Many years ago, Wang Xing, the founder of Meituan, joked that in the field of consumer investment and market value> young girls> young women> old people> dogs > men, summed up in one sentence, that is, "men's spending power is not as good as dogs".
On the other hand, now that China's Internet market has entered the stock era, after the traffic reaches the ceiling, the customer acquisition cost of brands burning money in exchange for increasing year by year.Male consumption is once again seen as a "blue ocean of nuggets" full of possibilities。 First and foremost is the menswear market.
But there are very different opinions in the industry about the men's clothing market:
Some people say that "the growth of the men's wear business is very strong, this is the strongest growth trend I have seen in my career", and they are optimistic about the long-term "by 2025, the size of China's men's wear market will reach 657 billion yuan";
Some people also said that "from 2015 to 2019, the total profit of China's men's wear industry showed a downward trend year by year", and said that "China's men's wear market lagged behind women's wear by 10 years".
So, about "The men's clothing market, which is claimed to be 600 billion yuan, is it okay"This matter, at the moment when the third quarter of 2022 has ended, Zhiyi Technology will be just produced"2022Q3 Men's E-commerce Sales Data"The report combines the financial reports of listed men's wear companies with the outlook of the global fashion industry to find the real answer.
First of all, from the latest men's clothing e-commerce market trend in the third quarter of 2022.
On a weekly basis, Zhiyi Technology observed that the difference between the highest and lowest values of men's clothing sales in the third quarter was about 1 billion yuan. Affected by the change of seasons due to cooling,Men's clothing sales showed a slight upward trend after entering SeptemberIn the last two weeks of September, weekly sales exceeded 1.8 billion yuan, reaching the peak of the entire third quarter.
Broken down into the sales trends of each menswear category, combined with time and seasonality, the results are:The slacks and T-shirts category had the best sales in July and early August, and sales were significantly higher than other categories, but there was a clear downward trend after mid-August.
The jackets, sweatshirts, and jeans categories showed a significant upward trend after mid-August, and reached their respective sales peaks during the 9/19-9/25 period; Polo shirts showed a gradual downward trend during Q3; Sales of sports suits were the smoothest.
In addition, Zhiyi Technology noticed from the proportion of sales in various men's clothing categoriesCasual pants and T-shirts are typical of the high-selling category, that is, it has an absolute advantage in market share by virtue of its lower unit price, but it has shown a significant downward trend year-on-year.
Graphing the year-on-year changes, annual sales, and average price performance of each category, it can be clearly observed that in addition to the high sales decline of casual pants and T-shirts, shirts, jeans, sweatshirts, and jackets are the medium sales decline, and sportswear and sweaters/knitwear are the low sales decline.
On the contrary, the down jacket and polo shirt category, especially the down jacket, in addition to the seasonal demand caused by temperature, its sales and sales still showed a year-on-year growth rate under the overall decline of the clothing market.
At the same time, Zhiyi Technology focused on the price segment and made a year-on-year analysis of the distribution and growth rate of the sales of men's clothing in different price segments, and found thatOnly the sales growth rate of the 500-700 yuan price segment shows a positive trend, indicating that this is a product development price segment full of opportunities. However, in terms of the distribution of sales proportions, it is byThe price range of 0-200 yuan occupies an absolute market share。
After taking stock of the latest performance of the men's clothing e-commerce market in the third quarter with data, let's take a lookSemi-annual reports of major listed domestic men's wear companies (including Heilan Home, Lilang, Joeone, SAINT ANGELO, Shanshan Company, etc.).to focus on the more concrete menswear market and explore a clearer status quo of the menswear industry.
According to the information disclosed in the comprehensive financial report, the revenue of the listed men's clothing companies counted by Zhiyi Technology exceeded 1 billion yuan, accounting for 75%, of which Heilan Home, known as the "man's wardrobe", ranked first in the clothing industry of A-share listed companies for three consecutive years, and this time it is still far ahead of other companies with 9.516 billion yuan.
Compared with revenue, it is more noteworthy that 75% of companies have declined to varying degrees year-on-year。
Combined with the market trend of 6.5% year-on-year decline in the total retail sales of clothing, shoes and hats, and knitted textiles of national social consumer goods announced by the National Bureau of Statistics in the first half of this year, the epidemic situation from March to May 2022 may be the main reason for the large-scale year-on-year decline.
