Fashion - Cyprus | Statista Market Forecast

Fashion - Cyprus

Cyprus

Highlights

Revenue in the Fashion Market is projected to reach US$209.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.01%, resulting in a projected market volume of US$322.80m by 2029.
With a projected market volume of US$236.80bn in 2024, most revenue is generated China.
In the Fashion Market, the number of users is expected to amount to 351.3k users by 2029.
User penetration will be 23.6% in 2024 and is expected to hit 28.2% by 2029.
The average revenue per user (ARPU) is expected to amount to US$796.00.

Key regions:

Definition:

The eCommerce Fashion market is a sector of online retailing that focuses on selling clothing, shoes, and accessories through digital channels. The purpose of eCommerce Fashion is to provide consumers with a convenient and accessible way to browse and purchase fashion products from a wide range of brands, designers, and retailers.

The relevance of the eCommerce Fashion market lies in its ability to offer a personalized shopping experience, with features such as virtual try-on, style recommendations, and customer reviews. It also enables brands and retailers to expand their reach beyond physical stores, connecting with customers across different geographies and demographics.

The eCommerce Fashion market has experienced rapid growth in recent years, driven by factors such as the increasing use of mobile devices for online shopping, rising consumer expectations for fast and reliable delivery, and the growing importance of sustainability and ethical practices in the fashion industry.

eCommerce Fashion businesses include Amazon Fashion, which offers a wide range of affordable and trendy clothing options, and Zalando, which operates in multiple European markets and provides a seamless shopping experience across multiple devices. Additionally, direct-to-consumer brands like Warby Parker and Everlane have disrupted the traditional fashion retail model by selling high-quality products at transparent prices through their own eCommerce platforms.

Structure:

The eCommerce market for Fashion consists of three different markets:

The Accessories market comprises the sale of wearable, fashionable accessories that complement a person's outfit, such as watches and jewelry, scarves and shawls, caps and gloves, luxury leather goods, belts, eyewear, ties and bow ties, as well as luggage and bags with open and closable containers made from any material used by private end consumers to transport items (e.g., suitcases, briefcases, handbags).
The Apparel market contains the sale of clothing and fashion accessories through digital channels which includes products, such as dresses, shirts, pants, shoes, and accessories like handbags, jewelry, and hats.
The Footwear market comprises the sale of various types of footwear through digital channels which includes footwear products, such as shoes, boots, sandals, and sneakers.

Additional Information:

Fashion comprises revenues, users, average revenue per user, and penetration rates. Revenues are derived from annual filings, national statistical offices, Google- and Alibaba-Trends and industry knowledge. Sales Channels show online and offline revenue shares, as well as, desktop and mobile sales distribution. Revenues are including VAT. The market only displays B2C revenues and users for the above-mentioned markets, hence C2C, B2B and reCommerce is not included. Additional definitions can be found on each respective market page.

Key players in the market are companies like Amazon, Taobao, JD, SHEIN, Asos und H&M.

Market numbers for the total market sizes (online + offline) can also be found on the respective pages of the Consumer Market Insights.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Data coverage:

Data refers to B2C enterprises. Figures are based on the sale of physical goods via a digital channel to a private end consumer. This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets). The following are not included in the eCommerce market: digitally distributed services (see instead: eServices), digital media downloads or streams, digitally distributed goods in B2B markets, and the digital purchase or resale of used, defective, or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Statista Global Consumer Survey), data on shopping behavior (e.g., Google Trends, Alibaba Trends), and performance factors (e.g., user penetration, price/product). Furthermore, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, internet penetration, and population. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, internet penetration, and population.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the Russia/Ukraine war is considered at a country-specific level.