Presentation is loading. Please wait.

Presentation is loading. Please wait.

Menswear Market Generates Significant Sales Increase

Similar presentations


Presentation on theme: "Menswear Market Generates Significant Sales Increase"— Presentation transcript:

1

2 Menswear Market Generates Significant Sales Increase
Although men’s clothing stores’ revenues are only a portion of the total menswear market, they do reveal the market’s trend. After a 3.9% decrease from 2015 to 2016, 2017 was a much better year, with total revenues of $8.872 billion, a 4.5% increase. The first half of 2018 has continued this trend and, in fact, accelerated it, as total revenues at physical stores was $4.802 billion, an 8.4% increase, compared to $4.430 billion for the first half of 2017. Menswear has always been second to womenswear in terms of total revenues; however, Gartner’s digital intelligence firm, L2, predicts menswear revenues will increase faster than womenswear through 2020, with annual growth rate of 5%.

3 Changing Apparel Attitudes
Consumers spending less on apparel is a major market trend. E-commerce and Amazon, specifically, are only partially responsible, as personal expressiveness is more likely to occur in social media than draping oneself in the latest fashions. Consumers would rather spend money on “experiences” than apparel, as clothing was approximately 3% of US household spending, compared to 6.2% during 1977. As noted in our Footwear Market 2018 Profiler, more employers allow casual dress every workday, increasing 10% from 2013 to 2017, which means fewer employees need separate wardrobes for work and off-work time.

4 Men Shop Differently for Apparel Than Women
Discount, or off-price, apparel retailers have been gaining market share, but not because of men. March First Insight research shows men are more likely to shop at full-price retailers than discount retailers, or 42% and 18%, respectively. When they do shop at discount apparel retailers, Marshalls, at 14%; Home Goods, at 13%; and TJ Maxx, at 12%, are their top 3 choices. Men, at 39%, were more likely to leave a store if a store associate failed to know their buying behavior in other channels than women, at 26%.

5 Young Men Living in the City Are Today’s Fashion Mavens
A 2018 YouGuv’s report, The Face of Fashion, defines a small segment of men (1%) as the most fashionable, as they are much more likely to spend $200 on apparel every three months (35% vs. 19%, national average). These are young men, 18–34 years of age who live in the city and follow and buy the latest apparel and footwear trends, buy at least a few key pieces every season and 43% visit clothing stores at least once a week, compared to a 4% national average. Interestingly, these fashionable young men over index as African Americans and Latino Americans and the largest percentage, 35%, live in the South, compared to the West, 27%; Northeast, 26%; and Midwest, 13%.

6 Men Are Less Likely to Shop for Apparel on Amazon
According to Astound Commerce’s April 2018 report, A Window into the Fashion Shopper’s World, 57% of the men surveyed said they make 26% or more of their fashion purchases on Amazon. Nonetheless, the First Insight report found only 46% of men said they frequently shopped on Amazon, compared to 60% of women. A major factor may be fewer men subscribe to Amazon Prime, or 43%, compared to 54% of women. Interestingly, more men than women, 53% and 46%, respectively, said they used smart speakers (Amazon Echo, Google Home, etc.) to research prices.

7 Men’s Tech Tools for Apparel Shopping
The Astound Commerce report also revealed 35% of men spend $1,000+ online on fashion annually, 27% visited 10 or more fashion Websites during the past 6 months and 33% made at least half of their fashion purchases online during the same period. 66% of men used the mobile channel to shop for fashions during the past 6 months, compared to women, 81%; Millennials, 79%; and non-Millennials, 70%. Of the men Astound Commerce surveyed, 23% said they “would not choose to shop online if they were unfamiliar with the retailer’s products, quality or reputation.”

8 Advertising Strategies
Men’s clothing stores and other apparel retailers targeting men will want to create displays and special offers with mix-and-match combinations of both business-casual and everyday casual attire, so men are able to dress for all occasions with just one wardrobe. Because shopping “experiences” are more likely to attract younger men, and to full-price retailers, these stores should consider featuring a wine and/or food expert or other “experiential” attractions to enhance men’s shopping trips. Men’s clothing stores in central-city shopping districts should offer merchandise and specials to attract the “young men of fashion,” as described in the Profiler and with a conscious effort to target African American and Latino American young men who match this profile.

9 New Media Strategies It is essential that men’s clothing stores implement and manage a proactive mobile marketing program, including the creation of a mobile app, so stores can maximize their reach of the men who use the mobile channel to shop for fashions. Influencer marketing, as explained in two 2018 Media Group Online New Media Insights Reports, is an excellent opportunity for central-city men’s clothing stores to communicate with and attract more “young men of fashion.” Men’s clothing stores may find it advantageous to partner with some of the technology services city- dwelling young men use, as shown in the table on page 3 of the Profiler, offering cross-sell discounts, racks to park shared bicycles, etc.

10


Download ppt "Menswear Market Generates Significant Sales Increase"

Similar presentations


Ads by Google