Men's Suit Market to Reach $20.2 Billion, Globally, by 2032 at 4.9% CAGR: Allied Market Research

The men's suit industry has experienced significant growth owing to constant change in fashion trends as they have a direct impact on customer preferences and purchase behavior. The demand for men's suit has increased owing to risie in preference for modern & fashionable suit styles. Moreover, the men's suit market has immense potential due to the innovation of personalized and customized outfits

WILMINGTON, Del., Dec. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Men's Suit Market By Type (Ready-to-wear, Made-to-measure), By Application (Formal, Informal), By Distribution Channel (Online, Specialty Stores and Retail Stores): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the global Men's Suit Market Size was valued at $12.6 billion in 2022, and is projected to reach $20.2 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.

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Prime determinants of growth

The rapid growth of men's suit can be attributed primarily to increase in demand for fashionable and styled suits. Men's suiting is influenced by fashion trends in many ways, including fit, color, fabric, and style. Customers are more likely to refresh their outfits to keep up with the latest fashion styles when attractive new trends emerge. Furthermore, constantly evolving trends keep the men's suit demand growing & vibrant by promoting innovation and encouraging customers to explore & purchase stylish clothing solutions.

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The ready-to-wear segment to maintain its leadership status throughout the forecast period

Depending on type, the ready-to-wear segment held the highest market share in 2022, accounting for more than three-fifths of the global men's suit market revenue and is estimated to maintain its leadership status throughout the forecast period. Ready-to-wear men's suits are often preferred by consumers as they are readily available in stores and can be purchased instantly. The majority of ready-to-wear men's suits are usually less expensive compared to customized and personalized suits. As a result, consumers mostly opt for ready-to-wear men's suits.

The formal segment to maintain its leadership status throughout the forecast period

By application, the formal segment held the highest market share in 2022, accounting for nearly three-fifths of the global men's suit market and is estimated to maintain its leadership status throughout the forecast period. Many companies, particularly in the finance, banking, and law sectors, continue to uphold formal dress codes, leading to a sustained demand for formal suits. Furthermore, the consumption of formal suits has witnessed a substantial increase in emerging nations with expanding middle-class populations. This trend not only reflects the persistence of formal attire in professional settings but also presents significant growth opportunities for the men's suit market.

The specialty stores segment to maintain its leadership status throughout the forecast period

According to distribution channel, the specialty stores segment held the highest market share in 2022, accounting for nearly half of the global men's suit market and is estimated to maintain its leadership status throughout the forecast period. Consumers exhibit a preference for purchasing men's suits from specialty stores due to the diverse range of options they offer. In addition, individuals frequently opt for specialty stores over general retailers, as the former provides a more extensive selection within its specific focus. The staff at specialty stores possess in-depth knowledge of their products, offering valuable insights to customers for a more informed decision-making process. These attributes of specialized shops not only capture customers' attention but also contribute to the inclination to purchase suits from these particular establishments.

North America to maintain its dominance by 2032

Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. Surge in demand for men's suits is driven by increase in disposable income and evolving consumer habits in the region. As economies expand and urbanization progresses, consumers are gravitating toward sophisticated men's suits to meet their clothing maintenance needs. Moreover, with the growth of the middle class and a heightened focus on personal hygiene & fashion, there is a discernible trend among customers seeking effective & cost-efficient men's suits to enhance both the durability and aesthetics of their apparel.

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Leading Market Players: -

• Hugo Boss AG
• PVH Corp.
• Raymond Limited
• Giorgio Armani S.p.A.,
• Authentic Brands Group, LLC
• Mohan Clothing Company Private Limited
• Paul Smith Limited
• Aditya Birla Fashion and Retail Limited
• The Ermenegildo Zegna Group
• Tom Ford International LLC

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights the Porter's five forces analysis to determine the factors affecting market growth.

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SOURCE Allied Market Research