Fashion market in Cyprus

The Cypriot Fashion eCommerce market is predicted to reach US$178.3 million by 2025 and accounts for 16.3% of the total eCommerce market in Cyprus. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2025-2029) will be 5.6%, resulting in a projected market volume of US$221.7 million by 2029. Within the Fashion market ECDB considers the following three sub-markets: Apparel, Footwear, and Bags & Accessories.

Market development

eCommerce revenue development in the Bags & Accessories market in Cyprus

The Cypriot Bags & Accessories eCommerce market is predicted to reach US$22.4 million by 2025 and accounts for 12.5% of the Fashion eCommerce market in Cyprus. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2025-2029) will be 6.9%, resulting in a projected market volume of US$29.2 million by 2029. The Bags & Accessories eCommerce market is a sub-market of the Fashion market. Further categories within the Fashion market are: Apparel, and Footwear.

eCommerce revenue development in the Bags & Accessories market in Cyprus

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in the Bags & Accessories market in Cyprus

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)91.68.671.394.644.330.871.865.3

Online share

eCommerce online share of the total Bags & Accessories market in Cyprus

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Cypriot Bags & Accessories retail market, the online share is 36.4% and will increase by an average of 4.2% to 42.9% by 2029.

eCommerce online share of the total Bags & Accessories market in Cyprus

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)29.7%7.3%75.1%68.0%43.1%82.6%27.8%75.7%

Market definition

Definition of the Bags & Accessories market within the Fashion market

Market definition: Fashion > Bags & Accessories In the category Bags & Accessories digital channels are used to sell a variety of products, including fashion accessoires (e.g. belts, sunglasses, scarves), luggage & bags (e.g. suitcases, backpacks, handbags) and jewelry & watches (e.g. earrings, necklaces, wristwatches). Not part of the category are apparel (e.g. pants, jackets, t-shirts), footwear (e.g. sneakers, boots, sandals) or protective cases and covers for electronic devices (e.g. smartphone cases and covers). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Fashion accessoires (e.g. belts, sunglasses, scarves)
  • Luggage & bags (e.g. suitcases, backpacks, handbags)
  • Jewelry & watches (e.g. earrings, necklaces, wristwatches)

Out-of-scope

  • Apparel (e.g. pants, jackets, t-shirts)
  • Footwear (e.g. sneakers, boots, sandals)
  • Protective cases and covers for electronic devices (e.g. smartphone cases and covers)