Menswear Retailing in the UK | Verdict Sector Report; Market size, strategic issues and competitive outlook

Menswear Retailing in the UK | Verdict Sector Report; Market size, strategic issues and competitive outlook

Code: VR-VR00111SR | Published: Jan-2016 | Pages: 129 | Verdict Retail
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The UK menswear market will grow by Pound3.2bn in the five years to 2020 - equating to 29.5% growth on 2015. A growing interest in fashion and a willingness to buy more frequently will boost future spend, with spend by per increasing by over Pound100 in the coming five years. With competition deepening, retailers can gain a competitive advantage by building their ranges of non-core product areas such as big and tall, tailoring and sportswear, to grow destination appeal by serving niche customer groups.

Key Findings
- The UK menswear market is forecast to grow by 29.5% between 2015 and 2020, the strongest growth of all the UK clothing sectors. This will be driven by males becoming more interested in trends and fashion, encouraging them to shop and purchase more frequently.

- Though MandS still has the largest share of the market in 2015, this continues to be eroded by stronger performing rivals such as Next and Primark, which are enticing MandSs family shoppers and gradually encroaching on the top spot.

- As wage growth recovers and improved disposable incomes allow consumers to increase their spend on clothing, average spend per head on menswear will reach Pound526.35 in 2020.

- More choice is required to build penetration among mature males as 33.0% of 65+s say there is not enough stylish clothing and footwear targeted directly at them and 68.0% say they care a lot about their personal appearance.

- The menswear online clothing market is forecast to grow by 162.2% in the five years to 2015 reaching Pound2.2bn, as spend shifts from more traditional shopping methods and multichannel retailers such as Top man, John Lewis, River Island and New Look continue to invest in their platforms and increase menswear product availability online.

Synopsis
The Menswear Retailing in the UK report offers a comprehensive insight into the menswear market in the UK, analysing the market, the major players, and the main trends. It also provides forecasts to 2020.

It provides in-depth analysis of the following:

- Market Size

- Market Forecast

- Market Shares

- Channel Shares

- Outlook

- Recommendations

- Trends

Reasons To Buy
- Utilise the detailed data and insight on the market to help form an effective growth strategy in the menswear sector

- Learn how mens growing demand for fashion will boost spend in the sector, and how retailers should respond

- Identify the opportunities to grow business in this sector by comparing strategies of the key players in the market and their performance metrics

- Understand how spend per head will change over the coming years, and learn which age groups will be most lucrative to target

- Utilise consumer data on big and tall menswear to understand opportunities in the category

- Understand the opportunities in the online menswear market by learning about online shopping habits and the customer journey

