Decline in Men's Suit Sales in South Korean Department Stores
Creatrip Team
a year ago
The men's suit market in South Korea is shrinking due to a prolonged economic downturn and increased workplace dress code flexibility since the COVID-19 pandemic. Major department stores like Lotte, Shinsegae, and Hyundai have seen declines in men's suit sales growth rates, shifting from double-digit to single-digit increases over recent years. This trend is further supported by the popularity of casual wear among both younger and older men. In response, men's suit brands are expanding their casual lines, with stores showcasing a higher percentage of casual fashion items. The fashion industry anticipates a potential recovery in consumer spending post-political stabilization.
