Our newly released 2024 US Fashion Consumer Outlook report offers practical insights and data of particular value for the menswear community - those already operating in the US or looking to break in.
Deriving information from a survey of over 1200+ US-based consumers and interviews with a variety of industry experts; from Urban Outfitters and Allbirds to menswear brand, Luca Faloni, the full report offers an authoritative view into consumer preferences, such as buying behavior, high-interest categories, and top motivators to purchase.
Invaluable for menswear executives, read on to understand how macro factors such as higher prices, interest rates, and global supply will affect consumers, from more strategic shopping interests to how and where they plan to shop.
CASUAL COMFORT AND VERSATILITY ARE ON THE RISE
As work from home continues, and hybrid lifestyles incorporate both staying in and going out, consumers are continuing to look for key pieces that service a variety of needs as well as the versatility to be dressed up or down.
Jeans - a more casual alternative to dress pants - were identified as the number one most desired article of clothing for men 35-55+ and the number two most desired for men 25-34. Meanwhile, formalwear (25%) and tailoring (19%) were the most popular for millennial men, an insight that could be attributed to this being the largest of the cohorts active in the workforce.
25% of men in their mid-40s and up are eyeing workout clothing, which, depending on the style, can often do double duty in the office and for travel. Relatedly, everyday sneakers were the number one most desired footwear choice for men, with performance sneakers coming in at number two and three for men of all age ranges.
Outerwear and workwear boots were also of significant interest to men across all age brackets. 28% of men ages 18-34 identified outwear as their number three choice for apparel purchases, with 29% of men ages 18-24 and 32% of men ages 25-34 indicating a desire to purchase outdoor boots/workwear. Men ages 45-54 showed the highest interest in this category against other age cohorts, with outwear(33%)and workwear/outdoor boots (36%). While some of these products can be engineered for specific activities, they ultimately result in comfort with a bit of rugged, masculine style, while also demonstrating an on-trend appeal that consumers are looking for.
Fashion by Informa Content Studio Image
Fashion by Informa Content Studio Image
CONSUMERS ARE READY TO REFRESH THEIR WARDROBES
As noted above, the modern man’s wardrobe is very different from a decade or even five years ago. There’s more latitude from corporate dress codes and societal norms, allowing men to be more comfortable and expressive.
For those reasons, younger demographics are looking to freshen things up. Shoppers from 18 to 34 years old plan to spend as much as 51% more than last year on apparel, with size/fit, and value of top interest areas influencing their purchases. Outside of trending apparel categories, this age bracket also indicated interest in shopping for a variety of accessories; with watches, eyewear + sunglasses, belts, and handbags as the top 5. Older demographics, while also interested in these same categories, indicated staple categories such as belts and hats within their top 3, indicating more selective shopping preferences than their younger cohorts.
However, what will get consumers shopping for these products? Across all age groups, 47% of surveyed consumers are motivated to spend when they need to replace something or when there is a significant sale; again, pointing to more selective and discretionary spending. Alternatively, nearly 40% of younger consumers are more likely to shop in anticipation of a special occasion or when a coveted limited-edition item is at stake, supporting the above insights with younger demographics looking for a greater variety in products to fit their varied lifestyles.
Online Shopping Is On The Rise, but Brick-and-Mortar Holds Ground
Nothing beats the convenience of the store that’s in the palm of your hand or on the screen in front of you. Forty percent of total sales are expected to be online in 2024, with that number increasing to nearly half by 2028. Comparatively, only 25% of total sales were online vs in-store in 2018.
Nearly all brands surveyed project that online sales will increase as a contribution to their overall figures. However, while 28% of consumers say they use the internet for browsing, 29% go to stores to ensure that fit and quality meet their standards. Therefore, having a brick-and-mortar location is critical for converting browsers to shoppers, and stores that have been avoiding e-commerce may be missing opportunities to catch the attention of online browsers who can be converted into in-person customers.
While purchase journeys may vary between demographics, it is important to consider the journey and react accordingly to deliver on expectations at each stage.
Fashion by Informa Content Studio Image
Fashion by Informa Content Studio Image
Fashion by Informa Content Studio Image
PRACTICAL INSIGHTS YOU CAN ACT ON
Based on the data, here are a few key concepts to help build (and scale) business in the menswear category:
1. Think holistically: Talk to customers about what’s in their wardrobes now, and then work with them to update and modernize based on that foundation. Create and stock comfort-driven essentials that can layer into an existing wardrobe.
2. Solid storytelling and cohesive purchase journey: Tell the brand story and provide as much information as possible throughout your customers' purchase journey. Customers want to feel inspired, entertained, and informed when they interact with your brand. Areas to focus on as key touchpoints: in-store experience, on e-comm website, and within social media channels or online forums.
3. Performance is here to stay: High-tech fibers have moved out of the locker and into the everyday closet, adding comfort and ease of care. Look for ways to work athletic and workout styles into the everyday wardrobe.
To uncover more vital consumer insights for the menswear market download the full report .
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