If there is one fashion product segment that has braved the turbulent pandemic storm in last 20 months, then it is men’s apparel. At least that’s what figures are suggesting. If report published in Retviews, a company owned by French technology bigwig Lectra, is anything to go by, then men’s apparel has been constantly on the rise with an astounding revenue of US $ 500 billion. With an annual growth of 4.9 per cent by 2026, the segment is only going to get bigger and better.
While a massive swing is expected in the growth of revenue, there’s also forecast of a good 9.5 per cent volume growth by next year. And if that happens in 2022, then menswear is the segment that’s going to be talked about the most for its growth in years to follow especially in the North America and Europe markets.
Menswear market in the US, Canada and Europe…
The North American (US and Canada) men’s apparel market is predicted to grow every year by 3.46 per cent (CAGR 2021-2026) and in relation to total population figures, the per capita revenue of US $ 236.95 has been generated in 2021. As per Statista, volume in menswear is expected to amount to 9,852.28 million pieces by 2026, and, notably, is expected to show a volume growth of 6.5 per cent in 2022.
In US, the menswear market is expected to rise annually by 2.96 per cent (CAGR 2021-2026). With regard to overall population figures, the per capita revenue of US $ 306.75 was generated in 2021. The menswear volume is expected to touch 8,202.43 million pieces by 2026, with a volume growth of 5.3 per cent predicted for 2022.
It’s even better in Canada! In Canada, the market is expected to grow every year by 5.76 per cent (CAGR 2021-2026). In relation to overall population figures, the per capita revenue of US $ 272.07 was generated in 2021. The menswear volume in Canada is forecast to amount to 444.52 million pieces by 2026, with an expected volume growth of 14.5 per cent in 2022. That’s almost at par with the entire North America region.
The annual growth of the segment in Europe is even higher than that in North America, with an expected rise of 4.35 per cent (CAGR 2021-2026). In relation to total population figures, the per capita revenue of US $ 214.99 was generated in 2021. The menswear volume, across Europe, is predicted to amount to 4,910.17 million pieces by 2026, with an expected volume growth of 11 per cent in 2022. Now that’s almost twice the volume growth that one is expecting in the menswear segment in North America.
Menswear’s growing popularity despite pandemic-related uncertainties
Though casualwear and loungewear continue to be popular amongst men of all ages, the demand for menswear too has been on the rise all through 2021. Despite occasional uncertainties, offices and businesses were mostly open throughout the year – be it in the US, Europe or Asia and so it wasn’t a surprise to see people rushing to buy suits, shirts and trousers.
Here one must note that, in 2021 too, people got stimulus checks across the US and EU from their Governments, which the people have spent to shop majorly apparels and home improvement products. So, with offices reopening and people having money to buy dresses, menswear remained on the front foot.
When compared to womenswear, menswear is usually made of structured and durable fabrics with neutral colours and ultra-fine embellishments. It’s globally available in a wide range of sportswear, casualwear, formalwear as well as ethnicwear. The customised and tailored apparel trend is today significantly compelling the rise of the menswear market. In fact, the fast-growing fashion industry, along with equally fast-growing consciousness towards men’s appearances, is majorly driving the demand for menswear across the globe.
Besides, one cannot overlook the growing influence of social media, along with several celebrity endorsements, festive sales and promotional discounts, that are also driving the growth of menswear market. Yes, the Omicron outbreak has temporarily halted the market growth– not to mention the supply chain challenges – but the popularity of the segment isn’t going to be waned.
Premium apparel brands and their products woo one and all…
Premium fashion brands known for men’s apparels, including the likes of Tommy Hilfiger, Ralph Lauren, Calvin Klein and Hugo Boss, have managed to leave a mark amongst quite a few other apparel brands.
Going by the data presented in Retviews, although T-shirts are generally the most popular tops within both North America and Europe markets, these are majorly notable within premium brands’ European assortment than within the US assortment – justifying the better expected volume growth in Europe than in North America that we discussed in the previous section.
Unlike T-shirts, polos are mainly present in the US market, which distinctly indicates that focusing on menswear within the US could imply an increased focus on the ‘old money aesthetic’ that’s come back with millennials and Gen Z fashion consumers. Of all the tops’ assortment, US seems to be the leading market for polos with 20 per cent share, while EU constitutes 17 per cent share of the same. However, in the case of T-shirts, EU seems to have an edge over the US with the former constituting 33 per cent share and latter accounting for 30 per cent share.
