Men's Suit Market Research, 2032
The global Men's Suit Market Size was valued at $12.6 billion in 2022, and is projected to reach $20.2 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.
A men's suit is a combination of clothes that comprise trousers, suit jackets, and a collar with a neck-tie. Men's suits are generally considered in two categories ready-to-wear and made-to-measure and are available in formal and informal attire. Men's suits are designed with numerous varieties & styles such as two or three piece, single or double breasted and cut. Suits keep up a polished & professional image in the viewer's mind. Suits are worn during business meetings, corporate events, and now-a-days, are worn on special occasions as well such as weddings, funerals, and other events.
Rise in fashion trends might have a big effect on the men's suit business, including fit, color, fabric, and style, since it directly affects consumer preferences & purchasing habits. When appealing new trends emerge, customers are more inclined to upgrade their clothing collections to stay updated with the newest looks. Men choose slim-fit suits to seem more fashionable and contemporary.
In addition, as a response to these evolving trends, manufacturers & retailers in the men's suit sector modify their offerings to accommodate customers' evolving preferences, which boosts market expansion. Furthermore, constantly evolving atmosphere keeps the men suit demand growing & vibrant by promoting innovation and encouraging customers to explore & purchase stylish clothing solutions.
An important factor driving the men's suit industry is rise in adoption of corporate dress rules. Due to corporate dress regulations requiring formal or business attire, men frequently wear suits, which supports the market expansion. Men typically wear suits to maintain a professional and formal appearance in the view of others. Professionalism and first impressions are highly prized in the commercial and corporate sectors since they may have a beneficial effect on clients. Furthermore, stringent policies regarding corporate dress codes have a big impact on Men's Suit Market Demand. As a result of how crucial suits are in the business world, the way that firms & employees' expectations evolve over time, will have a significant influence in Men's Suit Market Growth.
Effective promotional strategies and endorsements from celebrities play a crucial role in influencing the men's suit market. When well-known individuals, especially celebrities, endorse a particular suit brand or design, it often leads to heightened consumer demand and enhanced credibility. Celebrities wield substantial influence over fashion norms, shaping trends in the industry. Their public appearances at prominent events or in everyday life serve as opportunities to showcase specific men's suit brands or styles. In addition, the exposure provided by these celebrities may significantly help in consumer preferences, purchasing decisions and thus contributes toward the rise in Men's Suit Market Share. Furthermore, marketing strategies effectively leverage the psychological aspects of consumer behavior by associating the brand with the desirable qualities embodied by these famous personalities, thereby contributing to market expansion.
On the contrary, in both social and work environments, there has been a noticeable trend in recent years toward less formal and flexible dress codes. The market expansion for men's suits has been restricted by this cultural shift toward more casual attire. Men may now dress more casually and comfortably as business casual has become the norm in many modern workplaces. Rise in popularity of casual wear further had an impact on social events. People are showing up to events that were formerly considered formal & suit-appropriate with more casual attire than traditional suits, which has a negative impact on the growth of the men's suit industry.
In addition, consumer preferences have shifted in favor of clothing that stresses flexibility, ease of wear, and a carefree look. For instance, the growth of athleisure has put conventional formal clothes under intense competition. Furthermore, rise in popularity of casual dress wear limits the occasions & reasons why men should purchase suits, which in turn, limits the market for men's suits.
The adoption of work-from-home policies by companies poses a significant constraint on the men's suit market. The shift in work arrangements, notably intensified by the COVID-19 pandemic, has substantially influenced preferences for professional attire. The reduced need for traditional office wear, including suits, when men are working remotely has led to a decline in demand for men's suits in the corporate sector. Professionals working from home tend to opt for more comfortable & casual clothing, further diminishing the necessity for formal suits. Many businesses have relaxed dress codes to accommodate the shift to remote work, discouraging the regular use of men's suits. In addition, a psychological shift occurs when individuals work from home, as they no longer associate the workplace with the formality and structure of the office. This change in mindset contributes to the challenges faced by the men's suit market.
The market for men's suits has immense potential due to the creativity of new personalized & customized outfits. Men€™s suit market forecast is optimistic and is been driven by evolving fashion trends and a growing emphasis on personal style.The fashion industry responds to the evolving preferences of modern customers who seek unique, well-fitting clothing that expresses their individuality and sense of style. In addition to increasing comfort and beauty, manufacturing companies of men's suits create suits that precisely fit their bodies with customizable choices encouraging self-expression and confidence. Men's suits that are personalized or tailored improve comfort and style for the buyer, which lead to customer satisfaction, thereby strengthening the market.
