Fashion market in South Korea

The South Korean Fashion eCommerce market is predicted to reach US$24,737.4 million by 2024 and accounts for 17.9% of the total eCommerce market in South Korea. 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 -0.0%, resulting in a projected market volume of US$24,718.9 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 South Korean Bags & Accessories market

The monthly eCommerce revenue of the South Korean Bags & Accessories market was US$429 million in October 2024. This refers to a growth of 10.1% compared to September 2024. Within the last 12 months, the monthly revenue share was the highest in January 2024 with 9.3% of the total 2024 revenue of the South Korean Bags & Accessories market and the lowest in September 2024 with 7.7% of the total 2024 revenue.

Revenue Last Month

US$429.0m

The eCommerce revenue grew by 10.1% from September 2024 to October 2024.

10-2024+10.1%

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 %)21.721.456.167.263.081.662.142.559.394.034.867.6

Market development

eCommerce revenue development in the Bags & Accessories market in South Korea

The South Korean Bags & Accessories eCommerce market is predicted to reach US$5,035.0 million by 2024 and accounts for 20.4% of the Fashion eCommerce market in South Korea. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 0.6%, resulting in a projected market volume of US$5,164.3 million by 2028. 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 South Korea

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 South Korea

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 %)76.08.312.181.870.869.754.240.9

Online share

eCommerce online share of the total Bags & Accessories market in South Korea

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 South Korean Bags & Accessories retail market, the online share is 67.4% and will decrease by an average of 0.5% to 66.2% by 2028.

eCommerce online share of the total Bags & Accessories market in South Korea

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)83.8%20.1%96.2%49.2%37.6%32.7%46.1%36.3%

Top stores

Top five Bags & Accessories online stores in South Korea by net sales 2023

With sales in the South Korean Bags & Accessories market, coupang.com generated a revenue of US$2,745.2 million in 2023, which means it is the leading online store in this market. The Bags & Accessories ranking of South Korea 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 Bags & Accessories market in South Korea 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 - Bags & Accessories South Korea - Bags & Accessories South Korea - All Categories

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)