For the past few years, men have been spending more money on clothes than they ever did in the past… so if it seems that the men in your circle are suddenly better dressed than before, you haven’t gone crazy.
The world is indeed experiencing a “menaissance.”
Men have taken an increased interest in their appearance and are more in tune with the latest fashion trends – the share of male consumers who say that the newest trends and styles are important to them has nearly doubled since 2006.
So as the apparel market begins to see its long-awaited return to growth, the menswear segment has been and will continue to experience sizeable gains that outpace other key apparel segments.
For instance, in 2013, menswear sales outperformed women’s in a number of key markets, including the U.S. – where the men’s apparel category grew by 4.8%, compared to women’s apparel sales’ growth of 4.5%.
And the world market for menswear is expected to exceed $450 billion in 2014, with the Americas representing 35%, or almost $156 billion, of the global market.
This growth represents a market expansion of more than 14% since 2009.
So what’s driving men’s fashion to be one of the hottest segments in not just apparel, but in all of retail?
Several factors appear to be at play, some of which include popular culture’s increased emphasis on higher fashion, a new focus on dressing well, more men returning to work and pent-up demand from the recession.
This growth in menswear is certainly not being lost on retailers. Department stores, for example, are expanding and upgrading their men’s sections.
Lord & Taylor recently announced it was going to double the space devoted to menswear at its flagship store in New York City and Saks Fifth Avenue is expanding its namesake menswear line due to popular demand as well as opening in-store shops dedicated exclusively to the brand.
As the menswear category continues to thrive, it’s no surprise that brands are beginning to adjust their business models to tap into this promising segment.
But, before haphazardly expanding categories or adjusting formats, it’s imperative that brands know whether those changes will be embraced by both new and current customers.
So, if you’re considering this growth avenue, let us help you determine the potential the menswear market has for your brand and help you expand in the right way.