Menswear: Key market research findings
- Virtual shopping fuels market growth
- Tops account for a majority of the market’s revenue
- Key vendors – Gap, H&M, Zara, Kering, LVMH, Nike, and PVH
The market research analysts at Technavio predict the global menswear market to grow at a CAGR of more than 4% between 2016 and 2020. The market’s growth can be accredited to the enhanced shopping experience brought about by virtual reality. Virtual shopping provides the convenience factor to its customers, allowing them to save time and shop on-the-go. Buyers also do not have to wait outside trial rooms. During 2015, the global menswear market was dominated by the APAC region with a market share of around 32%. The rising middle-class and upper middle-class population in the region will fuel further growth of the menswear market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the menswear segments based on the product category.
“Vendors are implementing targeted marketing strategies to stay ahead in the market’s competitive scenario. Social media plays a pivotal role in increasing product awareness. Consumers today are more engaged in social networking and blogs, which has pushed vendors to use social media to increase awareness and promote their products. Facebook, Twitter, Instagram, and YouTube are powerful social media platforms for product promotion. These platforms allow vendors to target a specific consumer segment and accordingly launch marketing campaigns,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
During 2015, the tops segment dominated the global menswear market by accounting for around 46% of the overall market revenue. This segment includes dress shirts, t-shirts, sports shirts, tank tops, sweaters, vests, sweatshirts, and work shirts. The need for frequent replacement is a primary growth driver, as is the need for versatile attire that will meet both work and leisure requirements. Products in this segment are usually made of materials such as cotton, polyester, and fabric blends. Tops feature a lower per-unit value than bottom wear.
The key vendors in the global menswear market include Gap, H&M, Zara, Kering, LVMH, Nike, and PVH. The key players are dominating the global menswear market with their wide range of product lines and globally top-ranked fashion brands. The intense competition in the market has resulted in the development of products with value-added benefits and multifunctional features and strategic pricing. The major players are focusing on market share in developing markets such as APAC and Latin America.
A more detailed analysis is available in the Technavio report, Global Menswear Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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