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Menswear Retailing in the UK | Verdict Sector Report; Market size, strategic issues and competitive outlook

Menswear Retailing in the UK | Verdict Sector Report; Market size, strategic issues and competitive outlook

Summary

The UK menswear market will grow by £3.2bn in the five years to 2020 – equating to 29.5% growth on 2015. A growing interest in fashion and a willingness to buy more frequently will boost future spend, with spend by per increasing by over £100 in the coming five years. With competition deepening, retailers can gain a competitive advantage by building their ranges of non-core product areas such as big & tall, tailoring and sportswear, to grow destination appeal by serving niche customer groups.

Key Findings

  • The UK menswear market is forecast to grow by 29.5% between 2015 and 2020, the strongest growth of all the UK clothing sectors. This will be driven by males becoming more interested in trends and fashion, encouraging them to shop and purchase more frequently.
  • Though M&S still has the largest share of the market in 2015, this continues to be eroded by stronger performing rivals such as Next and Primark, which are enticing M&S's family shoppers and gradually encroaching on the top spot.
  • As wage growth recovers and improved disposable incomes allow consumers to increase their spend on clothing, average spend per head on menswear will reach £526.35 in 2020.
  • More choice is required to build penetration among mature males as 33.0% of 65+s say there is not enough stylish clothing & footwear targeted directly at them and 68.0% say they care a lot about their personal appearance.
  • The menswear online clothing market is forecast to grow by 162.2% in the five years to 2015 reaching £2.2bn, as spend shifts from more traditional shopping methods and multichannel retailers such as Top man, John Lewis, River Island and New Look continue to invest in their platforms and increase menswear product availability online.
Synopsis

The Menswear Retailing in the UK report offers a comprehensive insight into the menswear market in the UK, analysing the market, the major players, and the main trends. It also provides forecasts to 2020.

It provides in-depth analysis of the following:
  • Market Size
  • Market Forecast
  • Market Shares
  • Channel Shares
  • Outlook
  • Recommendations
  • Trends
Reasons To Buy
  • Utilise the detailed data and insight on the market to help form an effective growth strategy in the menswear sector
  • Learn how men’s growing demand for fashion will boost spend in the sector, and how retailers should respond
  • Identify the opportunities to grow business in this sector by comparing strategies of the key players in the market and their performance metrics
  • Understand how spend per head will change over the coming years, and learn which age groups will be most lucrative to target
  • Utilise consumer data on big & tall menswear to understand opportunities in the category
  • Understand the opportunities in the online menswear market by learning about online shopping habits and the customer journey


