Expanding Consumer Incomes Will Support Spending on High Value Items
CLEVELAND, Sept. 10, 2019 /PRNewswire/ -- US retail demand for men's clothing is forecast to rise 1.6% annually in nominal terms through 2023, according to Men's Clothing: United States, a report recently released by Freedonia Focus Reports. Continued population growth will underlie gains, as will rising consumer income, driving spending on luxury, environmentally friendly, and name-brand items. Gains will also be driven by growing interest from men in maintaining a fashionable appearance and an ongoing athleisure trend boosting demand for activewear featuring higher priced performance materials. Growing costs from increasing use of such materials and the imposition of tariffs for clothing imported from China will force apparel manufacturers to lower margins and/or raise prices.
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However, the mature market for clothing and intensifying competition from a variety of retail channels will limit volume growth and price increases. In addition, more men are purchasing apparel (especially athletic apparel) wearable for a variety of activities in diverse social contexts, such as fitness centers, workplaces, and restaurants, reducing the number of garments needed in a wardrobe.
These and other key insights are featured in Men's Clothing: United States. This report forecasts to 2023 US personal consumption expenditures (PCE) on men's clothing in nominal US dollars at the retail level. Total consumer spending is segmented by product in terms of:
- coats, jackets, and suits
- intimates and sleepwear
- other apparel, such as overalls, sports team apparel, and uniforms
To illustrate historical trends, total PCE, the various segments, and trade are provided in annual series from 2008 to 2018.
Clothing for infants is excluded from the scope of this report. Re-exports of men's clothing are excluded from PCE and trade figures.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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