Luxury menswear industry is showing vast gains that point to cultural shifts in the way men dress and experiment with style. Menswear is forecasted to grow at a faster rate than womenswear over the next three years, with net gains of 2.3 percent and 2.2 percent respectively, according to data from retail analytics company Edited. Additionally, the menswear market is estimated to be valued at $33 billion by 2020, an increase of 14 percent from 2015.
The expansion of the market can largely be attributed to social media’s role in building visibility around men’s style, says Tammy Smulders, global managing director of LuxHub. As an increasing number of men’s fashion influencers crop up in social feeds, fashion has become a growing interest for male consumers. At the same time, designers who previously only made women’s clothing have started trying their hand at men’s collections.
Alexa Tonner, co-founder of influencer network collectively, says that while fashion magazines tailored for men have long been hailed as arbiters of style, social platforms have allowed male shoppers to discover luxury apparel in new, innovative ways. Apps like Instagram present a more diverse array of perspectives than are accessible in major fashion publications, she added.
According to Jonathan Feinberg, chief men’s merchant at Givenchythe market is expanding, growth is mostly in the casual wear sector, a reflection of the toned-down ensembles of professionals,. To meet increasing demand, price points across most apparel items have risen significantly in the last five years, but particularly among products like bomber jackets and sneakers.
Tonner further says that the social media has also helped perpetuate a culture of urgency, which has helped pave the way for luxury casual wear. Whereas suits and evening wear require an often lengthy and expensive tailoring process, high-end casual apparel is easier to obtain quickly without jumping through hoops.
Looking to the future, Smulders says that the menswear industry in recent years will continue to grow. As demand increases, so will investment in advertising and influencer marketing, leading to even greater visibility.