Non-Store and Online Menswear Market to Grow by USD 54.5 Billion (2024-2028), with Digital Spend and AI Impacting Market Trends – Technavio

NEW YORK, Oct. 2, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Non-Store and Online Menswear Market  size is estimated to grow by USD 54.5 billion 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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Key Market Trends Fueling Growth

The global non-store and online menswear market is witnessing significant growth due to an increasing number of mergers and acquisitions (M&A). Vendors are acquiring smaller companies to expand their product offerings and gain access to new technologies. For instance, Amazon launched its Amazon Aware sustainable clothing line for men in March 2022, while Walmart collaborated with NPD Group in April 2022 to expand its activewear brands portfolio. In May 2021, Walmart acquired Zeekit, a virtual clothing try-on startup, to enhance the online shopping experience. These strategic M&A activities will help vendors increase their market share and drive growth in the non-store and online menswear market during the forecast period. 

The Non-Store and Online Menswear Market is experiencing significant growth, driven by consumer lifestyles and fashion trends. Tablets and augmented reality technology are transforming the shopping experience with virtual try-ons. Digital marketing, social media, and celebrity endorsements influence consumer behavior. Brands focus on brand engagement, ecommerce infrastructure, and inventory management to meet the demands of the younger population with disposable incomes. Logistical challenges, such as delivery delays, are being addressed through omnichannel retailing and sustainable fashion. Consumers seek shopping convenience, personalization, and customer reviews. Ecommerce platforms offer sustainable clothing made from natural materials, addressing skin allergies. Innovative products, ethical fashion, and inclusive sizes are key trends. Luxury brands are joining the online retail space, and D2C strategies are gaining popularity. The market is also witnessing a shift towards slow fashion and environmental consciousness. Funding rounds are fueling growth in this dynamic sector. 

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Market Challenges

•         The global non-store and online menswear market is anticipated to face challenges due to the ongoing expansion of retail stores around the world. While the retail industry continues to grow due to economic growth and urbanization, consumers’ preference for online shopping is increasing. Convenience is a significant factor driving the popularity of e-commerce channels. Traditional menswear sales channels include retail stores, branded retail chains, and convenience stores. Multi-brand retailers like Walmart and Kroger dominate offline sales, offering a wide range of brands. However, the entry of retail giants like Amazon and Nordstrom into brick-and-mortar retail poses competition to online channels. This trend may negatively impact the growth of the global non-store and online menswear market during the forecast period.

•         The Non-Store and Online Menswear Market is experiencing significant growth due to the convenience of shopping from home. Online platforms like ecommerce sites and social media have become go-to destinations for male consumers seeking apparel, accessories, shirts, pants, suits, footwear, ties, and belts. However, challenges persist, such as ensuring personalization, managing customer reviews, and addressing sustainability concerns. Brands must innovate with sustainable clothing made from natural materials, cater to skin allergies, and offer ethical and organic fashion. Retail strategies like D2C and slow fashion are gaining traction, as is environmental consciousness. Funding rounds continue to support online retail, with luxury and high-end brands joining the fray. Digitalization, driven by internet-enabled devices and smartphones, is transforming the industry. Online transactions for menswear are expected to increase, with younger populations and disposable incomes driving demand. Celebrity endorsements and social media influence continue to shape consumer preferences. Overall, the Online Menswear Market is poised for continued growth, with exciting opportunities for fashion brands and retailers.

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Segment Overview 

This non-store and online menswear market report extensively covers market segmentation by

1. Product 

• 1.1 Apparel
• 1.2 Accessories and others

• 2.1 APAC
• 2.2 North America
• 2.3 Europe
• 2.4 South America
• 2.5 Middle East and Africa

1.1 Apparel-  The non-store and online menswear market continues to grow, with more men shopping conveniently from the comfort of their homes. Brands are increasing their online presence to cater to this demand. E-commerce platforms offer a wide range of menswear, from casual to formal, at competitive prices. Consumers can easily compare prices and read customer reviews before making a purchase. Online shopping provides flexibility and saves time, making it an attractive option for busy men. The market is expected to expand further as technology advances and online shopping becomes more accessible.

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Research Analysis

The non-store and online menswear market is experiencing exponential growth, driven by the increasing popularity of ecommerce platforms among male consumers. Online shopping for apparel, accessories, shirts, pants, suits, footwear, ties, and belts is more convenient and accessible than ever before, thanks to the digitalization of retail. The internet-enabled devices, particularly smartphones, have become the new shopping malls for younger populations with disposable incomes. Sustainability is a key trend in the market, with consumers showing preference for clothing made from natural materials due to skin allergies and ethical concerns. Social media influence and celebrity endorsements are also driving demand for sustainable, luxury, and high-end brands in the online menswear space. Online transactions are secure and seamless, making it an attractive option for consumers looking for a hassle-free shopping experience. The market is expected to continue growing, with a focus on sustainable fashion, organic materials, and ethical production methods.

Market Research Overview

The Non-Store and Online Menswear Market has experienced significant growth due to the increasing adoption of ecommerce platforms among male consumers. Online shopping for apparel, accessories, shirts, pants, suits, footwear, ties, and belts has become a convenient and accessible option for consumers, thanks to the digitalization of fashion and the widespread use of internet-enabled devices like smartphones and tablets. Augmented reality and virtual try-on technologies offer consumers a more

shopping experience, allowing them to visualize how clothing and accessories will look on them before making a purchase. Consumer lifestyles and fashion trends are driving demand for online menswear, with social media and digital marketing playing a crucial role in brand engagement. Ecommerce infrastructure and logistical challenges, such as delivery delays, are areas of focus for retailers. Omnichannel retailing, sustainable clothing, and ethical fashion are also key trends, with a growing focus on natural materials, organic fabrics, and environmental consciousness. Personalization, customer reviews, and customer experience are essential factors in the online menswear market, with brands leveraging data and technology to offer tailored recommendations and improve the shopping journey. Innovative products, plus size apparel, and all-season wear are other areas of growth, as are exclusive stores, direct-to-consumer (D2C) models, and slow fashion. Funding rounds and investments in the sector indicate continued growth and innovation in the online menswear market, with a focus on luxury and high-end brands, sustainable fashion, and innovative products. Celebrity endorsements and the younger population with disposable incomes are also driving demand for online transactions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Apparel
• Accessories And Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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

SOURCE Technavio

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