Authored By: Sarah
23 Sep 2024

Latest News: Non-Store and Online Menswear Market 2024-2028: APAC Drives Growth and Innovation in the Fashion Industry

Technavio, a leading provider of market research reports, has released its latest study on Non-Store And Online Menswear Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. The non-store and online menswear market is poised for significant expansion during the forecast period, driven in part by an escalating trend of mergers and acquisitions (M&A). Vendors engage in M&A activities to gain access to innovative products, technologies, and pricing advantages. Successful M&A transactions enable market share growth. Notable M&A developments in the global non-store and online menswear sector include Amazon's introduction of Amazon Aware, a sustainable men's clothing line, in March 2022. This strategic move underscores the competitive landscape and the importance of innovation in the market.

Key Highlights

Growth Projections

The global non-store and online menswear market  size is estimated to grow by USD 54.5 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 11.63% during the forecast period. Increasing digital spend is driving market growth, with a trend towards rising emphasis on inorganic growth  However, expanding retail space  poses a challenge.Key market players include Aditya Birla Fashion and Retail Ltd., Alibaba Group Holding Ltd., Amazon.com Inc., boohoo.com UK Ltd., GANT, Grailed, Grenson Shoes, J D Williams and Co. Ltd., Kohls Inc, Landmark Group, Next Plc, Nordstrom Inc., Reliance Industries Ltd., River Island, Shoppers Stop Ltd., Tata Sons Pvt. Ltd., The Gap Inc., The Kroger Co., Walmart Inc., and YOOX NET-A-PORTER GROUP.

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Major Findings

  • The non-store and online menswear market is experiencing a significant surge in digital spending. Consumers are increasingly turning to the convenience and accessibility of e-commerce platforms for their menswear needs. Brands and retailers are responding by enhancing their online presence and investing in digital marketing strategies to reach and engage with their audience effectively. This shift towards digital commerce is transforming the way men shop for clothing and accessories.

  • The non-store and online menswear market has experienced significant growth in the apparel segment. Consumers are increasingly turning to digital platforms for convenience and a wider selection of styles and sizes. Brands are responding by investing in e-commerce channels and improving the shopping experience through personalized recommendations and seamless checkout processes. This shift to online purchasing is expected to continue, with the global menswear e-commerce market projected to reach USD152.9 billion by 2025.

  • The non-store and online menswear market is experiencing significant growth as retailers expand their offerings beyond traditional brick-and-mortar stores. This shift is driven by increasing consumer preference for convenience and flexibility, as well as advancements in technology that enable seamless shopping experiences. E-commerce platforms and social media channels are becoming key sales channels for menswear brands, allowing them to reach a wider audience and offer personalized shopping experiences. The market is expected to continue growing, with digital sales accounting for an increasing share of total menswear revenue.

  • The non-store and online menswear market is witnessing intense competition, with established vendors facing challenges from the unorganized sector. Traditional retailers are responding with strategic initiatives such as enhanced digital presence, personalized customer experiences, and competitive pricing. Simultaneously, the unorganized sector continues to pose a threat with its agility and affordability. The market dynamics remain intriguing as both organized and unorganized players strive for market dominance.

Market Research Overview

The global apparel, accessories, and luxury goods market encompasses businesses involved in the production and distribution of textiles, apparel, accessories, and luxury goods. This market segment is a subset of the larger global textiles, apparel, and luxury goods market, which generates revenue from manufacturers and marketers of textiles, apparel, accessories, footwear, and luxury goods. Key growth drivers for this market include the expanding working female population, leading to increased disposable income and subsequent spending on apparel, accessories, and luxury goods.

The Non-Store And Online Menswear Market is experiencing significant growth, fueled by the Increasing digital spend. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Regional Insights

The non-store and online menswear market represents a significant growth opportunity for businesses. With the increasing preference for convenience and time-saving solutions, the e-commerce sector in menswear is experiencing robust expansion. Consumers are increasingly opting for digital platforms to browse and purchase clothing items, thereby driving market growth. This trend is expected to continue, as technology advances and consumer behavior evolves. Online retailers can capitalize on this shift by offering competitive pricing, a wide range of products, and seamless shopping experiences.

Research Analysis Overview

The non-store and online menswear market is experiencing significant growth as more consumers embrace ethical and sustainable fashion. Younger populations with disposable incomes are driving demand for organic materials and sustainable clothing. Luxury and high-end brands are also entering the online space, making it easier for male consumers to shop for apparel, belts, ties, footwear, suits, pants, shirts, and accessories from the comfort of their homes. Digitalization and the widespread use of smartphones and internet-enabled devices have made online shopping for menswear a convenient option. Ethical and sustainable practices, such as using natural materials, are becoming increasingly important to consumers. Social media influence and celebrity endorsements are also playing a role in promoting online menswear sales. Ecommerce platforms are investing in providing a seamless shopping experience, ensuring that customers can easily find the right size and style. Online transactions are secure, and returns and exchanges are hassle-free. Skin allergies and other sensitivities are also being addressed with the availability of a wider range of organic and hypoallergenic options. Overall, the online menswear market is poised for continued growth as more consumers turn to ecommerce for their clothing needs.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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