With men showing a growing affinity for cloths, the male shopper, who was pretty much out of the scene during the peak of the market slowdown in the US, is out to buy again. The rebound in shopping may also reflect an improved jobs picture for men, who were hit disproportionately over the recession. Adding to the delight of the retailers, the men are feeling more confident and style-conscious, and are following the footsteps of women, exploring more options. Buying a wider range of products from basics to corporate wear and accessories as well is showing in the sales numbers…
With the US economy enjoying five months of strong employment, the economic growth gathered its pace in the final months of 2011. While most of the jobs lost in the 2006-09 downturn will not come back, men are slowly getting back on their feet, more so as men’s unemployment per centile was more than that of women. The impact was clearly felt by the apparel industry and the sales dropped, as most the sales of men’s apparel are concentrated in the 25-30 age groups, one of the segments where ‘joblessness’ has been high in the tough times. Recovering now, the unemployment level of the age groups 24-35 has dropped down to 8 per cent from 9.5 per cent of last year and is expected to improve further in coming months.
Earlier, while retail sales overall plummeted during the recession, men’s apparel sales dropped almost twice as fast as women’s in 2009, as per IBM Global Business Services analysis of retail data, and men held off on buying apparel and accessories until last year, when the estimated men’s sales rose more than 8 per cent, outpacing the growth in women’s sales, hinting a good year ahead for the entire retail sector.
In the luxury menswear market, the growth registered was an impressive 14 per cent per annum, double the size of women’s wear. Going forward the sales of men’s apparel is forecasted by the IBM Global Business Services to increase 8.26 per cent in the first quarter of 2012 compared to a 2.4 per cent increase in women’s, and a 5.1 per cent increase in children’s apparel, up 8.21 per cent from 2010 and the largest increase in 20 years the sector for men’s apparel is projected to be a lucrative opportunity for retailers and manufacturers dealing with it. Further, with men moving on from one basic jean and shirts in their closet, to a more dress up look according to the occasion mindset, the sales for all basics, corporate wear and accessories have increased.
Basics…
It is interesting to know that economists track the sales of jeans and denim as a potential insight into the future performance of the economy, as it’s cheap, lasts for a long period of time and a new pair of jeans is the first basic items people buy when times improve. As per the figures from e-bay, representing the mass market, the sales of men’s jeans has risen by 20 per cent since January 2011 indicating a growth in the basic apparel for men. While the sales in the women’s category far outstrips the size of the men’s category, with men shopping more often retailers are looking for growth in the men’s segment.
Corporate…
Apart from the basics, work-wear or corporate wear sales have also seen a surge, it seems that men are preparing to put their best foot forward, especially those returning to work after a period of unemployment, making the workplace a dressier place post-recession, both to look dedicated and confident. The innovative work wear garment industry is estimated to be worth 2.2 billion GBP with around 51 million wearers with a huge demand for retailers that can cater for its supply chain. The men have definitely learned one thing through the recession, which is looking casual, is not helpful for them to keep their job, get promoted or get a new one. And a lesson learnt is the men are taking their appearance more seriously.
Accessories…
The last to start spending, coming out of the recession, men are today spending more on themselves and adding to the retailers delight, they are doing something women have been doing for years, binging on accessories. The sales for accessories for men’s category grew by 14 per cent in the second half of 2011, to an estimated amount of around $ 6 billion, according to the market research firm NPD Group. At Burberry stores, for instance, men’s accessory sales increased about 50 per cent in the six months through September 2011 compared with the same period a year ago. Coach, making items like briefcases and tote bags for men, stated that the global sales of men’s goods for them doubled, to $ 200 million, for the fiscal year ending in June 2011, and they are expecting it to double again, to $ 400 million, for its current fiscal year.