Further, rise of e-commerce and online presence represents a compelling opportunity for the men's suit market, offering a dynamic platform to reach and engage a broader consumer base. The convenience & accessibility of online shopping appeals to modern consumers, allowing them to explore a diverse range of men's suits from the comfort of their homes. In addition, men's suit brands that establish a strong online presence can capitalize on this trend by providing a seamless and personalized shopping experience. Innovative marketing techniques such as virtual try-ons, interactive product displays, and targeted advertising have been made possible by the digital landscape. Brands may improve client engagement and create a more engaging online buying experience by utilizing these technologies. Men's suit businesses may now reach a wider audience and reach foreign markets by connecting with a broad client base with the help of e-commerce's global accessibility. Moreover, creating a successful e-commerce platform provides data-driven insights, real-time interactions, and customer feedback in addition to meeting the evolving needs of tech-savvy customers. Men's suit businesses may put themselves at the forefront of industry trends by adopting e-commerce and building a strong online presence.
The men's suit market is segmented into type, application, distribution channel, and region. By type, the market is classified into ready-to-wear and made-to-measure. As per application, it is bifurcated into formal and informal. Depending on distribution channel, it is categorized 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).
According to type, the ready-to-wear segment dominated the market in the year 2022 and is expected to maintain its trend during the forecast period. Ready-to-wear men's suits are often preferred by the consumers as they are available ready at the store and can be purchased instantly. The majority of men's suits which are ready-to-wear are usually less in price compared to customized & personalized suits. As a result, consumers mostly seek ready-to-wear men's suits.
According to application, the formal segment dominated the market in the year 2022 and is expected to grow at the fastest rate during the forecast period. Formal men's suits segment is expected to grow as a result, formal dress codes are often followed by men for decent and professional impression in the viewer's mind. Many of the companies still maintain formal attires, especially in finance, banking, and law sectors, which increases the demand for formal suits. Moreover, the consumption of formal suits has increased significantly in emerging nations with expanding middle class populations, thus it presents tremendous growth opportunities for formal suits.
BY DISTRIBUTION CHANNEL
As per distribution channel, the specialty stores segment dominated the market in the year 2022 and is expected to grow at the fastest rate during the forecast period. Consumers currently prefer to purchase men's suits through specialty stores as it offers numerous varieties of suits. Moreover, consumers often visit specialty stores as they are unable to visit a general store, which provides a broader choice of items within its selected specialization. Employees at specialty stores are familiar with the products available and provide insights to their customers for a better understanding. These features of specialized shops draw customers' attention to purchase suits from the specialty stores.
Depending on region, Asia-Pacific dominated the men's suit market in 2022 and is expected to be dominant during the forecast period. The clothing industry is witnessing important shifts in the marketplace that impact their development and potential in Asia-Pacific nations. Men's suits are in high demand because of rising discretionary income and shifting habits among consumers in the region. Consumers are embracing sophisticated men's suits to satisfy their clothing maintenance demands as economies expand and urbanization develops. Furthermore, as the middle class grows and there is a greater emphasis on personal hygiene & fashion, customers are looking for effective & cost-efficient men's suits to enhance the durability and look of their apparel.
Players operating in the global men's suit market have adopted various developmental strategies to expand their 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.
SOME INSTANCES OF KEY DEVELOPMENTS IN THE MARKET
In October 2023, Authentic Brands Group, LLC and SHEIN announced a long-term agreement for the Forever 21 brand to feature numerous fashion categories for men and women.
In October 2023, Hugo Boss AG invested more than 100 million in the expansion project of logistics center in Filderstadt, Germany to strengthen its local footprint.
In November 2022, Ethnix by Raymond brand of Raymond Limited expanded its business presence through a campaign in association with DDB Mudra Group to expand its portfolio.
In June 2022, Ethnix by Raymond brand of Raymond Limited expanded its presence in Delhi and launched a new retail store to expand its local footprint.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the men's suit market analysis from 2022 to 2032 to identify the prevailing men's suit market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the men's suit market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global men's suit market trends, key players, market segments, application areas, and market growth strategies.
Men's Suit Market Report Highlights
Market Size By 2032
USD 20.2 billion
CAGR of 4.9%
2022 - 2032
By Distribution Channel
Key Market Players
The Ermenegildo Zegna Group, Aditya Birla Fashion and Retail Limited, Hugo Boss AG, Raymond Limited, Giorgio Armani S.p.A.,, Authentic Brands Group, LLC, Tom Ford International LLC, PVH Corp., Paul Smith Limited, Mohan Clothing Company Private Limited
According to CXOs of leading companies, the global men’s suit market is emerging at a considerable pace owing to several factors such as increase in demand for new & innovative fashion trends. Individuals in developed nations, especially the younger generation, keep a check on their professional impression and make consistent efforts in purchasing professional clothing such as suits. Further, increase in global population and stringent rules regarding corporate dress codes to convey professionalism and initial impression toward the official culture, fuel the growth of men’s suit market.
Furthermore, significant changes in the lifestyle of customers have led to an increased demand for men's suits. When renowned individuals, particularly celebrities, endorse a specific suit brand or design, it often results in an increased level of customer demand and credibility. As a result, more men are willing to spend on quality and customized men's suits, indicating a likely increase in the global demand for men's suits. Moreover, in the single-line product area, multi-brand specialty stores carry a variety of brands, allowing customers to evaluate their features and colors before making a purchase.