Korea : Apparel Market Seen to Expand 3.3%

The domestic apparel market is expected to grow 3.3 percent this year from the previous year to 15.97 trillion won ($13.3 billion), the Korea Apparel Industry Association said yesterday.

Domestic apparel consumption grew a robust 13.3 percent in 2001 before slowing to an annual growth of merely 3.2 percent last year, the association said.

It explained that apparel sales have been hit hard by deteriorating consumer sentiment. Despite the industry slowdown, the casual-wear segment is likely to grow 7.6 percent to 5.79 trillion won, thanks to rising demand in the wake of the implementation of the five-day workweek.

Also the upscale lingerie segment is expected to see a 4.9 percent increase in sales.