In order to perfectly blend their merchandise offerings with their business plans and aims, the apparel retailers have been chalking out a comprehensive assortment strategy. That’s how it is in most parts of the globe. With regard to product assortment, amongst four premium apparel brands, Tommy Hilfiger constitutes 47 per cent share of tops (T-shirts and polos), followed by accessories (27 per cent) and bottoms (12 per cent), while Ralph Lauren’s top 3 too comprises tops (41 per cent), accessories (29 per cent) and bottoms (11 per cent). In the case of Calvin Klein, accessories lead the category (52 per cent), followed by tops (29 per cent) and bottoms (10 per cent). Hugo Boss accounts for 46 per cent share of tops with accessories (23 per cent) and bottoms (14 per cent) taking second and third spots, respectively.
Also Read: HUGO BOSS reports 133% growth in its Q2 ’21 sales
US import of shirts and trousers in Jan.-Oct.2021 and role of Bangladesh, Vietnam and India….
As exclusively analysed by our team at Apparel Resources, the total import of men’s shirts done by the US in Jan-Oct. 2021 was US $ 1,761.03 million, which was a fall of 4.13 per cent from what it was during the same period in 2020 (US $ 1,836.87 million). What’s notable is that India, with a better strategy, can exploit the situation better. And how! India exported men’s shirts worth US $ 165.32 million in Jan-Oct. 2021 compared to US $ 148.21 million in Jan-Oct. 2020 – now that’s a growth of 11.54 per cent, which is much better than Bangladesh and Vietnam.
However, with regard to shipment value, Bangladesh exported men’s shirts worth US $ 375.54 million in Jan-Oct. 2021 compared to US $ 436.66 million in Jan-Oct. 2020 and thus saw a year-over-year slump of 14 per cent, while Vietnam exported US $ 301.85 million worth shirts in Jan-Oct. 2021 (at a growth of paltry 2.47 per cent) compared to US $ 294.57 million in the same period a year ago. India has an edge over its south Asian neighbours especially with regard to export of men’s shirts to the US.
Here one must mention that EU consumed 797.44 million pieces of shirts in 2020 as against 1,075.821 million pieces consumed in North America. The numbers are better than that in 2019, when EU consumed 790.71 million pieces of shirts and North America consumed 1,063.45 million pieces of the same.
As far as Men and Boys (MB) blue denim trousers’ import by the US is concerned, it imported US $ 1,110.407 million blue denim trousers in Jan.-Oct. 2021 period as against US $ 1,371.316 million imported during the same period year ago as analysed by Team Apparel Resources. While Bangladesh exported US $ 303.911 million MB blue denim trousers in Jan.-Oct. 2021 period at a growth of 30.45 per cent from US $ 232.972 million attained a year before, India exported US $ 29.374 million MB blue denim trousers in Jan.-Oct. 2021 compared to US $ 19.644 million of the same in Jan.-Oct. 2020 at an impressive jump of 49.53 per cent. Vietnam, meanwhile, exported MB blue denim trousers worth US $ 78.189 million, which is a 4.69 per cent rise from the same period a year ago (US $ 74.687 million).
Now if one considers MB cotton trousers imported by US, then the country imported US $ 4,855.717 million MB cotton trousers in Jan.-Oct. 2021, which is a 34.81 per cent surge from the same period in Jan.-Oct. 2020, when the country imported US $ 3,601.774 million MB cotton trousers. Here Bangladesh exported a massive US $ 1,246.329 million MB cotton trousers in Jan.-Oct. 2021 at a rise of 20.42 per cent from Jan.-Oct. 2020, when it clocked US $ 1034.974 million. Vietnam too exported a whopping US $ 592.254 million MB cotton trousers in Jan.-Oct. 2021 – at a good jump of 26.64 per cent from US $ 467.680 million MB cotton trousers exported a year back. India too exported US $ 148.748 million MB cotton trousers in the said period, which is a good 57.14 per cent surge from US $ 94.659 MB cotton trousers that the country had exported to the US during the same period a year earlier.
Then there’s MB MMF trousers! Out of the total US $ 2,723.007 million MMF trousers imported by the US in Jan.-Oct. 2021 (38.88 per cent rise from US $ 1,960.753 million a year earlier), Bangladesh exported the same worth US $ 262.405 million, compared to US $ 199.940 million attained in Jan.-Oct. 2020 (a growth of 31.24 per cent). However, Vietnam holds an edge here by achieving US $ 647.546 million MB MMF trousers in the 10-month period in 2021, which is a 32.55 per cent jump from US $ 488.547 million exported in Jan.-Oct. 2020. India, meanwhile, exported US $ 26.595 million MMF trousers in the Jan.-Oct. 2021 period, which is almost double (98.39 per cent) of what it did in the same period a year earlier (US $ 13.405 million).
Many experts believe that menswear is continuously going to grow, but what is essential here is to make right business strategies at the right time and ensure how one can stand out from the crowd in terms of look, cost and comfort.
It’s happy times for men’s apparels in North America and EU!
Happy Wearing
