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.

Market development

eCommerce revenue development in the Luggage & Bags market in Iceland

The Icelandic Luggage & Bags eCommerce market is predicted to reach US$7.5 million by 2024 and accounts for 32.2% of the Bags & Accessories 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 -1.6%, resulting in a projected market volume of US$7.0 million by 2028. The Luggage & Bags eCommerce market is a sub-market of the Bags & Accessories market. Further categories within the Bags & Accessories market are: Fashion Accessories, and Jewelry & Watches.

eCommerce revenue development in the Luggage & Bags 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 Luggage & Bags 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

201720182019202020212022202320242025202620272028
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)6.771.749.641.098.843.83.320.3
as of Bags & Accessories (in %)4.34.34.35.05.64.95.05.25.45.45.45.5

Online share

eCommerce online share of the total Luggage & Bags 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 Luggage & Bags retail market, the online share is 42.7% and will increase by an average of 4.2% to 50.3% by 2028.

eCommerce online share of the total Luggage & Bags market in Iceland

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)13.3%41.7%34.8%20.9%74.5%78.3%26.8%51.9%

Market definition

Definition of the Luggage & Bags market within the Fashion market

Market definition: Fashion > Bags & Accessories > Luggage & Bags The category Luggage & Bags includes the online trade of suitcases, backpacks and daypacks, hip and fanny packs, and more. This category does not cover wallets and purses and 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

  • Suitcases
  • Backpacks and daypacks
  • Hip and fanny packs
  • Handbags

Out-of-scope

  • Wallets and purses
  • Protective cases and covers for electronic devices (e.g. smartphone cases and covers)

Market comparison

The Icelandic Luggage & Bags market in a global comparison

Market comparison by growth, online share, and revenue in 2023

in %

Source: ECDB analysis