast (KRW bn), by Sub-Category, 2014-2019
Table 22: South Korea Footwear Retail Sales (US$ bn), by Sub-Category, 2009-2014
Table 23: South Korea Footwear Retail Sales Forecast (US$ bn), by Sub-Category, 2014-2019
Table 24: South Korea Footwear Retail Segmentation, by Sub-Category, 2009-2019
Table 25: Key Clothing Retailers in South Korea
Table 26: Key Footwear Retailers in South Korea
Table 27: South Korea Exchange Rate KRW-USD (Annual Average), 2009-2014
Table 28: South Korea Exchange Rate KRW-USD (Annual Average), 2015-2019 Forecasts
Table 29: Conlumino Retail Channel Definitions
Table 30: Conlumino Retail Category Definitions
List Of Figures
Figure 1: GDP Value (US$ billion), 2009-2014
Figure 2: Growth Rate of GDP (US$ billion, %), 2009-2014
Figure 3: GDP Value and Growth (KRW billion, %), 2008-2014
Figure 4: Forecasts for GDP Value and Growth (KRW billion, %), 2014-2019
Figure 5: Household Savings Rate (%), 2004-2014
Figure 6: Share of Employment by Sector (%), 2004 and 2014
Figure 7: Unemployment Rate (%), 2005-2014
Figure 8: Inflation Growth Rates (%), 2004-2014
Figure 9: Household Consumption Expenditure of South Korea (KRW billion), 2004 and 2014
Figure 10: Household Consumption Expenditure of Major Countries (US$ billion), 2014
Figure 11: Growth of Household Consumption Expenditure (US$, %), 2004-2014
Figure 12: Rural and Urban Populations (millions) 2004, 2014 and 2019
Figure 13: Total Population and Growth Rate (Millions, %), 2004-2019
Figure 14: Population Split by Gender (%), 2014 and 2019E
Figure 15: Population Split by Age Group (%), 2014 and 2019
Figure 16: Per Capita Spend on Retail (KRW), 2006 and 2014
Figure 17: Per Capita Spend (KRW) and Total Retail Spend by Age Group (%), 2006 and 2019
Figure 18: Retailers Adopting Omnichannel Strategies
Figure 19: Increasing penetration of M-commerce
Figure 20: Private label products offered by leading Korean retailers
Figure 21: Size of Koreas s-commerce market (2010-2014)
Figure 22: Luxury retailers strategizing to attract affluent locals
Figure 23: Tourist arrivals to South Korea, (in thousands), 2009 and 2014
Figure 24: Key Components of Doing Business in South Korea
Figure 25: Share of Clothing in overall Retail 2014 and 2019
Figure 26: Retail Sales Value and Growth (KRW billion, %) of Clothing 2014-2019
Figure 27: Spend per Head on Clothing 2014 and 2019
Figure 28: Share of Clothing by Womenswear, Menswear, and Childrenswear 2014 and 2019
Figure 29: Womenswear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 30: Menswear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 31: Childrenswear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 32: Online Spend in Clothing and growth, 2014-2019
Figure 33: Online Share of Total Clothing Spend 2014 and 2019
Figure 34: Spending per Channel in Clothing (%) 2014 and 2019
Figure 35: Share of Footwear in overall Retail 2014 and 2019
Figure 36: Retail Sales Value and Growth (KRW billion, %) of Footwear 2014-2019
Figure 37: Spend per Head on Footwear 2014 and 2019
Figure 38: Share of Footwear by Womens Footwear, Mens Footwear and Childrens Footwear 2014 and 2019
Figure 39: Womens Footwear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 40: Mens Footwear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 41: Childrens Footwear Sales Value and Growth (KRW billion, %) 2014-2019
Figure 42: Online Spend in Footwear 2014-2019
Figure 43: Online Share of total Footwear Spend 2014 and 2019
Figure 44: Spending per Channel in Footwear (%) 2014 and 2019
Figure 45: South Korea Clothing Retail Sales and Forecast (KRW bn), by Channel Group, 2009-2019
Figure 46: South Korea Clothing Retail Sales and Forecast (KRW bn), by Sub-Category, 2009-2019
Figure 47: South Korea Footwear Retail Sales and Forecast (KRW bn), by Channel Group, 2009-2019
Figure 48: South Korea Footwear Retail Sales and Forecast (KRW bn), by Sub-Category, 2009-2019
Figure 49: The Triangulated Market Sizing Methodology