Table of Contents

1 Executive Summary
1.1 Key findings
2 Outlook
2.1 Menswear spend up 3.9% to Pound10.8bn in 2015
2.2 Fashion and willingness to buy more frequently boost future spend
2.3 Gaps in the market must be targeted to maximise growth opportunities
2.4 Spend per head will grow by over Pound100 to Pound526.35 in 2020
2.5 Introducing new product categories can drive spend and differentiate propositions
2.6 Investment in big and tall ranges would improve differentiation and satisfy an underserved market segment
2.7 Online menswear spend to grow 162.2% in five years to 2015
2.8 Understanding the online shopper journey is crucial
2.9 MandS loses out to stronger UK menswear rivals
3 Recommendations
3.1 Understand and adapt to male shopping habits by age
3.2 Meet demand for more fashion
3.3 Invest in the big and tall category
3.4 Retailer recommendations
3.5 Understand online shopping habits and customer journey
3.5.1 Customer segments
3.5.2 Shopping habits
4 Market Size
4.1 Market definition and analysis
4.2 Clothing market sector breakdown
4.2.1 Womenswear continues to drive market growth
4.3 Menswear
4.3.1 Spend on menswear rises Pound1.3bn in five years to 2015
4.4 Menswear subsector performance
4.4.1 Retailers place greater focus on menswear, driving outerwear
4.5 Market price segmentation
4.5.1 Shift in male shopping habits should benefit value clothing retailers and own brands
4.5.2 Value players invest in areas other than price
4.5.3 Midmarket players fail to protect share
4.5.4 Premium market holds growth potential
4.6 Spend per head
4.6.1 Men will spend an extra Pound12.37 on clothing in 2015
4.6.2 Highest spend per head among young professionals
5 Market Forecast
5.1 Expenditure Trends
5.1.1 Menswear will outperform all other UK clothing sectors
5.1.2 Gaps in the menswear market for retailers to target.
5.1.3 Retailers miss a trick by not targeting 55+ males
5.2 Subsector performance
5.2.1 Greater trend adoption and newness will boost outwear sales
5.2.2 Premiumisation supports underwear volume growth, driving spend
5.3 Spend per head
5.3.1 22.9% increase is dependent on retailers introducing more choice
5.3.2 Trading up in underwear will drive spend per head
5.3.3 Work to do to drive spend among the 55-64s and 65+s
5.4 Quarterly Expenditure Forecasts
5.4.1 2014
5.4.2 2015
5.4.3 2016/17
5.4.4 Menswear
6 Channel Shares
6.1 Clothing specialists and general merchandisers are the winners
6.1.1 Smaller fashion brands and improved choice drive clothing specialists share of sales
6.2 Online and offline menswear expenditure
6.2.1 Convenience and lower prices in branded products encourage footfall online, boosting Amazons appeal
7 Market Shares
7.1 Winners and losers
7.1.1 Grocers struggle to keep up as Primark and TK Maxx appeal grows
7.1.2 Smaller menswear players
7.2 Key Operating Statistics
7.2.1 Pound200m separates menswear market leader MandS and second place Next
8 Trends
8.1 Male Shopper Profile And Spending Habits
8.1.1 Spend from young professionals could be driven even further
8.1.2 Of all age segments to target, the 65+s have the potential to be the most lucrative
8.1.3 Shopper profile and penetration
8.1.4 Preferred shopping destinations
8.1.5 Drivers of spend
8.1.6 Retailer attributes
8.1.7 Product attributes
8.1.8 Shopping habits
8.1.9 Frequency of purchase
8.1.10 Product preferences
8.1.11 Importance of fashion
8.1.12 Importance of brand
8.1.13 Importance of choice
8.2 Shopping Habits By Age Segmentation
8.2.1 16-24s
8.2.2 25-34s
8.2.3 35-44s
8.2.4 45-54s
8.2.5 55-64s
8.2.6 65+s
8.3 Fashion In Menswear
8.3.1 Increased importance of personal presentation and appearance will drive growth
8.3.2 Fashion continues to gain importance for male shoppers
8.3.3 Value players must capitalise on 16-24s growing fashion awareness
8.3.4 25-34 year olds must be targeted effectively
8.3.5 Underserved 35-44s provide potential for new menswear entrants
8.3.6 More players must invest in design, but being selective is essential
8.3.7 Male shopper sentiments toward fashion by age segmentation
8.4 Big and Tall Shopper Profile And Spending Habits
8.4.1 Investment in niche categories can drive loyalty among smaller consumer groups
8.4.2 Big and tall shopper profile
8.4.3 Department stores must improve their brand appeal to improve visitor scores
8.4.4 Clothing specialists must focus on convenience and price to compete with the big four grocers
8.5 Most shopped retailers for big and tall clothing
8.5.1 Convenience and cross-sector shopping allows Amazon to take number one spot
8.6 Preferred big and tall destinations
8.6.1 Retailers must extend size ratios before investing in specific big and tall ranges
8.6.2 10.7% of shoppers prefer to buy from big and tall specialists
8.6.3 N Brown leads the way with Jacamo
8.6.4 Convenience, price and choice encourage online purchases
8.6.5 If choice was better on the high street, 71.5% of online shoppers would prefer to shop instore
8.6.6 Transparency online and promoting click and collect will better cater to shopper demands
8.7 Menswear Online Shopper Profile And Journey
8.7.1 Key attributes retailers must know to grab a slice of the Pound1.8bn menswear online spend forecast for 2014
8.7.2 UK menswear online clothing and footwear market reaches Pound1.8bn in 2014
8.7.3 65.9% of all male online shoppers buy clothing and footwear
8.7.4 35-44 year olds account for almost a quarter of all male online clothing and footwear shoppers
8.7.5 ABC1s account for 67.2% of shoppers, signifying the importance of a strong branded offer
8.7.6 Targeting female partners will aid sales growth
8.7.7 Convenience and lower prices are key drivers of males shopping menswear online
8.7.8 Menswear online spend per head equates to Pound107.00 in 2014
8.7.9 Achieving a high conversion rate is instrumental for menswear retailers
8.7.10 Menswear retailers must tailor their multichannel platforms to suit their online shopper
9 Appendix
9.1 Methodology
9.1.1 Menswear market size and forecast methodology
9.1.2 Menswear retailer market share methodology
9.1.3 Clothing sales density methodology
9.1.4 Menswear spend per head methodology

