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Menswear – Industry Analysis
Clothing is an essential item, with consumer choice being influenced by factors such as fashion and a desire to signal social status. Demand patterns are susceptible to branding and advertising, which, despite the lack of significant switching costs, tends to weaken buyer power.
The global menswear market had total revenues of $423.2bn in 2013, representing a compound annual growth rate (CAGR) of 4.8% between 2009 and 2013.
The Asia-Pacific and Middle East and African markets showed particularly strong growth, in comparison to Europe over this period, with CAGRs of 6.8% and 7.0%, respectively.
Europe fared less well, with the market fluctuating between growth and recession in the same period. In 2013 the European menswear market was worth $124.6bn. The market growth over this period varied greatly from country to country. For example, while the French and Spanish markets declined sharply by -1.6% and -6.5%, respectively between 2009 and 2013 the UK market grew over by 2.1%.
The Asia-Pacific region is likely to be the main driver of growth going forward, particularly given the strong industry growth seen in recent years in China and India.
In addition to this, a growing number of ‘pureplay’ online fashion stores have emerged in the market, as they look to take advantage of lower running costs from not having to pay for the overheads incurred by running a high street store. Most major menswear retailers now have their own online stores as they acknowledge the increased consumer acceptance of the internet as an alternative shopping channel.
For more information on Menswear, please explore our Menswear Industry Profiles.