Based on this, compared with the results disclosed in the financial report for the same period in 2021 and the rising trend shown, many industry insiders believeThe pandemic in 2022 will pose an even greater challenge to the consumer industry than in 2020。
Considering the uncertainty of the general environment, as well as the acceleration of the survival of the fittest in the industry under the epidemic situation, and the market competition trend highlighted by the Matthew effect, many companies also mentioned measures such as optimizing operations and reducing stores in their financial reports.
Lu Fuyong, director of the Industry Department of the Education and Open Economy Research Center of the University of International Business and Economics, said: "China's menswear industry has entered a relatively stable growth period, and the overall market size of the industry is considerable. However, the market concentration of the whole industry is low, and the market share of leading enterprises is not high.China's major men's wear brands are concentrated in the mid-end market, which has led to fierce market competition and insufficient differentiated development。”
Therefore, there are also many companies that want to break through the cognitive barrier of "homogenization of men's wear" and strengthen brand differentiation. For example, Dai Minjun, chairman of Hongdou Co., Ltd., once publicly announced that "Hongdou men's wear in 2022 will anchor the new track of "comfortable men's wear", position "classic and comfortable men's wear", and show a new attitude with a new strategy".
Heilan House, a leading men's wear company, also released the traditional Chinese zodiac "Tiger and Tiger" IP clothing series this year, aiming to combine traditional Chinese culture and find a differentiated competition route for the brand that is more likely to resonate with consumers.
These lines of thought are:andLu Fuyong OfficeThe points emphasized coincide."On the consumer side, the functional consumption characteristics of the men's wear market are more clear, and professional formal wear and fashion and leisure are the two main product lines, which are also in line with the product layout of most men's wear companies. In the men's wear market, consumers' demand for products is more diversified, prompting men's wear brands to form their own differentiated competitive advantages in order to maintain a steady and progressive development trend. ”
It should be noted that in addition to local menswear brands, there are:A large number of international brands, sports brands, as well as cutting-edge designer brands and trendy brandsEquivalent to being in the ranks of the competition.
Compared with the uncertainty of the domestic men's wear market, international men's wear represented by Europe and the United States shows a very positive and optimistic sales trend:
"The menswear business is growing very strongly, the strongest growth trend I've seen in my career," says Bob Mitchell, co-CEO of Mitchells Stores, a fashion buyer collection
"We haven't seen any signs of slowing down at the moment, the menswear business is really good, and although there may be a recession, we are well prepared." - Ken Giddon, president of Rothmans, a New York-based menswear collection
"The performance of the company's menswear business is very good. We've been in the casual street menswear trend for a long time, but now men are updating their wardrobes with sophisticated sportswear, ready-to-wear, and bespoke formalwear. —Sam Archibald, General Manager, Macy's Apparel Business
"The menswear business, which is Machine-A's traditional strength, has performed very well this year, even exceeding pre-pandemic levels. There is a new trend among menswear consumers, where women are also becoming the main audience for menswear brands. Stavros Karelis, Founder and Purchasing Director of Machine-A
"The menswear business performed well across all channels. Looking at the current sales figures at Selfridges, the sales of T-shirts and sweatshirts are very impressive. But at the same time, the overall growth of formal wear, runway models and classics was also very strong. – Bosse Myhr, Director of Men's and Women's Wear at Selfridges
……
结合IMARC的研究数据预测，“2021年全球男装市场的销售额为5333亿美元，全球男装市场预计在2022年-2027年的复合年增长率为5.92%，并将在2027年attain746.9 billion US dollarsYuanshows that the huge potential of the global menswear market has not yet been fully exploited, despite the strong correlation with the pandemic.
Obviously, with the successive cancellation of epidemic prevention and control measures, male consumers in Europe and the United States have resumed offline offices and daily social scenes.Consumer demand for menswear has rebounded sharply and has exploded as a result, which is in line with the trend of the Chinese menswear market in 2021 to a certain extent.
同时，根据欧美大多数的男装零售商的反馈，原先The hugely popular athleisure has slowed down in 2022, with men's formal wear becoming the fastest-growing business, and male consumers have created Athflow's mix-and-match style with casual suits and formal suits, further boosting sales of suits and athleisure collections.
Overall, due to internal and external factors such as the risk of the epidemic, the decline of the industry market, low brand differentiation, and insufficient product strength, the first half of 2022Domestic men's wear marketOverall performanceSlightly declining，直至第三季度的9月男装销量回温，其中以高单价的羽绒服同比增速最为优秀, noteworthy.
参考资料
1. "Depth | Menswear retailers remain optimistic despite headwinds", WWD International Fashion News
2. "Inventory of Domestic Men's Wear Brands in the First Half of the Year: Market Concentration is Rising", Daily Financial Report Network
