Happy to Be a Steady Market Analysis from Gordon

Transcript:Happy to Be a Steady Market Analysis from Gordon:
Happy to Be a Steady Market Analysis from Gordon Brothers concludes the menswear market is stable, which is quite an accomplishment given the number of store closings, increasing online sales and a general softening of the total US apparel market. Two positives for the sector are the high level of employment, creating more demand for daily workwear, and the increasing appeal of athleisure wear, which is becoming more acceptable as workwear, as companies relax their dress codes. Although The NPD Group forecasts a decrease in total 2019 US apparel spending, the US Census Bureau data indicates the menswear sector has been strong; however, sales increased at a much lower rate through May 2019 compared to 2018 and Q4 2018. Who Are Buying Men’s Apparel? According to The Media Audit’s 2019 Rolling Aggregate Report of 66 US markets representing more than 143 million US adults, 30.1% of a 70-million base population of men 18+ purchased men’s clothing during the past 4 weeks. The two primary age groups by percentage and index were 25–34 (19.2%/105) and 35–44 (19.2%/109). Men 55–65 were another significant segment, at 15.9%/99. Women are also a prime target audience as purchasers of men’s apparel. The Media Audit found those 25–34 (19.2%/112) and 35–44 (20.6%/122) were the largest groups. A Better Understanding of Today’s Men Results in More Effective Advertising Men’s occupation is a major factor driving their apparel purchases. Unsurprisingly, The Media Audit report revealed 45% of “white collar workers” (index of 128) were first among men 18+ who purchased men’s clothing during the past 4 weeks. “Professional, technical” was a distant second, at 17.5%/124 and “proprietors, managers” third, at 16.3%/136, which “retired” matched at 16.3%/84, a sub-market that men’s clothing stores shouldn’t overlook. Another “affinity” gleaned from The Media Audit data is men visiting a bar or night club during the past 4 weeks. Those 18–49 were 47.9% of the 8.6 million target persons, with an index of 126. Those 18–34 were more than half, at 24.8%/126. The Industry Is Still Overlooking the Big & Tall Opportunity According to industry analysts, there is a significant, but mostly untapped, market for big & tall men’s apparel; however, many larger men have difficulty finding an adequate selection in styles and sizes, even at big & tall stores. A major challenge for manufacturers and retailers is larger men are not as vocal about their needs, providing the industry with very