Following stronger results from the likes of Next, Jacamo, Ted Baker and French Connection in H1 2014, we have forecast an upturn in menswear expenditure this year, rising 3.0%. While inflation is sticking around, due to costs throughout the supply chain remaining stubbornly high, volumes will also be more robust. Moreover, fashion and willingness to buy more frequently will boost future spend.
Effectively target shoppers by understanding the key drivers for each age group, average spend per head and estimated population change for 2014–19.
Grow your sales by understanding the impact a lack of choice has on your shoppers, and re-evaluate your strategy using detailed customer profiling.
Use our positioning map and analysis of the menswear market to identify underserved sectors, and how best to target them.
Develop and improve your multichannel strategy and identify weaknesses in your own offer through our analysis of the male online shopping journey.
With competition deepening, many menswear retailers need to gain a competitive advantage by building their ranges of non-core product areas – growing destination appeal by serving niche customer groups. Incorporation of collections such as big & tall, tailoring and sportswear must be considered as opportunities for range expansion.
With the 65+s having the lowest spend per head in 2014 at £385.68, but the highest population growth over the next five years, retailers will continue to miss out on incremental spend unless they can drive up average basket size. If the 65+s spent the same amount on menswear as the current 55−64s, their total spend on menswear would grow by £144m.
The menswear online clothing market is forecast to grow by 178.1% in the five years to 2014, as spend shifts from more traditional shopping methods. But with competition online mounting it is imperative that retailers understand the online customer journey to ensure propositions are well tailored and shoppers make return visits.
Reasons To Buy
How will my core customer change in the future, how will I need to adapt to serve them better, how much do they spend now, and how can this increase?
How much will the online menswear market be worth in 2014 and 2019? What male online shopping habits do I need to be aware of to drive future spend?
Is the size of my core demographic going to grow over the next five years, and if not, which age groups should I be targeting?
How do I need to diversify my offer in order to adapt to the changing trends in menswear?
What will the size of the menswear market be in 2019, and what will dictate its course over the coming years?