Menswear’s Continuous Market Growth Propelled By Omnichannel Retail
With a market size of $570 billion and annual revenues of $333.4 billion, the menswear category is expected to grow at a constant rate of 2-3 percent a year, according to a new report by Fashionbi. As size and revenues for the market has increased, so has consumer spending, with menswear seeing an 18 percent jump in purchases over the last five years. While far from a new market segment, menswear has seen a type of resurgence as men of all demographics have begun to embrace style and trends. “The growing fashion-conscious men consumers, their tendency to spend on more high-end durable and functional fashion items and the upcoming men influencers that have highly impacted their fellow men audience – these all factors paved way for increased sales in the menswear segment,” said Ambika Zutshi, CEO of Fashionbi, Milan. “Besides, as presented in Fashionbi’s latest research on menswear industry, there have emerged some phenomena that have also contributed to the growth; namely: gender fluidity, YUMMIES (young urban male), same-sex marriage legality and the break-through of performance-wear items,” she said. Read more at Luxury Daily.
