The worldwide necktie industry is anticipated to gain immense revenues by 2022, according to a report on Radiant Insights, Inc. It is expected to grow by exhibiting a decent CAGR from 2016 to 2022. The market is driven by rising disposable incomes of current consumers and latest fashion trends. Men’s fashion wear sales are expected to expand at a higher rate than women’s wear, providing an impetus to industry sales in the forthcoming years.
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Neckties are a fashion accessory used majorly by men as part of their attire. Various types of neckties are cravat, bolo tie, ascot tie, and clip-on tie. Men and boys form a large consumer base for this accessory. Increased purchasing power of men between the ages of 25 and 44 is projected to boost tie sales. While baby boomers and generation X consumers have already adopted it, millennials can form the new niche in a market showcasing declining sales.
Manufacturers are attempting to try out new trends and invest in advanced technologies to cater to their audience. Thursday Finest, a U.S. startup, decided to utilize 3D knitting technology to produce neckties and other accessories in 2016. The company relies on Shima Seiki technology and e-commerce portals to expand their sales figures. One popular trend that has made a comeback in necktie fashion is diagonal stripe designs. Companies may capitalize on this trend to improve their figures. Other designs include plaid, whimsical, and watercolor.
The global necktie industry is segmented based on product, end user, and region. By product, the market is split into cravat, bowtie, skinny necktie, seven-fold tie, four-in-hand, and others. Skinny neckties are expected to witness a descending growth rate due to the launch of wider neckties. This can be witnessed by J.Crew, one of the pioneers in fashion. In response, they launched a tie with wider proportions to cater to young millennials.
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Major end users are men, women, and others. Men are reported to be the biggest end users within the market as compared to women. Television and other media channels are influencing the current generation on fashion trends. This is evident by high sales of bowties in 2010, made popular by the television series, Doctor Who.
North America, Europe, Asia Pacific (APAC), South America, and the Middle East and Africa (MEA) are major regions within the global necktie market. The APAC market is expected to witness a windfall due to expanding economies of China and India. China is hiring brand influencers and bloggers to target luxury brand buyers. Use of digital marketing and social media can positively impact market volumes in the forthcoming years. The U.S., a major market within North America, will play a major role in global market growth. Europe can also foresee similar growth due to being home to major fashion brands.
Key market players include Hermès International S.A., Ralph Lauren Corporation, Giorgio Armani S.P.A., Roberto Cavalli, and Burberry Group plc. Companies are launching new marketing strategies to sustain market hold. For instance, Hermès launched the Hermès Tie Society, a subscription service with a collection of their best ties provided on a monthly, bi-monthly, or quarterly service.
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