LONDON--(BUSINESS WIRE)--Market research company Euromonitor International released today new data on the apparel and footwear industry. In 2014, menswear grew by 4.5 percent reaching US$440 billion in sales compared to 3.7 percent in womenswear with US$662 billion.
By 2019, menswear will contribute close to US$40 billion in the global apparel market, offering opportunities for category development. Men’s shirts, jeans and jackets and coats are forecast to be the top performers between 2014-2019.
“Growth in menswear is fuelled by a greater focus on personal appearance combined with large disposable incomes,” said Head of Apparel and Footwear research, Magdalena Kondej. “Globally, men’s annual disposable income is still 50 percent higher than women’s and while Western markets still spend the most on apparel, future growth is expected to be driven by Asia Pacific.”
Brands traditionally focused on womenswear have now started opening separate menswear stores, while department stores are starting to revamp menswear areas. This has been particularly true in the luxury market, which remains underexploited for men's fashion. A number of luxury and mass fashion brands like Burberry or Zara have opened standalone menswear stores to take advantage of the growing trend.
“Menswear presents a great opportunity for fashion brands looking to diversify their product portfolios and reach out to new consumers. The more effectively brands are able to harness wealth and unique consumption cultures of male consumers, the more successful they will be,” added Kondej. “It is in that perspective that New York will launch its first menswear fashion week in July 2015, following London’s path in 2012.”
To learn more about Euromonitor International's Apparel and Footwear research visit: http://blog.euromonitor.com/clothing-and-footwear/
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Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis.