Menswear Market Trends 2024 | Growth, Share, Size and Future Scope 2032

Summary:

• The global menswear market size reached USD 593.5 Billion in 2023.
• The market is expected to reach USD 948.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.
• North America leads the market, accounting for the largest menswear market share.
• Shirts and t-shirts account for the majority of the market share in the product type segment as they are essential and affordable wardrobe staples.
• All-season wear holds the largest share in the menswear industry.
• Exclusive stores remain a dominant segment in the market as they provide personalized services, premium products, and brand loyalty incentives.
• Changing consumer tastes and trends in contemporary fashion are primary drivers of the menswear market.
• The rising popularity of online shopping in confluence with the influence of celebrity and social media endorsements is reshaping the menswear market.

Industry Trends and Drivers:

• Evolving Fashion Trends and Consumer Preferences:

The growth of the menswear market is primarily driven by the shift in fashion trends and consumer preferences. Men today are becoming more fashion-conscious and increasingly willing to experiment with new styles, colors, and fabrics. Moreover, the rising popularity of casual wear, athleisure, and smart-casual outfits has blurred the lines between formal and informal attire, increasing demand for versatile clothing options. Additionally, social media and the rise of fashion influencers have significantly influenced fashion preferences, encouraging men to keep up with the latest trends. As men continue to seek unique and stylish options that align with their personalities, brands are innovating to offer diverse collections, subsequently facilitating overall market growth.

• Rising Disposable Incomes and Lifestyle Changes:

The rise in disposable incomes, particularly in developing regions, has significantly contributed to the growth of the menswear market. As men have more financial flexibility, they are increasingly spending on high-quality and fashionable clothing. This trend is particularly noticeable in emerging economies, where the growing middle class is propelling demand for branded apparel and luxury menswear. Furthermore, lifestyle changes such as an increase in social and professional gatherings, corporate events, and leisure activities have heightened the need for a wider range of clothing options, such as formal suits and casual weekend wear. Consequently, brands are expanding their product lines to cater to various occasions, propelling industry expansion.

• Increasing Influence of E-commerce and Online Shopping:

The rise of e-commerce has transformed the menswear market, providing consumers with easier access to a wide variety of clothing options. Online shopping platforms have made it convenient for men to explore, compare, and purchase clothing from the comfort of their homes. Moreover, the availability of discounts, doorstep delivery, and hassle-free return policies has further encouraged online purchases. Additionally, numerous e-commerce platforms are now offering personalized shopping experiences with tailored recommendations, further enhancing consumer engagement. The rising influence of digital platforms has enabled brands to reach a wider audience, particularly in regions where physical retail stores may be limited. This expansion of e-commerce and online shopping is significantly contributing to the growth of the menswear market.

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Menswear Market Report Segmentation:

Breakup By Product Type:

• Trousers
• Denims
• Shirts and T-Shirts
• Ethnic Wear
• Others

Shirts and t-shirts account for the majority of shares due to their everyday utility and versatility.

Breakup By Season:

• Summer Wear
• Winter Wear
• All-Season Wear

All-season wear dominates the market as it offers practicality and value, allowing consumers to wear the same garments year-round.

Breakup By Distribution Channel:

• Supermarkets and Hypermarkets
• Exclusive Stores
• Multi-Brand Retail Outlets
• Online Stores
• Others

Exclusive stores hold the majority of shares as they offer a curated shopping experience tailored to specific brands and high-end consumers.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Top Menswear Market Leaders: 

• Adidas AG
• Burberry Group Plc
• Gap Inc
• Giorgio Armani S.p.A
• H&M Hennes & Mauritz AB
• Kering S.A.
• Levi Strauss & Co.
• Nike Inc.
• Prada S.p.A.
• PVH Corp.
• Ralph Lauren Corporation
• Zara S.A. (Industria de Diseño Textil, S.A.)

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