The men’s suit market size was valued at $12,569.9 million in 2022 and is projected to reach $20,226.9 million 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.
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.
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.
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- Consumer Buying Behavior Analysis
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- Brands Share Analysis
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- SWOT Analysis
Key Market Segments
By Type
- Ready to Wear
- Made to Measure
By Application
- Formal
- Informal
By Distribution Channel
- Online
- Specialty Stores
- Retail Stores
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- United Arab Emirates
- Argentina
- Rest of LAMEA
- Giorgio Armani S.p.A.,
- Paul Smith Limited
- The Ermenegildo Zegna Group
- PVH Corp.
- Raymond Limited
- Authentic Brands Group, LLC
- Hugo Boss AG
- Mohan Clothing Company Private Limited
- Tom Ford International LLC
- Aditya Birla Fashion and Retail Limited
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEN'S SUIT MARKET, BY TYPE
CHAPTER 5: MEN'S SUIT MARKET, BY APPLICATION
CHAPTER 6: MEN'S SUIT MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: MEN'S SUIT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Giorgio Armani S.p.A.,
- Paul Smith Limited
- The Ermenegildo Zegna Group
- PVH Corp.
- Raymond Limited
- Authentic Brands Group, LLC
- Hugo Boss AG
- Mohan Clothing Company Private Limited
- Tom Ford International LLC
- Aditya Birla Fashion and Retail Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 286 |
| Published | December 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 12569.9 million |
| Forecasted Market Value ( USD | $ 20226.9 million |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