  • Executive Summary
    • Key findings
  • Outlook
    • Menswear spend up 3.9% to £10.8bn in 2015
    • Fashion and willingness to buy more frequently boost future spend
    • Gaps in the market must be targeted to maximise growth opportunities
    • Spend per head will grow by over £100 to £526.35 in 2020
    • Introducing new product categories can drive spend and differentiate propositions
    • Investment in big & tall ranges would improve differentiation and satisfy an underserved market segment
    • Online menswear spend to grow 162.2% in five years to 2015
    • Understanding the online shopper journey is crucial
    • M&S loses out to stronger UK menswear rivals
  • Recommendations
    • Understand and adapt to male shopping habits by age
    • Meet demand for more fashion
    • Invest in the big and tall category
    • Retailer recommendations
    • Understand online shopping habits and customer journey
      • Customer segments
      • Shopping habits
  • Market Size
    • Market definition and analysis
      • Table Menswear market definition, 2015
    • Clothing market sector breakdown
      • Womenswear continues to drive market growth
        • Table Summary of clothing sectors, 2015e
    • Menswear
      • Spend on menswear rises £1.3bn in five years to 2015
        • Table Menswear market value (£m) and growth drivers (%), 2005-15e
    • Menswear subsector performance
      • Retailers place greater focus on menswear, driving outerwear
        • Table Menswear sales breakdown and trends in context of clothing (£m), 2005-15e
    • Market price segmentation
      • Shift in male shopping habits should benefit value clothing retailers and own brands
      • Value players invest in areas other than price
      • Midmarket players fail to protect share
      • Premium market holds growth potential
    • Spend per head
      • Men will spend an extra £12.37 on clothing in 2015
      • Highest spend per head among young professionals
  • Market Forecast
    • Expenditure Trends
      • Menswear will outperform all other UK clothing sectors
      • Gaps in the menswear market for retailers to target
      • Retailers miss a trick by not targeting 55+ males
        • Table Menswear expenditure, inflation, volume and value and share of sector, 2015e-20e
    • Subsector performance
      • Greater trend adoption and newness will boost outwear sales
        • Table Men's outerwear expenditure, inflation, volume and value and share of sector, 2015e-20e
      • Premiumisation supports underwear volume growth, driving spend
        • Table Men's underwear expenditure, inflation, volume and value and share of sector, 2015e-20e
    • Spend per head
      • 22.9% increase is dependent on retailers introducing more choice
      • Trading up in underwear will drive spend per head
      • Work to do to drive spend among the 55-64s and 65+s
    • Quarterly Expenditure Forecasts
      • 2014
      • 2015
      • 2016/17
      • Menswear
        • Table Menswear expenditure (£m) and growth (%), quarterly, 2013-17e
  • Channel Shares
    • Clothing specialists and general merchandisers are the winners
      • Smaller fashion brands and improved choice drive clothing specialists' share of sales
        • Table UK menswear channels of distribution expenditure (£m) and share (%), 2014, 2015e and 2020e
    • Online and offline menswear expenditure
      • Convenience and lower prices in branded products encourage footfall online, boosting Amazon's appeal
  • Market Shares
    • Table Menswear Top 10 specialist market shares (%), 2010-15e
    • Table Menswear non-specialist market shares (%), 2010-15e
    • Winners and losers
      • Grocers struggle to keep up as Primark and TK Maxx appeal grows
      • Smaller menswear players
        • Table Smaller menswear retailers' market shares (%), 2010-15e
    • Key Operating Statistics
      • £200m separates menswear market leader M&S and second place Next
        • Table Menswear retailers' key UK operating statistics, 2015/16e
  • Trends
    • Male Shopper Profile And Spending Habits
      • Spend from young professionals could be driven even further
      • Of all age segments to target, the 65+s have the potential to be the most lucrative
      • Shopper profile and penetration
      • Preferred shopping destinations
      • Drivers of spend
      • Retailer attributes
      • Product attributes
      • Shopping habits
      • Frequency of purchase
        • Table How frequently male shoppers say they purchase clothing & footwear, split by age (%), 2015
      • Product preferences
      • Importance of fashion
      • Importance of brand
      • Importance of choice
    • Shopping Habits By Age Segmentation
      • 16-24s
      • 25-34s
      • 35-44s
      • 45-54s
      • 55-64s
      • 65+s
    • Fashion In Menswear
      • Increased importance of personal presentation and appearance will drive growth
      • Fashion continues to gain importance for male shoppers
      • Value players must capitalise on 16-24s' growing fashion awareness
      • 25-34 year olds must be targeted effectively
      • Underserved 35-44s provide potential for new menswear entrants
      • More players must invest in design, but being selective is essential
      • Male shopper sentiments toward fashion by age segmentation
    • Big & Tall Shopper Profile And Spending Habits
      • Investment in niche categories can drive loyalty among smaller consumer groups
      • Big & tall shopper profile
      • Department stores must improve their brand appeal to improve visitor scores
      • Clothing specialists must focus on convenience and price to compete with the big fourgrocers
    • Most shopped retailers for big & tall clothing
      • Convenience and cross-sector shopping allows Amazon to take number one spot
    • Preferred big & tall destinations
      • Retailers must extend size ratios before investing in specific big & tall ranges
      • 10.7% of shoppers prefer to buy from big & tall specialists
      • N Brown leads the way with Jacamo
      • Convenience, price and choice encourage online purchases
      • If choice was better on the high street, 71.5% of online shoppers would prefer to shop instore
      • Transparency online and promoting click & collect will better cater to shopper demands
    • Menswear Online Shopper Profile And Journey
      • Key attributes retailers must know to grab a slice of the £1.8bn menswear online spend forecast for 2014
      • UK menswear online clothing & footwear market reaches £1.8bn in 2014
      • 65.9% of all male online shoppers buy clothing & footwear
      • 35-44 year olds account for almost a quarter of all male online clothing & footwear shoppers
      • ABC1s account for 67.2% of shoppers, signifying the importance of a strong branded offer
      • Targeting female partners will aid sales growth
      • Convenience and lower prices are key drivers of males shopping menswear online
      • Menswear online spend per head equates to £107.00 in 2014
      • Achieving a high conversion rate is instrumental for menswear retailers
      • Menswear retailers must tailor their multichannel platforms to suit their online shopper
  • Appendix
    • Methodology
      • Menswear market size and forecast methodology
      • Menswear retailer market share methodology
      • Clothing sales density methodology
      • Menswear spend per head methodology

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