Luxury men's wear growing faster than women's
The luxury men's wear market is growing at 1.5 times that of the women's
The global luxury market for men's wear is growing at a faster pace than women's, a new report has revealed, with millennials driving the spend.
The study, published by Havas Media Group's LuxHub division, revealed the luxury men's wear market is growing at 1.5 times that of the women's.
While the 35-plus male consumer still dominates, it is the millennial generation that is driving retail spend, largely due to their digital knowledge. Added to which, many women's wear brands are either launching or revamping their men's wear offering.
However, despite the growth in men's wear spending, Isabelle Harvie-Watt, global CEO for LuxHubit, says it is important to know that “men still prefer to be targeted in non-fashion contexts – news, lifestyle and professional environments”.
Other findings show that luxury retail is expected to move in three different directions to service the needs of luxury consumers. The digital channel will drive research and stocking up on favourite products, while brick-and-mortar stores will reach out to consumers through customised offerings such as express counters, 'top 10 product' style kiosks and assisted shopping services.
In terms of geography, given the ongoing softness in Europe and slowdowns in Russia and China, looking into new areas such as Africa is rapidly becoming an alternative. While fashion brands including Zegna, MAC and Hugo Boss have recently opened stores in Lagos, Nigeria, the new luxury hotspot, online retailers are now shipping to Africa, and are starting to focus marketing efforts on this region.
Media will also play are part in the luxury retail market, with brands expected to increasingly become media channels, creating content that is far richer than today's aspirational blogs, videos and magazines. Retailers will offer multiple channels with high-quality and entertaining shoppable content updated on an hourly basis.
Tammy Smulders, global executive director and head of research & insights at LuxHub, explains: "These trends show us the incredible diversity of new opportunities for luxury brands to extend their relevance to new customers as well as enhancing their relationships with loyal brand fans. From reaching emerging customer groups to creating market to customised content strategies, our media implications will enable brands to develop new strategic and tactical initiatives to drive sales."
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