CANADA: Men's apparel market "primed for prosperity"
Canadian apparel retailers should consider switching their focus to men and move away from the more saturated women's market if they are to get ahead, according to new data.
Research from Leisure Trends, part of global information company The NPD Group, reveals department store clothing sales for men aged 20-35 have soared 64% in the 12 months to the end of December, the largest channel increase over the past year.
The figures show apparel sales for this segment are up 18% across all channels, indicating a national trend that spells opportunity for savvy marketers.
On the flip side, the US$13.5bn female-focused apparel market remained flat in 2013 as it becomes saturated with more of the same while the men's fashion landscape becomes "increasingly exciting with the perpetual introduction of new products", the report noted.
"It's a new and exciting world for retailers as men become just as interested, if not more so, in the products that have captured the attention of women for decades," said Sandy Silva, fashion industry analyst at The NPD Group.
"Whether they're in the market for clothes, accessories, specialty creams or shaping undergarments, men can now adorn themselves with as many goods as their female counterparts."
The report concluded that the men's apparel market is "primed for continued prosperity", and provided this trend is more than a passing fad, Canada's fashion industry is poised for much success in the years to come.
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