Basic analysis of the men's wear industry
Men's clothing refers to clothing products worn by men in the body to protect and decorate. Including top and bottom, men's clothing will have different styles and functions depending on the season and individual.
The Chinese menswear market can be divided into four segments: high-end, mid-to-high end, mid-end and low-end. In addition to the close relationship between product pricing and brand classification, brand classification also reflects other factors including brand proposition, target customers, store image and location, product categories and distribution channel strategies. One of the main benchmarks for brand classification.
Statistical Analysis of Production and Sales of Men's Wear Industry in China in 2017
As of 2017, China's men's wear reached 13.52 billion pieces, an increase of 2.16 billion pieces compared with 2016, an increase of 19.01%. In 2017, sales of men's wear reached 7.14 billion, an increase of 1.21 billion compared with 2016, an increase of 20.4%.
Statistics on production and sales of men's wear industry in China in 2011-2017
Source: Prospective Industry Research Institute
2017 China Men's Wear Market Sales Statistics
From 2000 to 2010, the market size of China's men's wear industry expanded rapidly. After 2012, the domestic men's wear industry began to adjust periodically, and the growth rate of the industry continued to decline. This period coincided with the period of slowdown in China's economic growth. According to the statistics of the "Men's Industry Industry Production and Sales Demand and Investment Forecast Analysis Report" released by the Prospective Industry Research Institute, the sales of the Chinese men's wear market in 2012 exceeded 400 billion yuan, reaching 421.493 billion yuan. As China's economic growth trend stabilized, the growth rate of the men's wear industry also stabilized. By 2017, the sales of the men's wear market in China reached 534.596 billion yuan, an increase of 4.4%. It is expected that the growth rate of the domestic men's wear industry will maintain the same trend as China's economic growth rate in the future, and will develop steadily in the long run. According to the forecast of the Prospective Industry Research Institute, the average annual compound growth rate of the men's wear market in China in the next five years is 3.71%.
Statistics on sales of Chinese men's wear market in 2012-2017
Source: Prospective Industry Research Institute
Personalized consumption of clothing ushered in a new opportunity for development, customization will become a new trend of clothing consumption
The distribution of people who refer to custom men's wear is very obvious. The proportion of first- and second-tier cities is close to 60%, and the preference for custom men's wear is also very obvious, except for suits, shirts and T-shirts.
Statistical analysis of the proportion of custom men's wear distribution in different cities
Source: Prospective Industry Research Institute
Statistical analysis of TOP10 ratio of online retail sales in men's wear industry in September
From the perspective of online retailing in the men's wear industry, the online retail sales of the men's wear industry in September 2018 reached 12.15 billion yuan, a year-on-year increase of 52.4%. From the brand point of view, the TOP10 brands of men's clothing industry online retail in September are: Playboy/PLAYBOY, Antarctic/NANJIREN, Fugui Bird/FUGUINIAO, Hengyuanxiang/HENGYUANXIANG, Jeep/JEEP, Uniqlo/UNIQLO, Senma/SENMA, Seven Wolves/SEPTWOLVES, Metersbonwe / METERS BONWE, Mark Huafei / FAIRWHALE. Among them, the Playboy/PLAYBOY brand men's clothing is the most popular among men, with a market share of 4.6%, ranking first.
Statistics on TOP10 share of online retail sales in men's wear industry in September 2018
Source: Prospective Industry Research Institute
What is the future direction of the menswear industry?
Compared with the women's wear market, the traditional men's wear industry is recovering at a relatively slow pace. Among them, some menswear companies are trying to improve their performance through cross-border operations. Why is the men's wear industry slower, and where will the future development of the men's wear industry go?
1, the industry is slow to recover
According to the first quarterly earnings report disclosed by the company in 2018, women's wear enterprises generally increased by a large margin, among which the women's brand Vignas's revenue increased by a maximum of 142.4%. But in comparison, only five of the traditional menswear companies achieved double-digit year-on-year growth in revenue and net profit.
There are also many companies in the traditional menswear industry that continue to be in a downturn. As of the end of March 2018, Youngor achieved revenue of 1.68 billion yuan, down 50.46% year-on-year, and net profit of 297 million yuan, down 91.95% year-on-year. In the report period, Sinon's operating income decreased by 15.72%.
For the reason that the men's wear industry is slow to recover, the current consumer demand in the men's wear market has changed, and the traditional menswear enterprises are still in the process of product transformation. The frequency of men's purchase of goods is relatively low. Currently, male consumers are mostly after 80s and 90s, while the purchases of traditional men's wear are mainly after 60s and 70s, and their purchasing power is declining. In the past, male consumers have paid more attention to brands and neglected design. With the change of consumer attitudes, more and more consumers have pursued the pursuit of fashion, which has also reduced the consumption demand of traditional menswear.
2. Cross-border management
When the clothing industry is in a downturn, traditional menswear companies are not idle, and they are operating across industries to maintain stable performance and gradually get out of the apparel industry.
Regarding the transformation of the company's development route, Shuguangya believes that although the company is called a strategic transformation, the clothing sector has not played a role in improving performance. This is a manifestation of the lack of ingenuity of the company and no benefit to the brand. The famous economist Song Qinghui also told reporters that men's wear enterprises have crossed the border in order to find new profit growth points, but whether it can bring long-term performance improvement is yet to be further observed.
At present, the domestic men's clothing company has gradually evolved from a model dominated by shopping malls to a model of shopping malls, specialty stores, and e-commerce. In the future, the clothing company will emerge the trend of industry integration, the bigger the bigger the bigger the stronger the stronger. The search for mergers and acquisitions, cross-border, development, investment, real estate and other businesses has become the main cash flow origin of these apparel companies.
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