The growth of the global menswear market will outperform womenswear by 2020, new research has shown.
Menswear will contribute $460bn (£380bn) to the global clothing and footwear market by 2020 and, although it makes up a smaller proportion of the overall market, it is growing faster than womenswear, according to Euromonitor.
Globally, the menswear market will grow by 2.3% over the next three years, compared to 2.2% for womenswear. In the UK, menswear will edge up by 0.7% by 2020, while the womenswear market will shrink by 0.2%.
The men’s jeans market in the UK jumped 2% in 2015, as male shoppers invested in better quality.
Bernadette Kissane, clothing and footwear analyst at Euromonitor International, said: “When it comes to jeans, men in the UK traditionally bought into long-lasting quality rather than value fast fashion, but the strong growth of economy jeans sees men also being influenced by fast changing trends and the desire for a variety of style-led value jeans.
“Ripped knees, coloured denim and skinny fit styles led to a much larger variety of styles of jeans for men than was previously seen.”
She added that retailers are now waking up to the potential of the menswear market. “Retailers and brands have now begun investing heavily in creating an engaging, enjoyable store experience for men.
“The media also paid a great deal of attention to menswear [in 2016], as there was an overall lifestyle trend of men showing increasing concern over their appearance and taking more control over their personal style.
“This interest will be present in the buzz generated by men’s fashion week in London, with designers seemingly placing as high an emphasis on men’s collections, emphasising it as an important event in its own right, rather than an extension of women’s fashion week.”
The story in numbers
The global menswear market was worth $408bn (£335bn) in 2015 – this will rise to $457bn (£375bn) by 2020
The global womenswear market was worth $625bn (£513bn) in 2015 – this will grow to $698bn (£573bn) by 2020