Menswear Industry – Facts about Menswear Sales and Numbers
It comes to no surprise to us the growth of menswear in the last year. We are proud to say that MenStyleFashion has been part of this growth. Working very hard to get our simple message across that we want to see men dress well. The British Fashion Council created the following report, just before the start the bi annual London Collections: Men event, which shows the Menswear industry by numbers and its growth.
Menswear What is it Worth in 2015?
- $440bn (£298bn) worth of sales in menswear globally in 2014 – a 4.5% yearly growth (compared to 3.7% growth in womenswear to reach $662bn (£448bn). $40bn (£27bn) further sales predicted in the menswear apparel market reaching $480bn (£325bn) by 2019 (Euromonitor, 2015)
- £26bn directly contributed to the UK economy from the fashion industry; up from £21bn in 2009, an increase of 22%. £46bn of wider contribution to the UK economy from the fashion industry including influencing spending in other industries (Oxford Economics 2014)
- £12.9bn contributed to the UK economy by the menswear market in 2014 – a growth of 18% between 2008 and 2013. Sales have grown almost 5% in the last year as clothing retailers have increasingly turned their attention to menswear. £16.4bn worth of predicted sales in the UK’s men’s fashion market – a growth of 27% between 2013 and 2018 (Mintel, 2014)
- £10.7bn worth of online sales of clothing and footwear in 2014 in the UK – a 14.5% jump from 2013. A further £19bn is forecasted for British online sales by 2019 (Mintel, 2014)
UK footwear sales grew 5.5% in 2014 to almost £9.4bn (Mintel, 2014)
- £9bn contributed to the UK economy from the British textiles industry. The textiles industry also employs about 100,000 people and is forecasted to create 20,000 further jobs in the next five years. The UK is the 15th largest textiles manufacturer in the world and exported £5.5bn worth of clothes in 2013. (The Alliance Report: Repartition of UK Textiles Manufacture, January 2015)
- 797,000 jobs supported by the UK fashion industry (Oxford Economics 2014).The sector also provides opportunities to minority groups to a greater extent than most other creative industries. (BFC Value of Fashion Report 2010)
- 70% of internet users in the UK buy clothing and footwear online; making clothing and footwear the most purchased item online (Mintel, 2014)
- 65% increase in proportion of men shopping for fashion online in 2014 – a 13% jump from 2013 (Mintel, 2014)
Retailers could be charging 30% more than they currently do for menswear products (based on a First Insight Inc. survey, 2015)
Not sure if the world of men’s fashion are ready for this. If guys are willing to fork out more money to look good. However time will tell in the next coming year.
- 20% of online shoppers in the UK have purchased clothing via a tablet in the last 12 months (Mintel, 2014)
- 17.4% growth in online sales of menswear between 2010 and 2015 outpacing all other categories (IbisWorld, 2015). IbisWorld predicts that online menswear also stands to grow more than other selected categories with an annual average of 14.2% between 2015 and 2020 (IbisWorld2015)
- 17% of total spending online is on clothing and footwear, up from 13% in 2011 (Mintel, 2014)
Tips From Industry Insiders
Listen to the interview taken from a previous London Collections: Men event, by David Gandy, Dermot O’leary and Tinie Tempah sharing their style tips regarding menswear.