In recent years, my country’s men’s clothing market has expanded steadily and has maintained stable growth despite the overall slowdown in consumption growth. my country’s men’s clothing industry has reached a certain scale and has formed a unique industrial cluster. Moreover, men’s clothing technology has been greatly improved, business operations have become more diversified and professional, and the degree of internationalization has been significantly improved.
1. Men’s clothing market size
In recent years, China’s men’s clothing market has been developing well. From 2016 to 2018, the market size of my country’s men’s clothing industry increased year by year. In 2016, the market size of the domestic men’s clothing industry reached 687.6 billion yuan. It is expected to have a compound growth rate of 9.6% from 2018 to 2023. It is expected that the market size of China’s men’s clothing industry will increase to 13,070 yuan in 2023. billion.
2. Development trends of men’s clothing industry
At present, my country’s men’s clothing industry shows the following development trends:
1. Brand development trends
With the rapid growth of my country’s economy, the men’s clothing industry has also ushered in a period of rapid development. The strong business atmosphere and the increase in business social occasions in various states have driven the rapid development of suits. As my country’s per capita consumption power increases, Chinese-style clothing has gradually become mainstream. In the modern era of booming economy, men are paying more and more attention to the combination of fashion and taste, and are beginning to pursue high-end international brands. As the brand awareness of male groups in my country continues to increase, personalization is an inevitable trend in consumption upgrading. Current consumer preferences are diverse and changing rapidly. The competition risk of a single brand has increased. Multi-brand strategy has become the future direction, and high cost performance Clothing can usher in rapid development.
2. Competition is increasingly international
China is a major clothing consumption and manufacturing country. With the growth of China’s economy in recent years, foreign clothing companies have become optimistic about the Chinese market and increased their corporate presence in China. More and more foreign brands have entered the Chinese market. China’s clothing market is becoming more and more internationalized, and international brands are stepping up their efforts to seize opportunities in the Chinese market. At the same time, driven by the national export policy, Chinese garment companies have also accelerated their pace of development in the international market. Therefore, the international trend of competition in the men’s clothing industry will become increasingly obvious in the future.
3. Diversify marketing methods
As the number of clothing companies continues to increase and the level of consumer demand continues to improve, if you want to be invincible in the men’s clothing industry, it is no longer enough to compete solely through price competition. Non-price competition is increasingly favored by companies in market competition. Pay attention to. From competition in products, designs, and brands to competition in services and image, the means of competition in the men’s clothing industry are becoming increasingly diversified. After all, consumers are no longer a need-hungry public. They have an increasing demand for merchants’ services during purchasing activities, and their sense of identity and belonging to the enterprise is getting stronger and stronger. Therefore, image marketing, service marketing, innovative marketing, and management marketing will become the main means of market competition in the men’s clothing industry in the future.
4. Pay more attention to online platforms
At present, more and more men’s clothing brands have entered the market at home and abroad, and the pressure of competition in the industry continues to increase. In addition, physical stores have been greatly affected during the epidemic. Therefore, men’s clothing brands are actively promoting the interconnection of their membership systems, relying on social media such as WeChat communities and mini programs. E-commerce platforms promote sales and form a new business form that links online and offline. For example, during the epidemic, Biyinlefen used four 8-day WeChat member mall mini programs + live broadcasts to bring goods, and its online store sales exceeded 30 million yuan. The membership conversion and transaction rate reached 40%, and the live broadcast has achieved remarkable results. In the future, under the impact of new retail, men’s clothing brand companies will be more active in short video marketing, live broadcast and other methods in addition to traditional marketing. In addition to participating in online celebrity live broadcasts to bring goods, some brand companies will also actively build their own live broadcast teams.
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