Masculine Mystique: Men Spending More Money On Fashion, Services And Accessories
Men are paying more attention and spending more money on their appearance. They are dressing themselves in better fitting, higher-fashion, colorful apparel. The menswear market is expected to see an eight percent increase in revenue by 2017, a growth rate almost twice that of womenswear. Beyond apparel, high-end accessories, especially watches, are seen as desirable status symbols by male consumers. Men are also spending more on personal care like shaving products, hair styling and moisturizers; and, some are even focusing on personal or luxury services like male-oriented salons.
A survey by Boutique @ Ogilvy found than men spend an average of $85/month on apparel and accessories, compared to $75 for women. While men tend to frequent more stores, they are twice as likely to go shopping online. This may be in part due to lack of physical retail options. In the future, we can expect the expansion of men’s retailers both online and offline, more personal, luxury services specifically for men and more bespoke, or customized retail stores.
In Acustom Apparel stores, customers can design their own garments from hundreds of combinations. They’re given a 3D body scan that is used to make perfectly fitted suits, shirts, sweaters and more. The custom-made clothing even has their name on the inside.
Saks For Him
In Downtown New York, Saks Fifth Avenue is opening a 16k SF store in 2017 that will exclusively sell men’s products. The store will contain products from all categories but will focus on modern fashion and emphasize experiential shopping. Saks will also include special services such as bespoke tailoring and personal shopping programs.
Professional Grooming Experience
Built on the concept that men shouldn’t go to women’s salons, 18 | 8 Fine Men’s Salons styles itself as a reinvention of the barbershop. Services include haircuts and styling, face and scalp treatments, nail treatments, shaves, coloring services and even groom/bachelor party packages. The service brand has 70 locations nationwide, many of them franchisee-operated.
Contributed by JLL's President of Retail Brokerage and Capital Markets Naveen Jaggi