This study presents the analytical depiction of the global men’s suit industry along with the current trends and future estimations to determine the imminent investment pockets.
A men’s suit is a set of clothes comprising trousers, suit jackets, and a collar with a neck tie. It is generally considered as informal wear in western dress codes. Men’s suits are available in different designs—two or three piece, single or double breasted, cut, with various accessories. Wearing a suit, conveys a respectable and responsible image. Many people wear suits during their interviews and business meetings and now it has also made their ways in special occasions like weddings, funerals, and court appearances. Men’s suits are not a daily wear item because they are viewed as being stuffy and uncomfortable.
Massive slowdown of the supply chain has increased the uncertainty about the future of this market. People are expected to hesitate to buy these products even after the lockdown ends because of the virus transmission possibility.
People will not rush to buy these products as these are not necessity. There are high chances of getting many offers on these items after the lockdown because companies have to sell out the old inventory in clearance sale and have to introduce new products after lockdown.
Increase in population and rise in disposable income of consumers are major factors that drive the growth of the market. People are becoming more choosy and conscious about fashion and accessories. Rapid urbanization has created modern consumers to spend more on fashionable and durable items. Celebrity endorsement also plays a vital role in making men’s suit popular and trendy. They have made men’s suit a multipurpose dress which can be worn as formal as well as informal dress.
Big brands are launching many new look for men and providing various designs and patterns in men’s suit like two piece suit, three piece suit, funky suits, formal, and informal.