Stereotypes are changing.
The clichd approach that led us to believe that men are averse to shopping has changed. That's what latest statistics on menswear tell us. There is greater emphasis on outwardly appearance and how people present themselves to the world on a day-to-day basis.
Clothes play a fundamental part in helping modern professionals leave an indelible impression on associates, trade partners and seniors. Men really do not have a choice but to update their knowledge on what's chic and what's not. Shopping for clothes is mandatory if they are to survive in the world that judges a person based on attire. With men becoming well-versed in fashion, shopping is gradually becoming fun for them, too.
Numbers don't lie
According to Euromonitor International, the global menswear market registered a growth of 4.5 per cent in 2014; helping overall global sales of apparel and footwear reach US$ 440 billion. Womenswear registered a growth of 3.7 per cent in the corresponding period. Euromonitor has predicted that by the end of 2019, menswear will have a share of US$ 40 billion in the global apparel market. The sales are expected to rise in segments like men's shirts, jackets, jeans and coats.
Apart from mounting sales, another reassuring development is that both luxury and mass fashion brands are focusing on menswear. Several stores and brands cater exclusively to menswear. No surprise, then that New York Men's Fashion Week, flagged off in 2015, garnered good response. These initiatives show that the menswear segment has potential to be as profitable as womenswear.
A recent e-commerce report from IbisWorld revealed that online shopping for menswear has also increased. Average annual online sales growth of menswear from 2010 to 2015 registered 17.4 per cent. According to IbisWorld's retail industry analyst Will McKitterick, reason for high sales growth rate in online men's clothing is that this segment is yet to experience saturation. Websites are flooded with cameras, mobile phones, etc and other segments like online grocery shopping have failed to attract customers. This has involuntarily put the spotlight on menswear. IbisWorld also reported that average annual online sales growth of menswear will be 14.2 per cent between 2015 and 2020.
Dressing men to the nines
With a strong backdrop of growing market demand for menswear, many luxury fashion brands have expanded menswear offerings, launching a variety of product ranges and some brands like Hermes, Lanvin, Gucci, Ralph Lauren, Dolce & Gabbana and Prada have dedicated menswear stores.