Menswear mightn’t seem exciting but that is anything but true: new research shows menswear is growing exponentially – particularly in one category. Hint: it’s not shoes or grooming – it’s something much more unexpected.
The luxury bag menswear category is expected to see a substantial uptick in market share, with a global 4% CAGR projected between 2014-2019. Additionally, men’s jewellery, footwear and grooming are all set to post CAGRs of 3% in the same period.
Whilst men and women might have different shopping habits, they have common ground when it comes to their favorite clothing category: tops.
Men also like to buy bottoms and coats, jackets and suits, with intimates and sleepwear driving the fewest sales.
Despite promising sales year-on-year, these wardrobe staples will see market share decrease, as men grow more confident and branch out into accessories and other elements of their appearance.
The Brands Paving The Way For A Menswear Revolution
The demand for menswear brands is transforming the fashion world – from dedicated men’s fashion weeks in Paris, New York, Milan and London, to the rise of publishers targeting menswear advertisers. The launch of the quarterly GQ Style and Esquire’s recent reinvention, the announcement of British Vogue’s first male Editor-in-Chief, and the addition of a dedicated New York Times men’s style section, all signal the menswear fashion revolution is here.
Leading the menswear renaissance is Nike, currently the number one menswear brand globally. The 11th annual BrandZ Most Valuable Global Brands list saw several other menswear retailers like Adidas, Under Armour and H&M ranked in the top 10, however it is high-end successes Ralph Lauren, Hugo Boss, Rolex and Tommy Hilfiger that signal a shift in the market as men seek out luxury labels.
But perhaps the biggest surge in menswear sales have come from online shoppers – the 10 biggest retailers in the premium market (a list including Brooks Brothers, Ted Baker and Tommy Hilfiger) grew online sales by 278% between 2013 and 2016.
