Market Insights Consumer Apparel Men's Apparel

Suits - Latvia

Latvia

In 2024, the revenue generated in the Suits market in Latvia amounts to US$3.27m.
It is projected that the market will experience an annual growth rate of -3.97% from 2024 to 2029 (CAGR 2024-2029).
When compared to other countries globally, in China generates the highest revenue in this segment, reaching US$3,064m in 2024.
Taking into account the total population figures, the per person revenue generated in the Suits market in Latvia is US$1.81 in 2024.
Looking ahead, it is estimated that the volume in the Suits market will reach 11.8k pieces units by 2029.
Additionally, there is an expected volume growth of 0.2% units in 2025.
Considering individual consumption, the average volume per person in the Suits market is projected to be 0.0pieces units in 2024.
The demand for high-quality, tailored suits in Latvia has surged, reflecting the country's growing appreciation for sophisticated and elegant fashion.

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.