|Despite the global financial recession that has persisted since 2008, the Korean fashion industry has continued to grow due to the international popularity of outdoor apparel and widespread pursuit of outdoor lifestyle.|
* In 2013, the outdoor apparel market in Korea was estimated to be 6.4 trillion won, representing 16.6% of the entire fashion industry. (Source) 2013 Fashion Market’s Apparel Analysis, Samsung Fashion Institute, 2013.01.21
After 2012, the outdoor industries throughout the world began to recognize Korea as an outdoor superpower and at the same time, as a “mysterious market.” Even among developed countries, such a sharp, quick growth in the outdoor industry like that of Korea is rare. Ever since 2006, Korea’s outdoor industry along with the fashion market started to experience remarkable growth, and after 2009, the annual average growth rate continued to exceed over 20%. However, after peak growth in 2013, the Korean outdoor industry predicts a gradual decrease in the market growth rate.
* From 2008, the average annual growth rate had been 28.9% for five years, but in 2013, a considerable drop of 11.3% is anticipated. (Source) 2013 Fashion Market’s Apparel Analysis, Samsung Fashion Institute, 2013.01.21
In particular, men’s apparel, casual apparel, sports clothing, and outdoor footwear industries have experienced financial benefits from outdoor lifestyle trends and growth, but a decreasing momentum of an outdoor market within the Korean fashion industry may result in a cooling-off period.
Furthermore, because the Korean outdoor companies have been taking advantage of the sudden popularity of outdoor industry and have been focusing on short-term progress, many enterprises lack opportunities to develop their global competitiveness.
Outdoor apparel related equipments and limited edition items have mainly spurred the Korean outdoor industry’s expansion, and elements of diversity and differentiation from a general fashion market shape the Korean outdoor industry’s structure, size, and growth rate.
When the Korean outdoor market’s swift development reaches its maturity stage, the Korean fashion market is projected to encounter an even more intense competition with influential, international outdoor brands.