Web Exclusive | February 2017
Menswear market to hit $522 bn
The global menswear market has been experiencing fast growth that has outpaced the womenswear market in recent years. Contemporary society has witnessed the development of fashion culture shifting from historically womenswear domination to menswear. Increasing fashion concerns among men has driven international fashion brands to expand their menswear offerings, while the rise of e-commerce has made shopping easier for men in a big way. The rapid economic and purchase power growth of emerging markets like China and Japan have also boosted the global menswear market.
According to the report from Technavio, the total value of the global menswear market was $418.9 billion in 2015, and is expected to reach $522.3 billion by 2020, recording a CAGR of about 4.8% from 2016 to 2020. Sales in the menswear apparel market are expected to reach $480 billion by 2019.
Online sales in the menswear category have had significant growth. IbisWorld reported that the menswear category increased 17.4 per cent in online sales between 2010 and 2015, outpacing all other segments in the global fashion and apparel market. It is also predicted that online menswear sales will grow further, with an annual average of 14.2 per cent between 2015 and 2020.