Menswear Market set to return to growth by second half of 2021
In her recent commentary on the latest UK Menswear Industry Report from Mintel, we are delighted to confirm that leading analysist from the technology sector Tamara Sender outlines a positive outlook for the Menswear market:
"The menswear market has been hard hit by the COVID-19 outbreak as it has removed the main drivers for purchasing new clothes. Menswear specialists, in particular those specialising in formalwear, have suffered the most as men embrace more casual outfits. The long-term prospects are that the menswear market will return to growth by the second half of 2021, with new purchases driven by pent-up demand as people begin to socialise again and go on holiday".
Following in-depth analysis of the 2021 Mintel report, Tamara suggests there may also be an opportunity for retailers to tap into a growing premium market:
"Given that men are significantly more upbeat about their future finances than women, there is scope for fashion retailers to tap into the higher spending power of more affluent men by encouraging them to trade up to higher-priced sub-brands or more premium brands".
As the future looks bright for the Menswear industry we look forward to welcoming you to the next INDX Menswear & Footwear showcase on 18-20 July, which will offer retailers a complete top to toe offer, featuring over 100 market-leading brands including formalwear, casual and lifestyle apparel, footwear, accessories, underwear and socks!