Over the past couple of years, menswear has experienced a major surge as an increasing number of guys have shifted their attitudes towards fashion. Recently, luxury labels like Coach have introduced full men's collections, while the CFDA announced that New York will host its first-ever men's fashion week this summer—proving this trend isn’t expected to go away anytime soon.
According to market research company Euromonitor International, menswear experienced a 4.5 percent increase in sales last year (racking in $440 billion), while womenswear only increased by 3.7 percent. The new data also predicts that the menswear industry will contribute about $40 billion in the global market by 2019, with items like shirts, jeans, and outerwear expected to be the most lucrative categories for the next few years.
“Growth in menswear is fuelled by a greater focus on personal appearance combined with large disposable incomes,” said Magdalena Kondej, head of Apparel and Footwear research. “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 projections are pretty consistent with previous studies, such as the IBISWorld report that concluded menswear was the fastest-growing online sales category since 2010—beating out technology and auto parts.
Clearly, guys are taking their clothing a lot more seriously, which is not only benefiting their style game, but the growth of the global economy. We can't be mad at either.
[via Yahoo]
