Men's Coat, Jacket, and Suit Market to Grow by USD 20.78 Billion (2024-2028), with Designer Demand and AI Redefining the Market Landscape - Technavio

NEW YORK, Oct. 2, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Global Mens Coat, Jacket, and Suit Market size is estimated to grow by USD 20.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.5%  during the forecast period. Increased demand for designer and premium products is driving market growth, with a trend towards increased demand for customized/tailored coats and suits; However, availability of counterfeit products  poses a challenge - Key market players include Authentic Brands Group LLC, Burberry Group Plc, CORNELIANI Spa, Dolce and Gabbana S.r.l., Ermenegildo Zegna N.V, Etsy Inc., Giorgio Armani S.p.A., Guess Inc., Hennes and Mauritz AB, Hermes International SA, Hugo Boss AG, Industria de Diseno Textil SA, Kering SA, LVMH Group., Prada S.p.A, PVH Corp., Ralph Lauren Corp., The Gap Inc., Tom Ford International LLC, and VALENTINO Spa.

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Market Driver

The customized/tailored men's coat, jacket, and suit market is experiencing significant growth due to changing consumer preferences and lifestyles. Customers are increasingly opting for tailored options over readymade products as they offer a better fit and cater to individual needs. This trend is particularly relevant for those who find it difficult to fit into standard-sized men's coat, jacket, and suit due to body size or shape. In response, vendors such as Van Heusen and Giorgio Armani are offering tailoring services to meet this demand. For instance, Van Heusen's MY FIT service allows customers to get their coat, jacket, and suit stitched according to their specific requirements. Similarly, Giorgio Armani's Made to Measure service customizes products based on individual customer needs. These customized/tailored services will continue to drive the growth of the global men's coat, jacket, and suit market during the forecast period. 

The Mens Coat, Jacket, and Suit market is experiencing significant trends that impact both supply chains and consumer spending habits. Employees in various industries seek premium quality outer garments for warmth and fashion statements. Digital innovation, such as online advertising campaigns and social media marketing, drives sales. Urbanization and disposable income growth increase demand for various styles, colors, and designs, including velvet jackets, jacquard suits, and wool coats. Celebrity endorsements and promotional activities boost sales, especially in the formal and cocktail party segments. Innovations in sustainable raw materials and product line extension continue to attract investment. The market includes sports stores, distributors, retail stores, supermarkets, convenience stores, and malls. The polyester segment, offering short and long lengths, pockets, collars, lapels, and various fabrics like fur and leather, caters to both casual and formal needs. 

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Market Challenges

• The men's coat, jacket, and suit market is experiencing significant growth and increasing demand. However, this market faces a major challenge from counterfeit products. Manufacturers of fake men's coats, jackets, and suits are entering the market, particularly in developing regions. These counterfeit products are made using low-quality materials and have less durability. The rise of e-commerce facilitates the distribution, sales, and reach of counterfeit items. Customers often find it difficult to distinguish genuine products from counterfeit ones. In 2018, over USD1.4 billion worth of counterfeit products were seized globally, with most being apparel, accessories, and footwear. The relatively low price of counterfeit products contributes to their demand. This poses a threat to market vendors, as it dilutes their market shares and damages their reputation. To retain customers and ensure brand loyalty, vendors invest in advertising and promotional campaigns, which can be expensive and reduce profit margins. Counterfeit products also negatively impact volume sales, potentially leading to inventory backlogs for international vendors. Counterfeit products are primarily exported from developing countries, such as China, to developed markets like the US. These replicas of branded apparel and accessories, including menswear, are sold at a lower price. This devalues genuine brands and erodes their customer base. Established global vendors face challenges penetrating developing markets, where counterfeit products are prevalent. Counterfeit products significantly impact the sales volume and pricing in the global men's coat, jacket, and suit market. They also negatively affect the global economy and consumer trust. Despite the challenges, vendors must continue to focus on quality, innovation, and customer satisfaction to differentiate themselves from counterfeiters and maintain their market position.
• The mens coat, jacket, and suit market faces challenges in the textile industry. Ester functional fabrics and durable materials are essential for high-quality appearance and moisture permeability. The cotton segment remains economic due to its breathability and absorbent properties. The working population's buying power and fashion consciousness drive demand for new collections. Footballers like Hector Bellerin influence trends. Organic and inorganic strategies are used to reach the customer base. Corporate culture demands suits for professionalism. The changing atmosphere brings challenges like lockdowns as precautionary measures. Automatic machines reduce production cost. Discount schemes and e-commerce platforms increase accessibility. Exhibitions, sports events, and public events provide opportunities for marketing. The textile industry must adapt to these challenges to remain competitive. The use of economic and durable materials, focus on customer satisfaction, and implementation of sustainable production methods are key to success.

