October 8, 2015
Promotional image for New York Fashion Week: Men's
The menswear market is expected to top $450 million by the end of this year,1 according to a new study prepared by men’s lifestyle magazine Details.
Spending on luxury goods by men is on the rise, and publishers allocating advertising space to male-focused brands will be one way for publications to connect to target readers. For its survey, led by Research Now, Details surveyed approximately 800 men ages 18-54 to reveal shopping habits, attitudes toward luxury and motivating factors for a purchase, such as where it is made and what brands are of interest.
Shopaholics anonymous
Within its survey, Details discovered a new demographic of affluent male consumers, the “affluennials.™” Male consumers in this group are between the ages of 18- and 34-years-old and have a household income of $75,000 or more.
Essentially millennial consumers with a higher spending power, this demographic prefers to shop luxury brands for apparel and accessories, watches and other goods. The affluennials may be behind the rise in menswear sales which have increased by 70 percent since 19982.
While the menswear market as a whole is on pace to top $450 million in 2015, the United States’ online menswear sales have grown as well 3. For 2015, men’s clothing sales via ecommerce have grown at an annual rate of 17.3 percent since 2009 4.
Ralph Lauren's Purple Label presentation, spring 2016
Male shoppers are increasingly concerned with a product’s quality and emphasize craftsmanship when weighing purchasing options. But, this does not only refer to apparel and accessories; male consumers reserve the same standards for farm-to-table foods, craft beers and experiences such as travel 5.
The survey also found that one in every five handbags purchased from a luxury label is a style meant for men.
Top ranking brands among survey respondents include Calvin Klein, Ralph Lauren and Hugo Boss.
No one can deny that menswear is having a bit of an extended moment.
Starting with 2011, according to Bain & Co., menswear sales have grown at nearly double the pace of womenswear. Euromonitor projects that they will reach $110 billion by 2019. That is up 36 percent from 2014.
Per Luxury Daily columnist Ana Andjelic, the rising popularity can also be linked to the following five factors: gender fluidity, #menswear, hipsters are reincarnated yuppies, lifestyle are in, trends are out and brands = media. And then, of course, there is China (see story).
Notes: 1, 2, 3: Euromonitor; 4: IBISWorld’s Online Men's Clothing Sales Report – Dec 2014; CNBC Feb 2015 - "Millennials redefine luxury—and the stakes are high"
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