Fashion market in Panama

The Panamanian Fashion eCommerce market is predicted to reach US$247.8 million by 2024 and accounts for 21.1% of the total eCommerce market in Panama. 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 5.3%, resulting in a projected market volume of US$305.1 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 Backpacks & Daypacks market in Panama

The Panamanian Backpacks & Daypacks eCommerce market is predicted to reach US$3.3 million by 2024 and accounts for 23.3% of the Luggage & Bags eCommerce market in Panama. 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 5.7%, resulting in a projected market volume of US$4.2 million by 2028. The Backpacks & Daypacks eCommerce market is a sub-market of the Luggage & Bags market. Further categories within the Luggage & Bags market are: Handbags, Hip & Fanny Packs, Other Luggage & Bags, and Suitcases.

eCommerce revenue development in the Backpacks & Daypacks market in Panama

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 Backpacks & Daypacks market in Panama

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 %)51.575.992.078.19.73.046.547.5

Online share

eCommerce online share of the total Backpacks & Daypacks market in Panama

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 Panamanian Backpacks & Daypacks retail market, the online share is 30.9% and will increase by an average of 7.3% to 41.0% by 2028.

eCommerce online share of the total Backpacks & Daypacks market in Panama

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)67.5%84.6%2.1%57.7%42.4%40.6%42.6%86.1%

Market definition

Definition of the Backpacks & Daypacks market within the Fashion market

Market definition: Fashion > Bags & Accessories > Luggage & Bags > Backpacks & Daypacks The category Backpacks & Daypacks includes the online trade of backpacks (e.g laptop backpacks, trekking backpacks, roll-top backpacks), daypacks and duffel and barrel bags. This category does not cover handbags. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Backpacks (e.g laptop backpacks, trekking backpacks, roll-top backpacks)
  • Daypacks
  • Duffel and barrel bags

Out-of-scope

  • Handbags

Market comparison

The Panamanian Backpacks & Daypacks market in a global comparison

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

in %

Source: ECDB analysis