London Fashion Week Men’s (LFWM) gets underway today and Mintel has released 10 facts about the British men’s fashion market which reveal why men are outperforming their female counterparts in the fashion realm, whether it’s down to their love of sportswear or their readiness to invest in made-to-measure tailoring.
Top 10 men’s market facts:
– The UK men’s clothing market grew by an estimated 3.5% in 2017 to reach £15bn, as sales of menswear outperformed sales of womenswear. Nevertheless, menswear remains around half the size of the womenswear market which is valued at £28.4bn, accounting for 26% of total clothing sales.
– Mintel forecasts that menswear will grow by 11% between 2018 and 2022 to reach £17.1bn. In 2018 alone, men’s clothing sales will grow by an estimated 2.9% to reach £15.4bn.
– Over half (53%) of men spent £50 or over on their last shopping trip, compared to only 39% of women. Male shoppers (18%) are also significantly more likely than women (12%) to have spent over £100.
– Half (49%) of Britain’s male shoppers are interested in getting clothes tailored to their body shape. This comes as a third (33%) of men have returned clothes because they don’t fit well.
– Proving quality counts, men are more likely than women to be prepared to spend more on quality clothes that last, with 70% of male shoppers agreeing with this, compared to 64% of female shoppers. The importance of buying quality clothes rises to 76% of men aged 16-34.
– Men are increasingly shopping around for clothing, with supermarkets and online-only retailers now particularly popular. Overall, 35% of men have bought clothes from a supermarket in the last year, whilst 35% have shopped with an online-only retailer.
– 27% of male shoppers aged 16-24 want the clothing retailers they shop at to use models that represent the average person, this compares to 16% of men on average.
– They may be rich and famous, but it seems their influence may not extend too far, as Mintel research reveals that the use of a celebrity encourages less than one in ten (8%) men to shop with a specific retailer.
– There has been a big increase in young men buying sportswear, as 29% of men bought sports clothing in the last three months, compared to 19% in the three months to December 2016.
– Over a third (34%) of male shoppers agree that positive product reviews would encourage them to shop with a specific retailer. This rises to almost half (49%) of men aged 25-34.
Mintel senior fashion analyst Samantha Dover said that growth in the men’s market remained robust and that more and more retailers were focusing their attention on men’s to boost sales.
“Not only are retailers looking towards menswear to offset the challenges they face in womenswear, but retailers have realised there are a multitude of untapped opportunities as men become increasingly invested in their personal style. Men are more willing to trade-up purchases and invest in premium and branded fashion,” Dover said.
“Meanwhile, the ongoing popularity of sportswear, streetwear and denim in the menswear market continues to provide brands with opportunities to extend into new areas. However, the increased choice for men has made the market much more competitive and made male shoppers more demanding and less brand-loyal, meaning retailers need to do more to stand out and differentiate their offer. Getting the product assortment right has become even more imperative at a time when it is much easier for consumers to compare products and prices online before buying,” she added.
London Fashion Week Men’s gets underway this evening with a catwalk show from ICEBERG and events with Topman and ASOS among others. The weekend though to Monday offers a packed schedule of catwalk shows, events and presentations from established brands, such as Barbour, and innovative designers like Christopher Raeburn and Matthew Miller along with exciting emerging talent.
The menswear community will then decamp to Florence for international trade show Pitti Uomo, which begins on Monday.
Main image above: Caroline Rush, Instagram
The Industry will be staging a panel discussion on the British menswear market at the end of men’s fashion month from 5pm on Monday 25 June. Panellists include Simon Carter founder and CEO Simon Carter, Richard James co-founder and managing director Sean Dixon and Marcus Jaye, founder and creative director of TheChicGeek.co.uk.
The event takes place at W London – Leicester Square and is free to attend for members of The Industry. Non-members may purchases tickets for £45+VAT which includes complimentary pre- and post-event drinks. For more information and tickets click here. To become a member of The Industry and attend all of our events, visit our JOIN US page.