The size of the global market for men’s coats and jackets was evaluated at USD 48.5 billion in 2021, and it is anticipated to increase at a CAGR of 5.1% from 2022 to 2028. The expansion of this market can be attributed to the rising acceptability of corporate culture and the necessity to protect the body from changing environmental conditions. Additionally, the market is expanding due to rising per capita income and purchasing power. Additionally, manufacturers are producing more coats and jackets at lower costs because to the growing use of automatic machinery. The businesses are concentrating on growing their customer base by providing discount programmes and connecting with them in various ways, like through e-commerce platforms.
The COVID-19 pandemic lockdown was proclaimed by governments of several nations, and as a precaution, many people chose to stay at home. As a result of COVID-19 restrictions, numerous exhibitions, sporting events, and other public events were postponed around the world. Additionally, corporate offices are being opened with a smaller staff while the majority of employees work from home. As a result, the market saw a decline in the sales of men’s clothing as a result of disrupted supply chains, limited manufacturing, and decreased demand. The market is therefore expected to grow slowly as a result of this overall revenue deficiency.
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Market growth is anticipated to be accelerated by shifting consumer buying patterns, digital innovation, growing urbanisation, and disposable income. Additionally, it is projected that ongoing innovation in coat and jacket styles, periodicals devoted to fashion statements, and celebrity endorsements would accelerate the expansion of the global industry. As a result, the market expansion over the projection period is being accelerated by the leading market players’ increasing investments in advertising campaigns, promotional activities, and social media marketing.
Global Coats & Jackets Market: Major Players
The North Face
Global Coats & Jackets Market: Types
Global Coats & Jackets Market: Applications
Men’s coats and jackets are outerwear items worn for warmth or style. Long sleeves are usually used while manufacturing coats and jackets. Coats and jackets both have lapels, pockets, and collars. Velvet, jacquard, wool, fur, and leather are among the materials used to make coats and jackets. These items come in a variety of designs, colours, and styles for a variety of occasions, such as cocktail parties, weddings, and formal events. The availability of coats and jackets in both long and short lengths will subsequently increase industry demand.
Governments in several nations prohibited physical movement during the pandemic and shutdown, and as a precaution, people opted to stay indoors. Around the world, a number of sporting events, exhibits, and other public events were postponed. Additionally, corporate offices are opened with a smaller staff while the majority of employees work from home. The market saw a decline in the sales of clothing as a result of limited manufacturing, disrupted supply networks, and lower demand. However, it is anticipated that after COVID regulations are relaxed, the market would shortly experience a robust increase in the future years.
Insights Into Distribution Channels
In 2020, the offline distribution channel held a share of more than 80%. Retail establishments, wholesalers, and sports shops are all part of the offline market. The traditional retail channel is used by producers and marketers to increase sales. A variety of apparel is sold directly to end users through organised retail channels, which are more customer-focused and offer superior services. Additionally, these shops give customers the option of physically inspecting and testing the products. The offline sector therefore contributes more to market income.