List of Tables


Table 1: Menswear market definition, 2015
Table 2: Summary of clothing sectors, 2015e
Table 3: Menswear market value (Poundm) and growth drivers (%), 2005-15e
Table 4: Menswear sales breakdown and trends in context of clothing (Poundm), 2005-15e
Table 5: Menswear expenditure, inflation, volume and value and share of sector, 2015e-20e
Table 6: Mens outerwear expenditure, inflation, volume and value and share of sector, 2015e-20e
Table 7: Mens underwear expenditure, inflation, volume and value and share of sector, 2015e-20e
Table 8: Menswear expenditure (Poundm) and growth (%), quarterly, 2013-17e
Table 9: UK menswear channels of distribution expenditure (Poundm) and share (%), 2014, 2015e and 2020e
Table 10: Menswear Top 10 specialist market shares (%), 2010-15e
Table 11: Menswear non-specialist market shares (%), 2010-15e
Table 12: Smaller menswear retailers market shares (%), 2010-15e
Table 13: Menswear retailers key UK operating statistics, 2015/16e
Table 14: How frequently male shoppers say they purchase clothing and footwear, split by age (%), 2015

List of Figures


Figure 1: Sector shares of the clothing market (%), 2010 and 2015e
Figure 2: Menswear expenditure (Poundbn) and year-on-year change (%), 2005-15e
Figure 3: Three month average weekly earnings growth and inflation year-on-year (%), April 2012 to April 2015
Figure 4: UK unemployment (millions) and share of economically active (%), 2010-20
Figure 5: Menswear inflation/deflation, volume and value growth (%), 2005-15e
Figure 6: New Look menswear, 2015
Figure 7: boohooMAN, 2015
Figure 8: Menswear positioning map, 2015
Figure 9: Whistles mens fascia, 2015
Figure 10: Menswear spend per head (Pound), 2010-15e
Figure 11: Spend per head on total menswear, outerwear and underwear (Pound), 2010 and 2015e
Figure 12: Spend per head (Pound) by age segmentation, 2015e
Figure 13: Menswear expenditure (Poundm) and year-on-year change (%), 2010-20e
Figure 14: Change in clothing expenditure (%), 2015e-20e
Figure 15: BonmarchE menswear collection, 2015
Figure 16: Menswear sources of growth (%), 2010-20e
Figure 17: Menswear expenditure growth (%), 2015e-20e
Figure 18: Mens outerwear expenditure (Poundm) and year-on-year change (%), 2010-20e
Figure 19: Mens outerwear sources of growth (%), 2010-20e
Figure 20: Mens outerwear expenditure growth (%), 2015e-20e
Figure 21: Mens underwear expenditure (Poundm) and year-on-year change (%), 2010-20e
Figure 22: Mens underwear sources of growth (%), 2010-20e
Figure 23: Mens underwear expenditure growth (%), 2015e-20e
Figure 24: Menswear spend per head (Pound), 2015e-20e
Figure 25: Spend per head on total menswear, outerwear and underwear (Pound), 2015e and 2020e
Figure 26: Spend per head (Pound) by age segmentation, 2015e
Figure 27: Menswear sources of growth (%), quarterly, 2013-17e
Figure 28: Menswear versus clothing and footwear year-on-year change (%), quarterly, 2013-17e
Figure 29: UK menswear channel shares (%), 2014, 2015e and 2020e
Figure 30: UK menswear channel expenditure growth (%), 2020e on 2015e
Figure 31: UK menswear change in channel share (percentage point), 2015e-20e
Figure 32: UK menswear online and offline channel shares (%), 2014, 2015e and 2020e
Figure 33: UK menswear online and offline channel expenditure growth (%), 2020e on 2015e
Figure 34: Top 15 menswear market shares (%), 2010 and 2015e
Figure 35: MandS menswear, 2015
Figure 36: Menswear market share winners and losers (percentage point), 2015e on 2014
Figure 37: COSs stylish but sophisticated menswear appeals to 25-34 male shoppers, 2015
Figure 38: Male clothing shopper penetration (%), 2015
Figure 39: Male clothing shopper profile (%), 2015
Figure 40: Male shoppers preferred shopping destinations by location (%), 2015
Figure 41: Male shoppers preferred shopping destinations by location, split by age (%), 2015
Figure 42: Male shoppers preferred shopping destinations by type of retailer (%), 2015
Figure 43: Male shoppers preferred shopping destinations by type of retailer, split by age (%), 2015
Figure 44: Retailer attributes that are the most important drivers of spend for male shoppers when buying clothing (%) , 2015
Figure 45: Product attributes that are the most important drivers of spend for male shoppers when buying clothing (%) , 2015
Figure 46: Male shoppers clothing and footwear spending habits (%) , 2015
Figure 47: How frequently male shoppers say they purchase clothing and footwear (%), 2015
