Neckwear Market Size, Share & Trends Analysis Report By Product (Neckties, Bowties), By Wearing Type (Self-tied, Pre Tied), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2024 - 2030

Neckwear Market Size & Trends

The global neckwear market size was valued at USD 3.96 billion in 2023 and is expected to grow at a CAGR of 4.4% from 2024 to 2030. The rising trend of pairing neckwear with casual dressing is projected to boost the demand. The product gives a professional, poised, and elegant appearance. Increasing demand from the key consumers such as bankers, media professionals, and students is anticipated to further drive the growth of the market. Additionally, various business schools and universities have included neckties as part of their dress codes, further expanding the customer base of the product. 

Organizations such as military regiments, clubs, and professional associations, among others use specific colored and patterned neckties as a sign of membership. This factor is anticipated to further fuel the product demand.

Many neckwear manufacturers focus on product innovation in terms of colors, patterns, materials, and designs to attract newer consumers. The rising trend of pairing ties with casual wear is anticipated to positively influence market growth. Manufacturers have introduced neckwear with floral and deco design, soft-touch fabric such as brushed flannel, heathered yarns, Donegal wools, knits, and chambray ties for different occasions. 

Wearing Type Insights

Self-tied neckwear dominated the market by capturing 72.1% share in 2023. As these products are versatile and easy to use, consumers prefer self-tied neckwear products extensively. Also, as these can be tied with several knot methods, offer different looks. These utility features are favoring the segment growth positively.

The pre-tied neckwear segment, on the other hand, is estimated to register the fastest CAGR of 5.0% over the forecast period. Consumers prefer pre-tied neckwear to save time. Children, students, and beginners are some of the major consumers of the pre-tied or clip-on neckwear.

Product Insights

Neckties segment held the largest revenue share of 81.1% globally in 2023. The increasing usage of neckwear as part of formal dress code in corporate offices, colleges, hotels are shaping the neckties market. Also, as these products are available in several sizes, widths and patterns matching the latest trends in the clothing, the demand is anticipated to be high over the forecast period. ‘

The bow tie segment is estimated to witness the fastest CAGR during the forecast period. The growth is attributed to the rising adoption of bow ties as casual wear accessories, especially among millennials. Bow ties are preferred for ball events owing to their elegant appearance and attractive color and shape. Consumers prefer cotton bow ties for an informal look and dark silk variants for a formal look.

Bow ties are preferred for ball events owing to their elegant appearance and attractive color and shape. Consumers prefer cotton bow ties for an informal look and dark silk variants for a formal look. Bow ties are also used in weddings as formal dress codes are followed in such functions. These factors are expected to boost the segmental growth.

Distribution Channels Insights

The offline distribution of neckwear products dominated the market by capturing 78.5% share in 2023. As customers can physically check and feel the product experience, the offline stores are still the most preferred choice. Also, customers tend to buy accessories with the main attire from the store, so that the entire look in be tried.

Online distribution channel emerged as the fastest growing segment with a CAGR of 5.7% during 2024 to 2030. The presence of various popular brands on e-commerce sites, availability of wide range of products and convenient shopping experience in terms of delivery, payments and returns are the drivers expanding segment growth in coming years.

Regional Insights

North America held a market share of 24.9% in 2023. Appearance of celebrities wearing the neckwear products in public events has boosted the trend in the region. Additionally, deploying the dress code policy in banks, corporate offices and formal occasions has raised the demand of neckwear products. The increasing number of employees is augmenting the regional market as well. In U.S. the neckties have been part of dress code in formal occasions and wedding functions traditionally.

Asia Pacific Neckwear Market Trends

APAC dominated the global market by capturing 42.3% of revenue in 2023 and is expected to grow at the fastest CAGR of 4.9% over the forecast period. The presence of high working populations in countries such as China and India are contributing significantly to the market growth. The growing corporate sector, awareness about dress traits and influence of western lifestyle are expected to further drive the regional market. Also, the high number of colleges and universities propel the textile market including neckwear products market in the Asia pacific region.

Key Neckwear Company Insights

Prominent companies in the neckwear market include Brooks Brothers Group, Giorgio Armani, Ralph Lauren Corporation, PVH Corp, LVMH and others. Manufacturers aim to offer customized service through products suitable for different occasions, fabric, type, size and colors as well. Introducing innovative fashion trends to attract young and working population is the prime focus by key fashion companies.

• Ralph Lauren Corporation is a global design, marketing and distribution company of luxury lifestyle products in clothing and accessories. Company offers a wide range of products with innovative designs and lifestyle trends.

• Brooks Brothers Group is a luxury clothing brand and the product array includes neckties, original button-down collar, accessories and the non-iron shirt. The brand caters clothing solutions for both men and women and has over 500 stores worldwide.

Recent Developments

• In February 2020, Brooks Brothers  and White House Historical Association partnered to launch exclusive collection, featuring pocket squares, bow ties, ties in its stores and online.

Neckwear Market Report Scope

Global Neckwear Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global neckwear market report based on product, wearing type, distribution channel, and region:

• Wearing Type Outlook (Revenue, USD Million, 2020 - 2030)

  • Neckties

  • Bow Ties

  • Others

• Product Outlook (Revenue, USD Million, 2020 - 2030)

  • Self-Tied

  • Pre Tied

• Distribution Channel (Revenue, USD Million, 2020 - 2030)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2020 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • UK

  • Asia Pacific

    • India

    • China

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • Nigeria