As part of a recent presentation on male specific markets, The New Fashion Market: Global Trends in Menswear and Men's Grooming, analyst Euromonitor International scrutinised the influence of different age groups on the men's fashion and grooming sectors... and, as it turns out, it's not just female Millennials who are blazing a trail.
Commenting on differences in men's income by age, Bernadette Kissane, Apparel & Footwear Analyst at Euromonitor, said: “It is evident that although Baby Boomers and Generation X remain the highest earners, they're also likely to have the most responsibilities and, as a result, less money to spend on appearance. They are a valuable consumer group as they are adapting to the digital age and they're looking to remain fit and healthier for longer.
“But, as Millennials begin to enter the higher income brackets across the world, their spending power continues to rise. This consumer group has been driving sales in the niche areas of skin care and fashion-forward products. They're also known for their influence over the older generations' consumption habits.”
In addition, the analyst told players to keep an eye on both Generation Z (aged 15-19) and Generation Alpha (children born after 2010) for long term strategy growth. Despite the fact that Generation Z has yet to accumulate spending power and it will be a long, long while before Generation Alpha enters the higher income brackets, they have, as Kissane commented, “been growing up in a much more consumption-focused society and are active users of both fashion and beauty products at a much younger age”. Members of Generation Alpha especially are “being raised in a mini-me culture, identifying their style at an early age and are growing up exposed to a wide variety of grooming products”.