Figure 48: Male shopper sentiments toward clothing and footwear products (%), 2015
Figure 49: Male shopper sentiments toward fashion in clothing and footwear (%), 2015
Figure 50: Male shopper sentiments toward brands and own-label clothing and footwear (%), 2015
Figure 51: Male shopper sentiments toward choice in clothing and footwear (%), 2015
Figure 52: Shopping habits and opportunities for 16-24 male shoppers, 2015
Figure 53: Shopping habits and opportunities for 25-34 male shoppers, 2015
Figure 54: Shopping habits and opportunities for 35-44 male shoppers, 2015
Figure 55: Shopping habits and opportunities for 45-54 male shoppers, 2015
Figure 56: Shopping habits and opportunities for 55-64 male shoppers, 2015
Figure 57: Shopping habits and opportunities for 65+ male shoppers, 2015
Figure 58: ASOS categorizes menswear collections into the latest trends, 2015
Figure 59: boohoo.com takes risks with menswear trends, 2015
Figure 60: HandM menswear page features party wear for the Christmas and new year period, while COS menswear homepage has no seasonal promotions or merchandising, December 2015
Figure 61: Zara menswear, December 2015
Figure 62: Male shoppers who say they care a lot about their appearance, split by age (%), 2015
Figure 63: Male shoppers who say they buy into the latest fashion trends, split by age (%), 2015
Figure 64: Male shoppers who say that if there was more fashion in clothing targeted at them they would spend more, split by age (%), 2015
Figure 65: Male shoppers who say they look for cheaper products when buying into short-term fashion trends, split by age (%), 2015
Figure 66: Male shoppers who say that they prefer having a wardrobe of classic items they can wear year after year, split by age (%), 2015
Figure 67: Spending habits of big/tall shoppers by age, 2015
Figure 68: Favourite leisure activities of big and tall shoppers (%), 2015
Figure 69: Big and tall menswear shopper profile vs. menswear shopper profile by age (%), 2015
Figure 70: Big and tall menswear shopper profile vs. menswear shopper profile by socioeconomic group (%), 2015
Figure 71: Ted Baker T for Tall, 2015
Figure 72: Preferred type of retailer by big and tall consumers when shopping for clothing (%), 2015
Figure 73: Percentage of big and tall consumers who bought big and tall clothing over the past 12 months by retailer (%), 2015
Figure 74: Where big and tall shoppers prefer to buy their clothing (%), 2015
Figure 75: Benefits to extending a core offer vs. investing in a specific big and tall range, 2015
Figure 76: Big and tall online product display on core menswear models, 2015
Figure 77: Why big and tall shoppers prefer to buy from a big and tall specialist, 2015
Figure 78: Flint off by Jacamo, June 2015
Figure 79: Preferred locations of big and tall consumers when shopping for clothing (%), 2015
Figure 80: Characteristics of the online big and tall shopper (%), 2015
Figure 81: Characteristics of the UK online menswear market, 2014
Figure 82: Menswear online clothing expenditure (Poundm), 2009-14e
Figure 83: Online share of the menswear market (Poundbn), 2009-19e
Figure 84: Penetration of male online shoppers who buy clothing and footwear (%), 2014
Figure 85: Profile of male online clothing and footwear shoppers by age (%), 2014
Figure 86: Profile of male online clothing and footwear shoppers by socioeconomic group (%), 2014
Figure 87: Proportion of menswear purchases bought by women (%), 2014
Figure 88: boohoo.com His and Hers, 2014
Figure 89: Male drivers of online spend for menswear (%), 2014
Figure 90: Menswear online spend per head (Pound), 2014e
Figure 91: Top 10 most visited clothing and footwear retailers online by males and their conversion rate (%), 2014
Figure 92: Time spent browsing by male online menswear shoppers before purchasing an item (%), 2014
Figure 93: Device usage by males shopping online for menswear (%), 2014
Figure 94: Most frequently used delivery method for online male clothing and footwear shoppers (%), 2014
Figure 95: Other delivery methods used by male online clothing and footwear shoppers (%), 2014
Figure 96: Return choices for clothing and footwear online purchases (%), 2014
Figure 97: Reasons for returning a clothing and footwear purchase (%), 2014
MandS
Next
Primark
TK Maxx
Debenhams
Sports Direct
Arcadia
Topman
Burton
Asda
JD Sports
Matalan
River Island
Tesco
Very.co.uk
Littlewoods
Shop Direct
John Lewis
HandM.

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