Menswear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Menswear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global Menswear market is expected to register a CAGR of 5.7% during the forecast period, 2020 to 2025.

Key Highlights

• The adoption of luxury lifestyle among consumers has influenced the purchasing power to opt for luxury wears among millennial. People tend to spend on fashion wear, party wear, even nightwear.
• Rapid growth and rising urbanization has spawned a modern class of consumers with more money to spend and a growing passion for current fashion. The demand for occasion-specific clothing is growing within the menswear segment.

Key Market TrendsGrowing Inclination for Online Shopping among Men

A boosted exposure to internet and e-commerce has improved the fashion consciousness and availability of high-end brands and rare products. Over the past few years, the companies have been targeting men’s wear as a result of growing purchasing power in emerging economies including China and India. The rising influence of media and marketing strategies adopted by e-commerce platforms such as celebrity endorsements, promotional discounts and festive sales are anticipated to fuel the growth of the market in the coming years. Moreover, the increasing number of online users, there is a steady rise in the number of online transactions and the average amount of money spent online. The users are ready to buy the goods on the spot due to the ease, convenience, and time saving advantages of online retail. The increased security features offered by the online retailers such as online payments, free delivery, improved online customer services, and the more customer-friendly design of shopping websites influence customers to shop online.

Asia-Pacific to Experience Robust Growth in Menswear Market

Menswear industry witnesses significant growth in recent years in China and India. This is because male shoppers tend to focus on quality and style, choosing to purchase high-quality garments. India has most of the young population about 65% below 35years of age that stimulates the menswear market. Rapid growth of China’s economy, increasing purchasing power among China’s urban middle class customers, brand awareness and demand in apparel quality drive the China menswear market. The future of online shopping for men will continue to grow owning to increase in consumer acceptance of the internet as an alternative shopping channel; given this fact, and the menswear market will increasingly become competitive. The new millennial generation of men will be the key drivers for both European and American influences in menswear.

Competitive Landscape

Some of the major key players in the menswear market, globally includes Gap, Inc., Aditya Birla Management Corporation Pvt. Ltd., Kering, Burberry Group PLC, Reebok, Gucci, Adidas, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Gap, Inc.
Aditya Birla Management Corporation Pvt. Ltd.
Inditex (Zara)
Kering
Nike
PVH Corp
Adidas
Burberry Group PLC
Hermes
Reebok
Dior

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