Among the various menswear categories, tops accounted for the largest share in 2015, followed by bottom wear; coats, jackets, and suits; and intimates and sleepwear. Over the years, there has been steady adoption of fashion and style in menswear products among a growing base of consumers. Contemporary menswear is relatively sophisticated and has grown in overall styling toward becoming mainstream. Men, typically in the 20-35 years age group, are more inclined to the latest fashion trends and form an active group for marketers and manufacturers alike. The tops category dominates the various segments, as it enjoys a relatively small replacement cycle, followed by bottom wear.
Technavio’s analysts forecast the global menswear market to grow at a CAGR of 4.51% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global menswear market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of menswear products to individual customers worldwide.
The market is divided into the following segments based on geography:
Technavio's report, Global Menswear Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
Technavio Announces the Publication of its Research Report – Global Menswear Market 2016-2020
Technavio recognizes the following companies as the key players in the global menswear market: Gap, H&M, Inditex, Kering, LVMH, Nike, and PVH.
Other Prominent Vendors in the market are: Adidas, Burberry, Hermès, Michael Kors, Prada, Ralph Lauren, and Uniqlo.
Commenting on the report, an analyst from Technavio’s team said: “Rise in number of private-label brands and smaller manufacturers of menswear products will be a key trend for market growth. The number of private-label brands is increasing in the global menswear market, posing competition for global and regional vendors. Private labels are undercutting the retail prices of branded labels; over time, there has also been a rise in the quality of the products offered by these private labels. The smaller branded players grew faster than the overall market in 2015. In India, for instance, smaller regional manufacturers such as Arvind Textile, Garmeto, and Windmill Creations pose significant competition for fast-fashion retailers such as Zara, H&M, and Forever 21 that are entering the country’s menswear market.”
According to the report, consumers' desire to look fashionable and trendy has been driving the menswear market globally. Celebrity endorsement has a considerable role to play in setting fashion trends which will be a key driver for market growth. It also helps to build product and brand awareness. Brands like Adidas, Reebok, Dolce & Gabbana, Giorgio Armani, Givenchy, and Gucci invest significantly to employ popular male brand ambassadors to endorse their products. Department stores are also increasingly investing in celebrity endorsements for their retail apparel brands to attract customers and compete in terms of brand awareness and recognition. This promotional strategy is also in line with the launch of international fast-fashion retailers in the global market.
Further, the report states that competition from other consumer goods will be a challenge for the market. Consumer’s disposable income is distributed toward the consumption of various products such as apparel, food and grocery, consumer durables, electronic products, and other consumer goods. Any changes in income levels can lead to changes in the buying patterns. For instance, during and post the global recession of 2008-2009, consumers preferred to invest primarily on their essential requirements and looked for value deals and discounted prices on products. This leads consumers to spend only on apparel that is necessary, to focus their resources on requisite consumer products.
Gap, H&M, Inditex, Kering, LVMH, Nike, PVH, Adidas, Burberry, Hermès, Michael Kors, Prada, Ralph Lauren, Uniqlo.