With a market size of $570 billion, the menswear category is expecting to grow at a constant rate of 2-3 percent a year, a new report by data and insights company Fashionbi has revealed. The consumer spending is also increasing, with an 18 percent jump in purchases over the past five years—which proves that men of all demographics are increasingly becoming fashion-conscious. The research shows that menswear has overtaken women’s wear in terms of global growth: in 2015, it grew by 1.9 percent to $29 billion, whereas womenswear saw a 1.6 percent increase.
There is a growing trend towards more high-end durable fashion items, as well as gender-neutral pieces. While the market continues to cater to men’s needs with formal and casual wear, the industry has welcomed a growing number of informed and trend-conscious male consumers, especially in emerging markets like Japan, China and South Korea.
“Statistics show that Asian men are growing in terms of personality, income/social status, fashion-consciousness and knowledge of the available goods,” said Ambika Zutshi, CEO of Fashionbi.
Meanwhile, so-called ‘yummies’ (young urban professional men) are also influencing the market by embracing digital and e-commerce, which has increased by 127 percent. Lastly, the menswear market has also been influenced by performance wear and consumers’ interest in functional, well-designed garments that suit an active lifestyle. Tailoring and sportswear can live together in fresh harmony. As a proof of this, last year Italian brand Ermenegildo Zegna brought its Zegna Sport line and the Z Zegna Collection together.