Men Gaining Importance in the Fashion Industry
The apparel market in the US is projected to grow from $225 billion in 2012 to $285 billion in 2025, representing a CAGR (compounded annual growth rate) of 2%, according to a report by Statista. On an average, every American spent $686 on clothing items in 2012, a figure that is expected to reach $781 by 2025. Although women’s clothing has a higher share of this industry, the importance of menswear has been increasing. The men’s apparel industry grew from $57.8 billion in 2012 to $60.8 billion in 2013, representing 5% growth.
Menswear is a Big Industry
The menswear industry consists of men’s active wear, formal wear, essentials, casual wear, and outerwear. Menswear is a prominent industry, with 8,363 businesses in the US as per research published by ibisworld.com. Revenues were USD 10 billion in 2015, and there has been an annual compound growth of 1.8% in the men’s clothing stores business from 2011-2016. In fact, according to a report on euromonitor.com, the menswear industry has been growing at a faster rate as compared to womenswear. Men in the US have begun to take better care with their grooming and clothes.
Research done by Euromonitor International in Beauty and Personal Care estimates that the men’s grooming category grew from less than USD 5.7 million in 2009 to USD 6.3 million in 2014. Men are not just stopping at basic routines such as brushing their teeth, washing their hands, rinsing their face and showering; they are using skin and hair care products, and wearing trendy clothes, in order to improve their appearance.
Style Rules for Men
Trends in Purchases of Luxury Men’s Clothing
Luxury clothing is a must have item, as are premium quality cigars, the best scotch, the best watches, the most obscenely expensive cars, and the coolest cell phones. A study was conducted on data collected by a 2010 and 2011 survey of men earning USD 100,000 and above by BIGresearch and Consumer Intentions & Actions. The results of the survey were listed in an article in Forbes. More men seem to be interested in the latest fashion trends; 14.8% of the men surveyed in 2011 were interested in the newest trends in luxury men’s clothing, compared to 12.2% in 2010. While consumers continued to patronize department stores, the patronage of specialty stores jumped from 17% to 19.8% between 2010 and 2011.
One interesting trend which came up in this survey was that, despite having annual incomes of USD 100,000 and above, the consumers who were surveyed preferred to purchase clothing during sales; 52.9% of those surveyed reported doing so in 2011. As long as the economic climate remains uncertain, spending on food, things needed by kids, household products, and things such as gas etc. are likely to take precedence. Spending on clothing becomes a secondary concern, and consumers tend to look for sales before spending on big ticket outcome.
Trends in Menswear
Growth of Online Purchases of Luxury Clothing
The option to buy online makes it even easier to purchase anything from dress shirts, to casual wear, to tailored fit shirts. All the major luxury brands offer online shopping, with the additional benefit of all possible sizes being available, something that might not always be the case if you went to the store physically. Even monogramming is possible, as the option given on the Enro website shows. You can buy according to your fit, and get free shipping and returns. You just need to try out the shirt in the privacy of your home and at your convenience, and return it if you don’t like it, without having to step out the door.
Success in Online Sales Depends on Various Factors
Menswear has a big online presence, just like women’s clothing and accessories. In fact, the apparel industry was able to weather the storm of the post-2008 downturn, on the back of online stores, according to a report by Ernst and Young.
For success in online sales, various factors come into play. Page design and layout, offers such as free shipping and an easy returns policy, and an active presence on social media all help in boosting online sale numbers. In fact, it is critical for companies to maintain an ongoing presence on social media, as people buy online based on recommendations, write about their experiences, and give opinions on the latest fashion line of their favored luxury brands, all on Twitter or Facebook or other social media sites.