Fashion market in Iceland

The Icelandic Fashion eCommerce market is predicted to reach US$165.1 million by 2024 and accounts for 18.5% of the total eCommerce market in Iceland. It is expected to decrease over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be -1.8%, resulting in a projected market volume of US$153.4 million by 2028. Within the Fashion market ECDB considers the following three sub-markets: Apparel, Footwear, and Bags & Accessories.

Monthly revenues

Monthly eCommerce revenues in the Icelandic Apparel market

The monthly eCommerce revenue of the Icelandic Apparel market was US$7 million in October 2024. This refers to a growth of 14.7% compared to September 2024. Within the last 12 months, the monthly revenue share was the highest in November 2023 with 10.9% of the total 2023 revenue of the Icelandic Apparel market and the lowest in September 2024 with 6.8% of the total 2024 revenue.

Revenue Last Month

US$7.4m

The eCommerce revenue grew by 14.7% from September 2024 to October 2024.

10-2024+14.7%

Monthly revenue shares in the last 12 months

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

0-20241-20242-20243-20244-20245-20246-20247-20248-20249-202410-202411-2024
Revenue (in mUS$)0.00.00.00.00.00.00.00.00.00.00.00.0
Monthly revenue share (in %)2.341.919.52.978.936.115.542.22.193.461.382.8

Market development

eCommerce revenue development in the Apparel market in Iceland

The Icelandic Apparel eCommerce market is predicted to reach US$95.2 million by 2024 and accounts for 57.7% of the Fashion eCommerce market in Iceland. It is expected to decrease over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be -1.5%, resulting in a projected market volume of US$89.7 million by 2028. The Apparel eCommerce market is a sub-market of the Fashion market. Further categories within the Fashion market are: Bags & Accessories, and Footwear.

eCommerce revenue development in the Apparel market in Iceland

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 Apparel market in Iceland

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 %)41.091.282.216.191.880.63.655.3

Online share

eCommerce online share of the total Apparel market in Iceland

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 Icelandic Apparel retail market, the online share is 30.4% and will increase by an average of 10.0% to 44.6% by 2028.

eCommerce online share of the total Apparel market in Iceland

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)89.0%96.6%90.7%33.1%96.1%24.9%59.3%86.5%

Top stores

Top five Apparel online stores in Iceland by net sales 2023

With sales in the Icelandic Apparel market, boozt.com generated a revenue of US$8.5 million in 2023, which means it is the leading online store in this market. The Apparel ranking of Iceland is based on all online stores that generated sales in this market in 2023. Due to a country- and category-dependent approach, both national and international online stores can be part of the ranking. The graph shows a filtered revenue. It only includes national sales within the respective market.

eCommerce net sales generated in the Apparel market in Iceland in 2023

in million US$

Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed

Source: Annual report, secondary sources, ECDB analysis

Filtered revenue / share
Global revenue
Growth
no-access-0
US$900.0m
20.7%
US$8,300.0m8.3%
no-access-1
US$550.0m
12.0%
US$4,600.0m12.4%
no-access-2
US$470.0m
3.9%
US$1,190.0m33.6%
no-access-3
US$430.0m
20.6%
US$2,122.0m18.0%
no-access-4
US$370.0m
20.7%
US$1,814.0m12.6%

See further stores

Worldwide - Apparel Iceland - Apparel Iceland - All Categories

Market definition

Definition of the Apparel market within the Fashion market

Market definition: Fashion > Apparel The category Apparel encompasses the commercial (B2C) sale of outerwear (e.g. jackets, coats), tops (e.g. t-shirts, sweaters, blouses), bottoms (e.g. pants, shorts, skirts), and more. Not covered are sport-specific apparel (e.g. wetsuits, snowsuits, goalkeeper gloves), footwear or fashion accessories (e.g. gloves, hats, scarves). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Outerwear (e.g. jackets, coats)
  • Tops (e.g. t-shirts, sweaters, blouses)
  • Bottoms (e.g. pants, shorts, skirts)
  • Undergarments (e.g. underwear, socks)
  • Activewear (e.g. joggers, tights, tricots)

Out-of-scope

  • Sport-specific apparel (e.g. wetsuits, snowsuits, goalkeeper gloves)
  • Footwear
  • Fashion accessories (e.g. gloves, hats, scarves)