Singapore Socks Market Report and Forecast 2024-2032

Singapore Socks Market Size

The Singapore socks market is projected to grow at a CAGR of 6.1% between 2024 and 2032. The market is driven by rising outdoor and fitness-related activities in the region.

Singapore Socks Market Outlook

• In 2022, consumer spending in Singapore reached $139.34 billion, marking an 11.53% rise compared to the previous year.

• The National Sports Participation Survey revealed that 74% of the 4,500 respondents aged 13 and above engaged in sports activities at least once a week.

• The total number of e-commerce users in Singapore in 2022 amounted to 3.51 million.

Singapore Socks Market Growth

The increase in sock purchases in Singapore can be attributed to the rising focus on physical health and wellness among the population. As per the 2022 National Sport Participation Survey, 73% of teenagers between 13 and 19 years old stated that they engage in sports and physical activities, primarily for the sake of their physical well-being. A data spanning from 2020 to 2022 from the same survey indicated a rise in the number of young individuals participating in activities like weightlifting, circuit training, and calisthenics. A larger portion of the population is now actively involved in various physical pursuits, such as running, gym sessions, yoga, and team sports. Consequently, there has been an increased demand for performance socks that provide comfort, support, and longevity.

The increase in online shopping has had a significant impact on the demand for socks. Online stores are available 24/7, making it convenient for consumers to buy socks whenever they need them. The convenience of having socks delivered directly to one's door eliminates the need to visit physical stores, leading to more frequent purchases. In 2022, the gross merchandise volume of the Singaporean eCommerce market reached US$8.2 billion, with projections indicating a rise to US$11 billion by 2025.  Major eCommerce product categories include fashion, food, cosmetics and personal care, and toys. E-commerce platforms offer a wide variety of sock styles, colours, materials, and brands, often more extensive than physical stores. Consumers can easily find specialised socks, such as athletic, compression, or eco-friendly options, on online channels to meet their specific needs and preferences.

Singapore Socks Industry Segmentation

“Singapore Socks Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Casual Socks

• Formal Socks

• Athletic Socks

• Speciality Socks

• Others

Market Breakup by Material Type

• Nylon

• Cotton

• Polyester

• Wool

• Others

Market Breakup by Demographics

• Men

• Women

• Kids

Market Breakup by Distribution Channel

• Hypermarkets/Supermarkets

• Convenience Stores

• Online Channels

• Others

Singapore Socks Market Share

Based on the distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, and online channels, among others. Online channels are projected to grow at a CAGR of 11.0% during the forecast period of 2024-2032.The ease of online shopping allows consumers to discover and purchase a diverse range of sock options from the comfort of their own homes.

Leading Companies in the Singapore Socks Market

Major players are focusing on product innovation and ethical production practices to gain a competitive edge in the market.

• Nike, Inc. 

• Adidas AG 

• Puma SE 

• New Balance Athletics, Inc.  

• YONEX Co., Ltd.  

• Li-Ning Studio LLP  

• Under Armour, Inc.  

• Others

Key Highlights of the Report