Men’s Suits Market Size, Share, Growth, And Industry Analysis, By Type (Ready to Wear and Made to Measure), By Application (Physical Store Sales and Online Sales), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Men’s Suits Market Report Overview

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global men’s suits market size was USD 15370 million in 2020 and market is projected to touch 23769.13 Million By 2031, exhibiting a CAGR of 4.1% during the forecast period.

Men frequently dress in suits for formal occasions including weddings, business meetings, and other formal gatherings. Usually, they are composed out of jacket and matching trousers made of the same material.

The jacket is the most prominent part of a suit. It usually has a tailored fit, with a collar, lapels, and buttons down the front. There are various jacket styles, including single-breasted and double-breasted, each with its own unique button configuration and lapel style. The trousers are designed to match the jacket and are usually worn at the waist. They have a straight or slightly tapered leg and can feature pockets, belt loops, and a zipper or button fly.

COVID-19 Impact: Pandemic Hamper the Demand of Men’s Suits to Market Growth

The COVID-19 pandemic has significantly impacted the demand and usage of men's suits. With the implementation of social distancing measures and restrictions on large gatherings, many formal events such as weddings, galas, and corporate functions were postponed or canceled. As a result, there has been a reduced need for men's suits for these occasions. In response to changing consumer preferences, some suit manufacturers and retailers have adapted by offering more casual and comfortable suit options.  

Latest Trends

"Modern Tailoring with a Casual Twist Will Uplift Market Growth   "

More loose-fitting, cozy clothing is becoming more popular. Wider trousers, softer shoulders, and slightly looser fits are becoming more common in suits. This change to a more flexible silhouette enables easy mobility and a modern appearance. The blending of formal and casual elements is a key trend. Hybrid styling involves pairing suit jackets with more casual trousers or combining tailored trousers with relaxed knitwear or polo shirts. This fusion of formal and casual elements creates a versatile and contemporary aesthetic. 

Men’s Suits Market Segmentation

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• By Type Analysis

According to type, the men’s suits market can be segmented into ready to wear and made to measure.

In terms of type, ready to wear are anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the men’s suits market can be divided into physical store sales and online sales.

In terms of application, the physical store sales market is projected to hold a men’s suits market share through 2031.  

Driving Factors

"Changing Work Culture Will Boost Market Growth "

 The shift towards more casual work environments and flexible dress codes has impacted the demand for men's suits. As many workplaces adopt a more relaxed approach to dressing, there is less need for traditional formal attire. Men are seeking suits that can bridge the gap between formal and casual, allowing them to adapt to various work settings.

"Casualization of Formal Wear Will Drive Market Growth  "

Men's formal clothing has become more informal in response to consumer demands for comfort and adaptability. Men choose suits with a looser fit, softer fabrics, and informal accents that are simple to dress up or down. More functional and adaptable styling alternatives are made possible by the fusion of formal and casual aesthetics.

Restraining Factors

"Rise of Casual Alternatives Will Impede Market Growth "

 The availability and popularity of casual alternatives, such as business casual attire, have contributed to the decline in men's suits. Many professionals now opt for more relaxed clothing options that still meet the requirements of their workplaces but offer greater comfort and versatility compared to traditional suits.

Men’s Suits Market Regional Insights

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"The North America Region will Dominate Market Due to Strong Demand of Tailored Fits "

North America has men’s suits that are often associated with formal occasions and business attire. Classic colors like navy, charcoal gray, and black are popular choices. Tailored fits with structured jackets and straight or slightly tapered trousers are commonly favored. However, in recent years, there has been a shift towards more casual and relaxed suit styles, reflecting the influence of casualization and contemporary fashion trends.

In many Asian countries, formal attire holds great importance, and men's suits are commonly worn for business meetings, formal events, and weddings. Traditional suits with tailored fits and classic colors are prevalent. However, there is also a growing trend of incorporating cultural elements and unique touches into suit designs, allowing for a fusion of traditional and modern aesthetics.

Key Industry Players

"Adoption Recycling Services by Key Players Influencing Market Development"

The top key players in the men’s suits market are LVMH, Kering, Ermenegildo Zegna, Hugo Boss, Tom Ford, Canali, Dolce & Gabbana. Most of the top players hold the men’s suits market share. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the men’s suits market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the men’s suits market.  

List of Market Players Profiled

• LVMH (France) 
• Kering (France)
• Ermenegildo Zegna (Italy)
• Hugo Boss (Germany)
• Tom Ford (UK.)
• Canali (Italy)
• Dolce & Gabbana (Italy)
• Prada (Italy)
• Boglioli (Italy)
• Armani (Italy) 
• Corneliani (Italy)
• Paul Smith (UK.)
• Burberry (UK.)
• Kiton (Italy)
• Hickey Freeman (U.S.) 
• Versace (Italy)
• Valentino (Italy)
• Etro (Italy)

Report Coverage

This report examines an understanding of the men’s suits market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.