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 Sandals market in Panama

The Panamanian Sandals eCommerce market is predicted to reach US$10.8 million by 2024 and accounts for 15.9% of the Footwear 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 6.6%, resulting in a projected market volume of US$13.9 million by 2028. The Sandals eCommerce market is a sub-market of the Footwear market. Further categories within the Footwear market are: Active Footwear, Boots, Flat Shoes, High Heels & Pumps, and Other Footwear.

eCommerce revenue development in the Sandals 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 Sandals 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 %)90.376.944.652.764.630.276.16.9

Online share

eCommerce online share of the total Sandals 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 Sandals retail market, the online share is 23.7% and will increase by an average of 6.0% to 29.9% by 2028.

eCommerce online share of the total Sandals market in Panama

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)92.2%26.3%71.7%49.7%15.9%85.9%59.0%24.0%

Market definition

Definition of the Sandals market within the Fashion market

Market definition: Fashion > Footwear > Sandals The category Sandals includes the online trade of sandals (e.g. slide sandals, slingback sandals, t-strap sandals), flipflops and espadrilles. This category does not cover house slippers. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Sandals (e.g. slide sandals, slingback sandals, t-strap sandals)
  • Flipflops
  • Espadrilles

Out-of-scope

  • House slippers

Market comparison

The Panamanian Sandals market in a global comparison

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

in %

Source: ECDB analysis