PARIS — The global men’s wear market is flexing its muscles.
According to new research conducted by Euromonitor International, the men’s wear sector advanced 4.5 percent in 2014, recording $440 billion in apparel sales.
By comparison, women’s wear grew 3.7 percent to $662 billion in the same period.
The researcher forecasts that by 2019, men’s wear will be contributing around $480 billion to the global apparel market, $40 billion above the 2014 figure, with men’s shirts, jeans, coats and jackets expected to be the top performers.
“Growth in men’s wear is fuelled by a greater focus on personal appearance combined with large disposable incomes,” explained Magdalena Kondej, head of apparel and footwear research at Euromonitor, adding that: “Globally, men’s annual disposable income is still 50 percent higher than women’s and while Western markets still spend the most on apparel, future growth is expected to be driven by Asia Pacific.”
The sector’s health is reflected in the number of luxury and mass fashion brands like Burberry and Zara opening separate men’s wear units as well as department stores revamping their men’s floors. Traditional women’s brands, too, are pushing to get a piece of the pie.
“This has been particularly true in the luxury market, which remains underexploited for men’s fashion,” the study noted.
Kondej argues that “men’s wear presents a great opportunity for fashion brands looking to diversify their product portfolios and reach out to new consumers.”
“The more effectively brands are able to harness wealth and unique consumption cultures of male consumers, the more successful they will be,” she stated, noting: “It is in that perspective that New York will launch its first men’s wear fashion week in July 2015, following London’s path in 2012.”