Strong suit: Household disposable income growth has boosted formal menswear sales

The Formal Menswear Retailing industry has exhibited stable revenue growth over the past five years. The rising prominence of office-based work for men has fuelled demand for industry products over the period. Demand has been further boosted by the increasing wealth of Australian consumers, the declining cost of formal menswear, and consumers’ increased access to information and options regarding men’s fashion online. A gap in the menswear market has led prominent industry players to add custom-made tailoring to their product ranges, which has been well received by consumers. Demand growth has enticed new players to the industry and has prompted operators to expand their store networks. Industry revenue is expected to rise at an annualised of 2.0%...read more.

Industry Statistics & Market Size
Revenue
$355m
Annual Growth 13-18
2.0%
Forecast Growth 18-23
Profit
Employment
1,930
Businesses
385
Market Share of Companies

Industry Threats & Opportunities

  • Prominent industry players have added custom-made tailoring to their product ranges
  • Retailers have increasingly cut operating costs by directly sourcing from manufacturers
  • Consumers are expected to increasingly wear formal attire in less formal settings
  • Industry Report - Industry Key Buyers Chapter

    The industry is characterised by low market share concentration. The top two players are expected to account for well under 20% of the market in 2017-18. The industry is highly fragmented, with the majority of participants being small-scale operators. Barriers to entry are low, and do not inhibit new players from entering the industry and gaining a share of the market. The industry is operating in the growth stage of its life cycle and new players are enticed into the industry due to its low capital intensity. Concentration has strengthened over the past five years, driven by Peter Jackson's expansion strategy. This trend is expected to continue over the next five years as more consumers increasingly shop for formal menswear at specialist industry retailers instead of department stores...purchase to read more.

    Additional Insights for the Formal Menswear Retailing Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Formal Menswear Retailing Industry are

  • Production of goods currently favoured by the market
  • Attractive product presentation
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Real household disposable income and Male population aged 18 and older in the Formal Menswear Retailing industry impact industry performance..

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    What's in this report

    What is the Formal Menswear Retailing Industry?

    Industry operators primarily retail formal menswear such as suits, shirts, ties and jackets. Retailers may operate as brick-and-mortar retailers, online-only retailers or a combination of both.

    Industry Products
  • Suits and formal wear
  • Dress shirts
  • Coats
  • Shoes
  • Accessories
  • Industry Activities
  • Men's suit retailing
  • Men's coat retailing
  • Men's formal shoe retailing
  • Men's formal shirt retailing
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Real household disposable income
  • Male population aged 18 and older
  • Consumer sentiment index
  • Total number of non-manual employees in the workforce
  • Demand from department stores

  • Current Performance
  • Profitability
  • Purchasing power
  • Demand trends
  • Competition
  • Chart: Revenue Growth

  • Industry Outlook
  • Profitability
  • Styles of the future
  • Competition
  • Table: Formal Menswear Retailing Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Formal Menswear Retailing Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Clothing Wholesaling
  • Footwear Manufacturing
  • Leather and Leather Substitute Product Manufacturing
  • Men's and Boys' Wear Manufacturing
  • Tailoring and Clothing Accessories Manufacturing

  • Products & Services
  • Dress shirts
  • Shoes
  • Suits and formal wear
  • Accessories
  • Coats
  • Chart: Formal Menswear Retailing Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Consumers aged 35 to 54
  • Consumers aged 15 to 34
  • Consumers aged 55 and over
  • Chart: Major Market Segmentation for the Formal Menswear Retailing Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Rent
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Formal Menswear Retailing

  • Basis of Competition
  • Internal
  • External

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Formal Menswear Retailing Industry

  • Industry Globalization
    Princeton Apparel Pty Ltd, HUGO BOSS Holdings Pty Ltd,
  • Table: Princeton Apparel Pty Ltd - financial performance
  • Table: HUGO BOSS Holdings Pty Ltd - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Formal Menswear Retailing Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Formal Menswear Retailing Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Bespoke
  • Products or goods that are made to order or custom-made.
  • Cctv
  • Closed circuit television; a system that helps monitor and record activities in a retail store.
  • Point Of Sale (Pos)
  • Technology that incorporates a cash register with a credit and debit card electronic payment system in the one device.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Formal Menswear Retailing market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Formal Menswear Retailing:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Formal Menswear Retailing market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Formal Menswear Retailing, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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