COVID-19 accelerates the ongoing casualisation trend in South Korea in 2020. Since most companies adopted work from home policies due to the pandemic, men’s suits continued to be adversely impacted.
Interestingly, luxury brands for menswear continue to gain popularity despite the pandemic in 2020. Most of the growth stems from the fact that younger male consumers, aged between 20 and 30, continue to benefit from growing disposable incomes and are becoming increasingly fashion-centric.
Internet retailing becomes an important distribution channel under the pandemic in 2020. As a result, more manufactures are turning towards online marketing to capture male consumers.
Menswear is set to begin recovery in 2021 with a moderate current retail value growth rate, which will slightly lower in 2022 before holding stable for the remainder of the forecast period. The boost will likely be a result of loosening restrictions giving consumers more social and office work activities that will require more menswear purchases in the forecast period.
Since the luxury trend continues to gain momentum, menswear brands are set to tap into this consumer demand in order to boost their recovery in the forecast period. For example, Louis Vuitton opened its first menswear pop-up store in the Shinsegae department store in Gangnam in July 2020.
The ongoing boycott of Japanese products which started in 2019 due to the trade war between South Korea and Japan will continue to impact menswear in the forecast period. Local consumers continue willingly participating in the boycott of Japanese brands, with Uniqlo being one of the most impacted.
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Understand the latest market trends and future growth opportunities for the Menswear industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Menswear research and analysis database.
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