In 2023, the household expenditure on men’s suits in Japan stood at approximately 4.59 thousand Japanese Yens. For 2024, the forecast is 4.54 thousand Yens, indicating a slight decrease from 2023. This decline continues through 2028, with expenditures falling to 4.36 thousand Yens. The year-on-year variation from 2024 to 2028 shows a steady decrease, with the most notable drops occurring between 2025-2026 and 2027-2028. The 5-year compound annual growth rate (CAGR) is negative, highlighting a consistent downtrend in spending.
Future trends to watch for:
- Shift in consumer preferences towards casual and hybrid workwear.
- Impact of economic conditions and inflation on discretionary spending.
- Potential influence of evolving fashion trends and sustainability considerations.
