Market Trends of Menswear Industry
This section covers the major market trends shaping the Menswear Market according to our research experts:
Growing Inclination for Online Shopping Among Men
A boost in exposure to the internet and e-commerce has improved fashion consciousness and the availability of high-end brands and rare products. Over the past few years, the companies have been targeting men's wear due to growing purchasing power in emerging economies, including China and India. The rising influence of media and marketing strategies adopted by e-commerce platforms, such as celebrity endorsements, promotional discounts, and festive sales, is anticipated to fuel the market's growth in the coming years. Moreover, with the increasing number of online users, there has been a steady rise in online transactions and the average amount of money spent online. The users are ready to buy the goods on the spot due to online retail's ease, convenience, and time-saving advantages. Many luxury brands are forming partnerships with technology companies to enhance people's shopping experiences. For instance, in February 2022, LMVH Japan and SoftBank Corp. signed a partnership agreement. This agreement enhanced the online sales of LMVH with the help of the expertise of SoftBank Corp. in digitalization. The increased security features offered by online retailers, such as online payments, free delivery, improved online customer services, and the more customer-friendly design of shopping websites like Amazon, Myntra, Flipkart, and many more, influence customers to shop online.
Asia-Pacific to Experience Robust Growth in the Menswear Market
The menswear industry has witnessed significant growth in recent years in China and India. This is because male shoppers tend to focus on quality and style, purchasing high-quality garments. According to data from the Indian Ministry of External Affairs, in 2021, the country had 1.3 billion people with an average age of 29. Due to the young population, the men's wear market is growing. The young generation these days is influenced by fashion models and actors. They want their wardrobe to be versatile and fashionable. In India, there are multiple festivals for which men need different attire. Indian brands are forming partnerships with famous designers to enhance the quality and fashion of men's wear. For instance, in February 2021, Aditya Birla Fashion and Retail formed a partnership with Tarun Tahilani, India's top designer, to enter the market for men's premium ethnic clothing.
Moreover, the rapid growth of China's economy, increasing purchasing power among China's urban middle-class customers, brand awareness, and demand for apparel quality drive the Chinese menswear market. The future of online shopping for men will continue to grow, owing to an increase in consumer acceptance of the internet as an alternative shopping channel. Given this fact, the menswear market will increasingly become competitive. The new millennial generation of Asian-Pacific men will be the key drivers for both European and American influences in menswear.
