Suit Market has been decreased last 10 years. There are some important turning points.
Cool Business Suit culture starts from the early 2010s. It was initiated by the government since we have to care about CO2 reduction nationwide. It influenced immediately big corporations in Korea and the companies allow employees to wear casual business shirts and pants. During the time, the tie market disappeared first and in the long term change the term of the suit.
In Korea, we are required to wear a suit when we are invited to weddings, important business meetings, and classical work environments. but it has changed. To define the suit, we need to ask what do you wear when you go to official meetings or important meetings.
Terms of suits can vary now. Depending on whom defining the suit, it will be a different outlook of the suit. Even the stat above may be wrong from the perspective of consumers.