PUBLISHER: Allied Market Research | PRODUCT CODE: 1414953
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414953
According to a new report published by Allied Market Research, titled, "Men's Suit Market," The men's suit market was valued at $12.6 billion in 2022, and is estimated to reach $20.2 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.
A men's suit is a dress code that consists of a fitted jacket and pants, usually made of the same material. They are classified in two main types such as ready-to-wear and made-to-measure. Men's suits are generally designed for formal and informal occasions. They come in a wide range of designs & styles, including single or double breasted, cut, and two or three pieces that maintain a sleek & business-like impression on viewers. In addition, it is worn in business meetings, corporate functions and now-a-days suits worn on special occasions such as weddings and funerals.
Rise in fashion trends, which directly influence consumer preferences and purchasing habits, might have a significant impact on the men's suit industry. Men's suiting is influenced by fashion trends in various ways, including fit, color, fabric, and style. Customers are more likely to refresh their wardrobe collections to keep up with the newest styles when enticing new trends arise. Men may choose slim-fit suits to create an appearance that they are more stylish & modern. Furthermore, men are encouraged to buy new suits frequently to be trendy and up to date, as the fashion business is constantly evolving.
In addition, as response to change in trends, men's suit manufacturers & retailers modify their product lines in accordance with evolving consumer preferences, which promotes market growth. The men's suit industry may benefit from the surge in fashion trends as they attract attention from customers and boost demand for creative suit designs. Furthermore, by encouraging innovation and customers to discover & buy fashionable apparel options, the constantly developing environment creates the need for men to seek for new suits, thus help in the growth of men's suit market.
On the contrary, the market for men's suits might be significantly impacted by businesses implementing a work-from-home policy. This shift in work arrangements has resulted in an immense impact on professional clothing options, which have been further enhanced by the COVID-19 epidemic. Men who work from home are less likely to need to wear traditional workplace attire, such as suits. The use of men's suits is deemed necessary for business professionals, even those working from home. However, with the shift toward remote work, many organizations have relaxed their dress codes, permitting a more comfortable and casual style. Consequently, these modifications have diminished the appeal of men's suits, discouraging their regular use. Moreover, the psychological change that comes with working from home is another element influencing the expansion of the men's suit industry. As a result, professionals no longer associate the job with formal dress codes and office structure; they frequently opt for casual attire, which has an impact on the growth of the men's suit industry.
The men's suit market is segmented into type, application, distribution channel, and region. By type, the market is bifurcated into ready-to-wear and made-to-measure. As per application, it is categorized into formal and informal. Depending on distribution channel, it is classified into online, specialty stores, and retail stores. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, the Middle East, and rest of LAMEA).
Players operating in the global men's suit market have adopted various developmental strategies to expand their men's suit market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Aditya Birla Fashion and Retail Limited, Authentic Brands Group, LLC, Giorgio Armani S.p.A., Hugo Boss AG, Mohan Clothing Company Private Limited, Paul Smith Limited, PVH Corp., Raymond Limited, Tom Ford International LLC, and The Ermenegildo Zegna Group.
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)