Menswear Retailing in the UK

Menswear volumes are set to grow in 2012 for the first time since 2008, as inflationary pressures on the market ease and men take more of an interest in fashion, style and their personal appearance. In 2011 visitor share in menswear reached its lowest level since 2007, but as the economy begins to show signs of recovery, new trends in menswear will offer major opportunities to retailers.

Features and benefits

• Effectively target shoppers by understanding the key drivers for each age group, average spend per head and estimated population change for 2011–21
• Discover new avenues for growth by understanding which retailers will have the most impact and potential over the coming years
• Grow your sales by understanding the impact a lack of choice has had on your shoppers, and re-evaluate your strategy using detailed customer profiling
• Use our positioning map and analysis of the menswear market to identify under served sectors, and how best to target them
• Develop and improve your multichannel strategy and identify weaknesses in your own offer through our analysis of male online shopping trends

Highlights

Between 2011-16 we expect menswear to substantially overperform against the past five years. Moreover, the following five years will offer even more opportunities to menswear retailers. It is therefore important that retailers identify the key trends emerging now, so that they can prepare and adjust their businesses for more exciting times ahead.

Tailoring and suiting have grown in popularity as males take concern over their appearance in the work place. High unemployment has meant that being well presented at an interview and looking the part at work are more important. Fashion trends have moved towards suiting though which has also helped to drive the popularity of formal men's clothing.

Younger customers will remain under financial pressure for longer due to high unemployment and university tuition fees. However, fashion will play a arger role in their lives. While men have traditionally favoured brands there will be more opportunities for value retailers, and own label brands, which enable males to buy into fashion pieces.

Your key questions answered

• How will my core customer change in ten years, how will I need to adapt to serve them better, how much do they spend now, and how can this increase?
• What role will technology play in the future of menswear, and how will this need to be changed to accommodate an ageing population?
• Is the size of my core demographic going to grow over the next ten 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 2021, and what will dictate its course over the coming years?

Table Of contents

EXECUTIVE SUMMARY
Key findings
(Untitled sub-section)
Main conclusions
Menswear volumes to grow in 2012 – for the first time since 2008
In 2011 visitor numbers fell to the lowest level since 2007
Worse decline than womenswear highlights price sensitivity of men
But as the economy stabilises new trends are emerging and menswear offers major opportunities
£9.7bn menswear market to grow by £1.8bn by 2016 …
… and will reach £13.7bn by 2021
Celebrities help to boost fashion and style in menswear
Show proves fashion industry's faith in menswear
Own label and value to become more attractive to young shoppers
Multichannel must be a focus – particularly tablets
Retailers must exploit the rise in 65+ males

STRATEGIC OPPORTUNITIES
Fashion and style
Value and own label brands
Multichannel and online services
Underserved sectors and opportunities

MENSWEAR MARKET TRENDS
Definition
Clothing market spending trends
Inflation drives expenditure in 2012
Clothing market sales
Market growth inhibited by weak economy
Emerging trends overshadowed …
… as inflation impacts on volume sales
Visitor numbers decline as men cut back on clothing
But at least spend per head rises – thanks to inflation

COMPANY DATA ANALYSIS
Value specialists make biggest gains among menswear winners and losers
M&S drops share, but still commands largest menswear spend
Grocers to grow share in 2012
Smaller players have diverse fortunes
Densities in decline for most

MENSWEAR MARKET FORECASTS
Immediate outlook is weak as economy remains unstable
Shopping habits change as new trends emerge in menswear
Growth will be driven by increased average spend per head

OUTLOOK
Key market drivers
Increased importance of fashion helps to drive growth
Men pay more attention to their appearance
Celebrities bring men's fashion to the forefront
As men's catwalks gain prominence …
… high street stores must get better at reacting to male fashion trends
Fashion will not just be confined to the young
Trends migrate between age groups …
… and drive spending for older males
Tailoring and suiting to stay high on the agenda
Age groups must be targeted more effectively
Opportunities and high growth markets
Opportunities 15–24 years
Opportunities 25–34 years
Opportunities 35–44 years
Opportunities 45–54 years
Opportunities 55–64 years
Opportunities 65+ years
Value and own label to play a greater role in menswear
Price grows in importance
Own label ranges offer opportunities for retailers to drive sales and profit
Value retail to grow in appeal
Multichannel and online services must be a focus
Male slower than females in takeup of clothing & footwear online
Targeting male shoppers more effectively online
Must improve range of services available
Tablets a major opportunity

APPENDIX
Definitions
Current prices
Inflation
Constant prices
Total growth
Volume growth
Abbreviations
Further reading
Ask the analyst
Disclaimer

List Of Tables

Table: Menswear market definition 2012
Table: Summary of clothing sectors 2012e
Table: Clothing sales and y-o-y changes 2002–12e
Table: Menswear sales breakdown and trends in context of clothing 2002–12e
Table: Menswear sales and y-o-y changes 2002–12e
Table: Proportion and number of males that shop for clothing 2007–11
Table: Menswear specialist market shares 2007–12e
Table: Menswear non-specialist market shares 2007–12e
Table: Smaller menswear retailers market shares 2007–12e
Table: Menswear retailers key operating statistics – trading 2011/12
Table: Menswear retailers key operating statistics – space 2011/12
Table: Unemployment Jan–Mar 2010, Jan–Mar 2011 and Jan–Mar 2012
Table: Online clothing & footwear shopper numbers 2008 and 2012

List Of Figures

Figure: Sector shares of the clothing market 2002 and 2012e
Figure: GDP and unemployment trends vs males shopping for clothing 2007–11
Figure: Average spend per head 2007–11
Figure: Menswear market share winners and losers 2007–12e
Figure: Menswear retailers change in operating margin 2011/12e on 2006/07
Figure: Menswear retailers menswear sales densities 2010/11 and 2011/12e
Figure: Menswear expenditure at current prices 2000–11 and forecast to 2016
Figure: Menswear five year expenditure growth rates 2001–11 and forecasts to 2021
Figure: Menswear average spend per head 2001, 2006, 2011 and forecast for 2016 and 2021
Figure: Key market drivers by age 2012
Figure: Percentage point change in proportion of men shopping in each sector 2011 on 2007
Figure: Mens toiletries expenditure £m 2008–12e
Figure: Double breasted jacket trend – as worn by male celebrities 2012
Figure: Examples of menswear catwalk trends interpreted on the high street 2012
Figure: Examples of menswear trends across age groups 2012
Figure: Examples of high street formalwear 2012
Figure: Menswear positioning map 2012
Figure: Opportunities for 15–24 year old customers 2012
Figure: Opportunities for 25–34 year old customers 2012
Figure: Opportunities for 35–44 year old customers 2012
Figure: Opportunities for 45–54 year old customers 2012
Figure: Opportunities for 55–64 year old customers 2012
Figure: Opportunities for 65+ year old customers 2012
Figure: Loyalty drivers 2011 and percentage point change since 2007
Figure: Ed Sheeran for The Duffer of St George, JD Sports 2012
Figure: 16–24 year old male unemployment vs total unemployment rate 2011 and Q1 2012
Figure: Primark concession in Selfridges 2011
Figure: Shopping for clothing & footwear on the internet – males & females % 2008–12
Figure: Reasons why male shoppers have not purchased anything online 2012
Figure: Online services provided by menswear retailers 2012