Apparently ladies are not the only ones who need to slip on fun socks or toss on a pair of statement-making shades before leaving the house. According to a study by the NPD Group and reported by WWD, it seems that the men’s accessories market has been gaining quite a bit of momentum over the last 12 months with $14.1 billion spent overall from September 2013 to August 2014—up 10 percent from the previous year. And while that may be a serious chunk of change it’s only a small percentage of the amount women spend on the same things. As we’re sure you’re aware, we are almost always willing to dish out extra cash to pick up the most up-to-date looks—but it seems like guys are starting to come around to our way of thinking.
Five sub-markets were focused on in the study including jewelry, watches, sunglasses, bags and small goods. Obviously the most money is being spent within jewelry and watches, but the remaining sectors are still raking in over $1 billion each. Up 12 percent from last year, jewelry spending is topping the list with $3.7 billion in sales, with watches coming in second at $3.2 billion, with seven percent growth. Sunglasses are up 10 percent with $2 billion, bag sales are up a whopping 24 percent with $1.9 billion sold, and additional accessories (think umbrellas, gloves and belts) round out the list with $1.6 billion in sales, up six percent from last year.
“Today, more men are looking to stand out in a crowd, and accessories are a way to make a bold statement without having to overhaul their wardrobes,” said Marshal Cohen, chief industry analyst, of the NPD Group, earlier this year. “Instead of buying accessories by piecemeal, men are now making purchases across multiple categories and seasons. This increase in accessories also correlates with the growth we are seeing in men’s apparel and footwear. Overall, men are becoming more interested in fashion, and retailers are building upon this trend by catering to them specifically.”
So what does this mean exactly? It’s true men are starting to embrace a more fashionable lifestyle, but that alone doesn’t translate into $14.1 billion in sales over the last year. Is Gucci just making a better belt? Are Ray-Bans the new black? It’s likely a combination of a few factors, but with brands seeing a steady growth in men’s accessories over the last year, it’s clear they’ve doubled their efforts to tap into this freshly expanding market—and their work is paying off. Over the past few years the men’s fashion market has been continually growing and improving with new brands, accessory lines, collaborations and artistic direction, and it’s clearly gained a following—$14.1 billion worth.
