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The mens coat, jacket, and suit market size is estimated to grow by USD 20.78 billion at a CAGR of 4.5% between 2023 and 2028. In today's market, the luxury fashion industry is experiencing significant growth due to several key factors. The increasing demand for designer and premium products reflects consumers' desire for high-quality items that make a statement. Furthermore, celebrity endorsements have a high impact on customers' purchase decisions, as they often serve as social proof and influence trends. Additionally, the expansion of distribution networks, both online and offline, allows luxury brands to reach a wider audience and increase their global presence. These factors contribute to the continued growth and success of the luxury fashion industry.
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The market is experiencing significant growth due to the changing atmosphere of corporate culture and fashion trends. Buying power of consumers, especially in the post-pandemic era, has been a key driver for this industry. Automatic machines have streamlined production processes, reducing costs and increasing efficiency. Coats, jackets, and suits come in various styles, colors, and designs, including long sleeves, collars, lapels, pockets, and fabrics like velvet, jacquard, wool, fur, and leather. The market offers discount schemes and is increasingly selling through e-commerce platforms. However, the lockdown and precautionary measures have affected sales at exhibitions, sports events, and public events. Despite these challenges, the market is expected to continue growing, with wool and leather coats and jackets remaining popular choices due to their versatility and durability. Wool coats offer warmth and style, while leather jackets provide a sleek, modern look. The use of advanced fabrics and technologies is also driving innovation in this market. Overall, the mens coat, jacket, and suit market is a dynamic and evolving industry that caters to the diverse needs and preferences of consumers. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased demand for designer and premium products is notably driving market growth. The market has experienced significant growth and competition in recent years, driven by evolving customer preferences and increasing fashion consciousness. Consumers are seeking high-quality, comfortable, and durable products, leading vendors to focus on design innovations and the use of sustainable raw materials. Premium and luxury items are in high demand, resulting in an increase in product line extensions and collaborations with renowned designers. Casual and formal styles continue to dominate the market, with colors and designs varying from classic to trendy. Long lengths and short lengths are popular for coats, while jackets offer versatility in various designs for both casual and formal occasions.
Further, the polyester segment offers functional benefits such as moisture permeability and durability, while the cellulosic segment provides a high-quality appearance. Sports stores, distributors, retail stores, malls, supermarkets, and convenience stores are key channels for the sale of mens coats, jackets, and suits. The working population and footballers, such as Hector Bellerin, are significant consumer groups. Vendors are implementing both organic and inorganic strategies to meet the growing demand, including product premiumization and the use of eco-friendly, organic materials. Overall, the market for mens coats, jackets, and suits is expected to continue growing, driven by customer demand for comfort, style, and sustainability. Thus, such factors are driving the growth of the market during the forecast period.
The increased demand for customized/tailored coats and suits is the key trend in the market. The men's coat, jacket, and suit market is witnessing significant growth due to changing consumer preferences towards customized and tailored styles. With increasing fashion consciousness among the working population and a growing awareness of sustainable raw materials, vendors are focusing on product premiumization and product line extension. Customers are now seeking premium quality coats, jackets, and suits in various colors and designs for both casual and formal occasions, from cocktail parties to long lengths for winter and short lengths for summer. Innovations in textiles, such as ester functional polyester, cellulosic segments, and high-quality appearance materials, offer durability, moisture permeability, breathability, and absorbency.
Additionally, sports stores, distributors, retail stores, supermarkets, and convenience stores, as well as malls, are all stocking these customized offerings. Even footballers like Hector Bellerin are endorsing organic and inorganic strategies to promote this trend. Vendors are offering tailoring facilities to cater to the diverse needs and demands of customers, making tailored men's coats, jackets, and suits a must-have in every wardrobe. Thus, such trends will shape the growth of the market during the forecast period.
