Key Market Indicators
Icelander Apparel Sales are projected to decline to €3.8 million by 2028, down from €5.1 million in 2023. This represents an average annual decrease of 4.6%. The market has been on a downward trend since 2019, with a yearly decline of 4.4%. In 2023, Iceland ranked 32nd globally, with Cyprus slightly ahead at €5.1 million. Germany, France, and Spain held the second, third, and fourth positions, respectively. In contrast, Icelander Clothing Expenditure is expected to climb to €443 million by 2028, up from €407 million in 2023. This marks an average annual growth rate of 1.4%. Since 2000, demand in Iceland has surged by 6.1% each year. In 2023, the country ranked 31st, just behind Bosnia and Herzegovina at €407 million. Germany, Italy, and France occupied the second, third, and fourth spots in this category.
