The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJun 2018
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With low penetration across categories and favourable demographics, Asia Pacific offers attractive growth for menswear players. Ranked fifth in terms of per capita consumption with USD39 spent on menswear in 2017, the region saw the fastest growth in per capita spending at 2% over the 2012-2017 period. Due to such growth players, both domestic and international rivals, implemented an aggressive series of market entries, resulting in an increasingly dynamic and diverse competitive environment.
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Good economic performances and rising disposable incomes in developing markets such as Vietnam and India have encouraged rising numbers of consumers across the region to trade up to higher-value menswear, significantly increasing the penetration of products such as men’s premium jeans.
In the region’s leading markets, such as China, India and Japan, ongoing expansion of multinational fast-fashion players H&M and Zara placed them increasingly at odds with well-entrenched rival domestic brands such as Heilan Home, leading to increasingly fierce price competition in key menswear categories.
Leading sales of menswear in China with a share of 5% in 2017, market leader Heilan Home Co Ltd saw the largest and most rapid share gain of menswear in Asia Pacific, as it pursued an aggressive series of store openings and brand extensions in its home market over 2012-2017.
Rapid uptake of internet retailing in the region is led by China, with online sales of apparel rising from 8% in 2012 to 29% in 2017. In addition to the desire to find the best price, the convenience of internet retailing emerges as an increasingly important driver of online sales among men in Asia Pacific.
Rising at a 3% CAGR, sales of menswear in Asia Pacific are forecast to reach a value of USD184 billion in constant terms by 2022.As the region experiences an ongoing increase in its population of urban mid-to high-income earners, a rising number of consumers will be able to act upon growing interest in fashion and personal style.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.