Fashion market in Nigeria

The Nigerian Fashion eCommerce market is predicted to reach US$485.3 million by 2024 and accounts for 19.1% of the total eCommerce market in Nigeria. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 9.7%, resulting in a projected market volume of US$703.1 million by 2028. Within the Fashion market ECDB considers the following three sub-markets: Apparel, Footwear, and Bags & Accessories.

Market development

eCommerce revenue development in the Wallets & Purses market in Nigeria

The Nigerian Wallets & Purses eCommerce market is predicted to reach US$2.4 million by 2024 and accounts for 16.8% of the Fashion Accessories eCommerce market in Nigeria. It is expected to increase over the next years. The expected compound annual growth rate for the next four years (CAGR 2024-2028) will be 12.8%, resulting in a projected market volume of US$3.9 million by 2028. The Wallets & Purses eCommerce market is a sub-market of the Fashion Accessories market. Further categories within the Fashion Accessories market are: Belts, Headwear, Other Accessories, Scarves & Shawls, and Sunglasses.

eCommerce revenue development in the Wallets & Purses market in Nigeria

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in the Wallets & Purses market in Nigeria

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)2.426.528.177.488.422.527.615.6

Online share

eCommerce online share of the total Wallets & Purses market in Nigeria

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Nigerian Wallets & Purses retail market, the online share is 8.2% and will increase by an average of 8.0% to 11.2% by 2028.

eCommerce online share of the total Wallets & Purses market in Nigeria

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)41.3%60.2%38.1%64.6%56.2%96.4%37.6%14.7%

Market definition

Definition of the Wallets & Purses market within the Fashion market

Market definition: Fashion > Bags & Accessories > Fashion Accessories > Wallets & Purses The category Wallets & Purses includes the online trade of wallets (e.g. bifold wallets, money clips, cardholders), purses (e.g. coin purses) and wristlets. This category does not cover clutches and small bags. All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

In-scope

  • Wallets (e.g. bifold wallets, money clips, cardholders)
  • Purses (e.g. coin purses)
  • Wristlets

Out-of-scope

  • Clutches
  • Small bags

Market comparison

The Nigerian Wallets & Purses market in a global comparison

Market comparison by growth, online share, and revenue in 2023

in %

Source: ECDB analysis