The availability of counterfeit products is the major challenge that affects the growth of the market. The men's coat, jacket, and suit market continue to gain traction due to increasing fashion consciousness among consumers and various occasions such as formal events, cocktail parties, and sports activities. Styles, colors, and designs vary from casual to formal, with long and short lengths, premium quality, and innovations in sustainable raw materials being key trends. However, the market faces challenges from counterfeit products, which often use economic materials like polyester and ester functional textiles, but lack durability and authenticity. These products are distributed through various channels, including sports stores, distributors, retail stores, supermarkets, convenience stores, and malls. Consumers, even those in the working population, are becoming more discerning, preferring high-quality materials like cotton for its breathability and absorbency in the cotton segment.
Also, brands are responding with product premiumization and product line extensions. Notable figures like footballer Hector Bellerin have embraced organic and inorganic strategies to promote authenticity and sustainability in men's fashion. Despite these efforts, counterfeit products continue to pose a significant challenge, with authorities seizing counterfeit items worth millions each year. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Authentic Brands Group LLC - The company offers mens coat, jacket and suit under the brand Arrow USA.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The online segment is estimated to witness significant growth during the forecast period. The corporate culture of wearing formal outer garments, such as coats, jackets, and suits, continues to evolve with the changing atmosphere of urbanization and increasing disposable income.
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The online segment accounted for USD 65.08 billion in 2018. This market segment has experienced significant growth due to various factors, including consumer spending habits, digital innovation, and celebrity endorsements. E-commerce platforms have emerged as a dominant distribution channel, driven by the convenience and accessibility they offer. Automatic machines have streamlined production processes, reducing costs and increasing efficiency. However, the global mens coat, jacket, and suit market has faced disruptions due to lockdowns and precautionary measures during the pandemic. Despite these challenges, the market remains robust, with a diverse customer base seeking warmth, fashion, and functionality in their long-sleeved garments. Key players in this market include Amazon and eBay, who offer a wide range of brands and private labels.
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APAC is estimated to contribute 39% to the growth of the global market during the market forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The corporate culture of today values both functionality and fashion, leading to a significant shift in the market for mens outer garments, including coats, jackets, and suits. The changing atmosphere calls for adaptability, with automatic machines revolutionizing production processes, reducing costs, and expanding the customer base.
Moreover, discount schemes and e-commerce platforms have become essential tools for businesses to reach consumers during lockdowns and precautionary measures. Corporate offices and employees continue to prioritize warmth and fashion, leading to an increased demand for long-sleeved garments with collars, lapels, and pockets. The fabric choices range from velvet and jacquard to wool, fur, and leather, catering to diverse consumer spending habits and fashion statements. Digital innovation, urbanization, and disposable income have also influenced the market, with investment in advertising campaigns, promotional activities, and social media marketing driving growth. Sports events, public events, and celebrity endorsements continue to impact consumer preferences, making the market for mens coats, jackets, and suits a dynamic and exciting space. Supply chains face challenges due to the global nature of production and the unpredictability of consumer demand, but the potential for growth remains strong. The market for mens outer garments is poised to thrive in the era of digital transformation and evolving corporate culture.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market for mens coats, jackets, and suits is experiencing significant growth due to the changing atmosphere of corporate culture and consumer spending habits. With urbanization and increasing disposable income, the demand for outer garments as fashion statements and for warmth is on the rise. Automatic machines have streamlined production, reducing costs and increasing efficiency. Buying power has shifted towards e-commerce platforms, which offer discount schemes and convenience. The lockdown and precautionary measures have led to a surge in demand for suits for virtual meetings. Exhibitions, sports events, and public events provide opportunities for brands to showcase their latest offerings and connect with their customer base. Fabrics such as velvet, jacquard, wool, fur, and leather are popular choices for coats and jackets, offering both style and warmth. Brands are investing in digital innovation, advertising campaigns, and promotional activity to reach their audience on social media. Celebrity endorsements add to the appeal of these garments as fashion statements. The supply chains of these outer garments are being impacted by the changing buying patterns and production costs. Corporate offices are implementing new policies to ensure employee safety and maintain business continuity. The market for mens coats, jackets, and suits is expected to continue growing, offering opportunities for investment and expansion. Long sleeves, collars, lapels, and pockets are essential features that add to the functionality and appeal of these garments.
Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 20.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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