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Segment Overview 

This mens coat, jacket, and suit market report extensively covers market segmentation by  

1. Distribution Channel
• 1.1 Online
• 1.2 Offline
2. Geography 
• 2.1 APAC
• 2.2 Europe
• 2.3 North America
• 2.4 South America
• 2.5 Middle East and Africa

1.1 Online-  The global mens coat, jacket, and suit market is experiencing significant growth in the e-commerce channel due to the increasing penetration of the Internet and smartphones. E-commerce platforms offer a wide range of options from prominent players like Amazon and eBay, driving the growth of both branded and private-label menswear vendors. With more consumers conducting online research before making purchases and the wide geographic reach of e-retailers, sales through this channel are expected to increase. The availability of proper infrastructure, including the Internet and logistics, is enabling vendors to expand their distribution networks and reach consumers in Tier-I and II cities with faster home delivery and secure e-transactions. By 2027, global B2C e-commerce revenue is anticipated to reach USD5.5 trillion, with fashion being a top category. In 2021, 63% of the global population used the Internet, providing access to a large consumer base for e-retailers offering mens coat, jackets, and suits. Retailers, such as Walmart and Sears, have also introduced their own e-commerce portals, further expanding the online distribution channel's growth potential in the menswear market.

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Research Analysis

The Mens Coat, Jacket, and Suit market is experiencing significant changes in response to the corporate culture shift and evolving buying power of consumers. Automatic machines have revolutionized production, leading to cost savings and increased efficiency. The changing atmosphere calls for versatile pieces that cater to various occasions, from casual to formal. Long sleeves, collars, lapels, pockets, and fabric types like velvet, jacquard, wool, fur, and leather are essential elements in the design of coats, jackets, and suits. Discount schemes and e-commerce platforms have expanded the customer base, making luxury and trendy pieces more accessible. However, the lockdown and precautionary measures have impacted sales, leading to a focus on online exhibitions, sports events, and public events as marketing channels. Fashion trends continue to influence styles, colors, and designs, with casual and long-lasting pieces gaining popularity.

Market Research Overview

The mens coat, jacket, and suit market is experiencing significant changes in response to the evolving corporate culture and buying power of consumers. Automatic machines have streamlined production, reducing costs and increasing efficiency. The changing atmosphere of e-commerce platforms and discount schemes have expanded the customer base, with lockdowns and precautionary measures driving a shift towards online shopping. Exhibitions, sports events, and public events continue to inspire new designs and styles, from long sleeves with collars, lapels, and pockets, to premium quality outer garments made from velvet, jacquard, wool, fur, leather, and sustainable raw materials. Innovations in fabric technology offer warmth, breathability, and moisture permeability, catering to both casual and formal occasions. Urbanization and disposable income have fueled a growing demand for fashion statements, with celebrity endorsements and advertising campaigns driving investment in new product lines and collections. Digital innovation and social media marketing have transformed the way brands connect with consumers, while sustainable raw materials and product premiumization have become key trends. The market includes sports stores, distributors, retail stores, supermarkets, and convenience stores, with the polyester, ester functional, textile, and cotton segments catering to various consumer needs and preferences. The working population's fashion consciousness and the popularity of sports events, such as those featuring footballers like Hector Bellerin, continue to shape the market landscape. Organic and inorganic strategies are employed to expand product offerings and reach new audiences, with a focus on durability, economic materials, and cellulosic segments offering a high-quality appearance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Online
• Offline
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio