UK menswear market reaches £14.5 billion as men shop more frequently
Men are buying clothing more frequently than before, are willing to pay a higher price for locally made garments and would like to see more technology integrated into the retail experience, a new report from Mintel has uncovered.
Published ahead of the opening of London Fashion Week Men’s this Friday, the report reveals that the UK menswear market grew at almost twice the rate of the women’s clothing market in 2016, expanding by 2.8% and hitting £14.5 billion.
While the sector still only accounts for 27% of the total clothing market, it’s expected to increase its share over the next couple of years. According to Mintel, the menswear market will grow by 12.3% between 2016 and 2021 to reach £16.3 billion.
Men are overtaking women in shopping
The report suggests retail’s markdown strategies could be denting revenues, as 61% of male shoppers agree that frequent special offers make it unnecessary to purchase clothes at full price.
This is especially important as men are buying clothing more frequently. The survey reveals that 47% of men aged 25-44 bought clothes in the three months to December 2017, compared with 43% of women.
Young men have also overtaken young women when it comes to buying footwear in the last quarter due to the rising popularity of trainers.
Made in Britain
Male shoppers seem to be more interested than women in clothing made in Britain, with 42% agreeing they would pay more money for locally-made garments versus 37% of female shoppers. Willingness to pay a higher price for made in Britain garments peaks among male shoppers aged 25-34.
Additionally, 36% of men surveyed would be interested in more eco-friendly fabrics used in clothes. This rises to 40% among men aged 16-34.
Meanwhile, in-store tech features are becoming increasingly important among male shoppers, with 45% of those surveyed saying they would like to see tablets in fitting rooms to request additional sizes and colours.
And when it comes to sizes, a third of male shoppers would like to see more consistent sizing across retailers, rising to 39% over-55s. With the obesity crisis driving the need for larger sizes, some 13% of male shoppers say they would like to see more plus sizes, while only 6% would like to see more petite sizes.
Finally, the report highlights the importance of sportswear in the menswear market, with 58% of men agreeing that sporty styles of clothing are practical for everyday wear. 30% of young shoppers and 23% of men aged 25-44 have bought sportswear in the last three months.
"More retailers and brands have been tapping into the growing menswear market by expanding their men's clothing offer, as well as launching stores and separate websites dedicated to men's fashion. As more retailers are entering the menswear market and men are faced with greater choice of products, styles and sizing, the sector is becoming more competitive,” says Tamara Sender, Senior Fashion Analyst at Mintel.
“Millennial men are also becoming more demanding, wanting higher quality pieces, frequently updated collections and unique designs, and they will choose to buy clothes from those retailers and brands that step up to the plate."
Copyright © 2020 FashionNetwork.com All rights reserved.