Suits - Colombia

  • Colombia
  • In 2024, the Suits market in Colombia is projected to generate a revenue of US$133.90m.
  • Looking at the market trends, it is expected to grow annually by 1.83%, according to the Compound Annual Growth Rate (CAGR) from 2024 to 2029.
  • When comparing the global market, in China leads the way with a revenue of US$3,064m in 2024.
  • In terms of per capita figures, the revenue per person in Colombia's Suits market is estimated to be US$2.56 in 2024.
  • By 2029, the volume in the Suits market is projected to reach 1.4m pieces units.
  • Additionally, there is an anticipated volume growth of 4.2% expected in 2025.
  • Lastly, the average volume per person in the Suits market is estimated to be 0.0pieces in 2024.
  • Colombia's suit market is experiencing a surge in demand as the country's growing middle class seeks to make a strong impression in the business world.

Key regions: Germany, Malaysia, Philippines, India, Indonesia

 
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Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on the consumer spending on clothing which comprises women, men, and children segments that are produced for private end customers for both offline retail (department stores, traditional specialist shops) and online retail (e-commerce, ordering by catalog).

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use resources from the Statista platform, national statistics, industry research, market data from independent databases and third-party sources, historical developments, current trends, reported performance indicators from the key market players, and Statista interviews with market experts. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, consumer price index and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the exponential trend smoothing illustrates suited forecasting for the Apparel market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional Notes :

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.

Overview

  • Revenue
  • Volume
  • Key Players
  • Price
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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