The market for men's and boys' cotton shirts in Singapore has seen a declining trend in value per capita over the last decade. From a high of $10.99 in 2013, there has been a consistent decrease, settling at $8.28 in 2023, which represents a total decline of approximately 24.6% over this period. Notably, the market experienced minor fluctuations, with a marginal rebound noted in 2017 and 2018. The compound annual growth rate (CAGR) for the past five years shows an average decrease of 1.3% per annum.
- From 2022 to 2023, the value per capita decreased by 0.96%.
- From 2021 to 2023, a longer period CAGR shows a 0.99% annual decrease.
Looking forward, it will be essential to monitor changes in consumer preferences, sustainable fashion trends, and potential economic impacts that could affect disposable income and buying behaviors. Innovations in cotton fabric technology, e-commerce growth, and shifts in regional fashion trends may also influence future market dynamics.
