Asian fashion e-commerce market may reach $985 bn by 2030: Report

28 Dec '23

2 min read

Pic: Adobe Stock

Insights

Asian fashion e-commerce market is projected to grow from $521 billion in 2023 to $985 billion by 2030, driven by increased smartphone usage, competitive e-commerce strategies, and rising disposable incomes.
Despite challenges like counterfeit laws, the market is embracing live streaming and sustainability trends to cater to evolving consumer preferences.

The Asian fashion e-commerce market is experiencing a significant boom, with projections estimating its value to rise from $521 billion in 2023 to $985 billion by 2030, growing at a CAGR of 9.5 per cent during the forecast period. This surge is attributed to the increasing convenience of online shopping, which allows consumers to purchase a wide array of fashion products ranging from apparel to accessories, according to a recent report.

The market's expansion is driven by the widespread adoption of smartphones and internet across the region, with around 60 per cent of the Asian population expected to have smartphones by 2023. Countries like China, Japan, India, and various Southeast Asian nations are capitalising on this trend by offering competitive pricing, exclusive deals, and fast delivery options on e-commerce platforms, as per the Asia Fashion Ecommerce Market by CoherentMI.

The growth is further fuelled by the rising middle class in Asian countries, with a significant increase in disposable income leading to higher spending on fashion and luxury items. E-commerce platforms are targeting this demographic by offering a plethora of domestic and international fashion brands.

However, the market faces challenges, including strict counterfeit laws that increase compliance costs and the threat of fake products tarnishing brand reputation. Despite these hurdles, opportunities abound with the rise of live streaming and the increasing importance of sustainability in consumer preferences. E-commerce platforms are leveraging live streaming for customer engagement and incorporating eco-friendly practices to align with the growing demand for sustainable products.

Fibre2Fashion News Desk (KD)

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