Throughout the countries examined in our report, overall predicted sales volumes in the fashion segment tend to correlate with the largest population centers. By the end of 2021, annual consumer e-commerce spend in the fashion segment is projected to be particularly high in India ($16bn) and Indonesia (>$9bn), followed by Russia, Poland, and Turkey (>$6bn), and then Brazil and Mexico (>$5bn).
It’s worth noting the markets where spending levels are notably high relative to the size of the country’s population. Poland for example, with a population of 38 million, saw levels of online fashion spending on par with Russia (146 million), and well ahead of Brazil (213 million). Colombia meanwhile has less than a quarter of Brazil’s population but Colombian e-commerce shoppers will have spent nearly half as much as Brazilians on fashion purchases by the end of 2021.
This data further reinforces what we have long known at PayU: that many of the most promising emerging markets for e-commerce are not always the typical large consumer markets, but also mid-sized countries like Colombia, Poland, and Romania where e-commerce fundamentals are strong and the market is growing quickly.
Turkey, with a population of 83 million (roughly the same size as Germany) will be another interesting market to watch in the years to come. Though not as high a percentage increase as in some of PayU’s other markets, our platform saw significant growth in Turkey during 2020, with fashion sales up 65%.
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