Social Media Is Driving Growth In The Luxury Menswear Market
Luxury menswear has historically played second fiddle to womenswear, but the industry is showing vast gains that point to cultural shifts in the way men dress and experiment with style. Menswear is forecasted to grow at a faster rate than womenswear over the next three years, with net gains of 2.3 percent and 2.2 percent respectively, according to data from retail analytics company Edited. Additionally, the menswear market is estimated to be valued at $33 billion by 2020, an increase of 14 percent from 2015. The expansion of the market can largely be attributed to social media’s role in building visibility around men’s style, said Tammy Smulders, global managing director of LuxHub, a division of Havas Media Group. As an increasing number of men’s fashion influencers crop up in social feeds, fashion has become a growing interest for male consumers. At the same time, designers who previously only made women’s clothing have started trying their hand at men’s collections — including Stella McCartney, who debuted her first men’s styles in November 2016. “Digital media and a constant stream of imagery of stylish iconic men — from successful entrepreneurs to funny YouTube personalities — have encouraged the socialization of men’s fashion,” Smulders said. “Social media and being ‘always on’ has made it so that everyday men have become more focussed on their look.” Read more at Digiday.
