Some have looked to the width or color of mens ties as economic bellwethers. But a better sartorial indicator may be the size of a mans underwear drawer.
American mens apparel sales remained relatively flat in 2012, rising just 1% to $57 billion, according to a study by market researcher NPD Group. The exceptions were the two garments some men continue to wear even after theyre falling apart: underwear, up 13%, and socks, up 12%. Men are updating the basics of their wardrobe, says Marshal Cohen, chief industry analyst at NPD. And that may be a positive sign for consumer spending overall.
One sartorial indicator of the state of the economy may be the size of a mans underwear drawer. Quentin Fottrell reports on Lunch Break.
Some mens underwear may be so worn out that they have no choice but to replace it or to go commando, says Vicki Morwitz, a professor of marketing at New York University. For men who dont care so much about underwear, during lean times, they probably made do with what they had. Others agree that old underwear only stretches for so long. With the economy improving, it must be the right time for men to get rid of all that holey underwear, says Edgar Dworsky, founder of ConsumerWorld.org.
Another reason to be encouraged by renewed spending on boxers and briefs: personal confidence typically accompanies economic confidence. When men start to gain confidence, they do go out more and date more, says Z. John Zhang, professor of marketing at The Wharton School at the University of Pennsylvania. Romantic entanglements as measured by online dating sites have indeed seen an increase. The industry is now worth about $1.2 billion, up 4% from a year ago, according to research firm IbisWorld.
Of course, many consumers are still spending carefully. A long winter and persistent worries about the economy hurt retailers in March, data suggests, as sales remained tepid for the second month in a row. Many men made undergarment purchases at off-price retailers and online, while fewer shopped at national chains, according to the NPD report. Its still a good sign, says consumer psychologist Adam Ferrier. Post-recession, we are told the economy is improving and that people are spending again, he says. The first to go items like mens underwear is often the first back on the shopping list.
Shutterstock.com
Some retailers are discovering a well-heeled market in mens socks. We had a major boom in mens socks, says Gabrielle Greco, senior buyer of accessories and home décor at mens e-retailer Jack Threads. Sales in socks, underwear and loungewear have risen 165% in 2012 year-over-year, she says. Jack Threads also sells packs of three mismatched socks in the same color palette rather than pairs. The majority of underwear sales come from trunks and boxer-briefs, Greco says.
Other online retailers are encouraging men to refresh their entire sock drawer in one go. Nice Laundry, an online sock retailer, launched on crowd-sourcing website Kickstarter.com on March 6 and sold nearly $120,000 in socks in 39 days, says co-founder Ricky Choi. Nice Laundry sells packs of six for $39 or 18 for $89 and provides customers with a prepaid envelope to donate old socks to a recycling company: The lightly worn pairs get donated to those in need, while the rest are recycled for uses like fiber home insulation and dog-bed stuffing.
Sales may also have been helped by demand for newer moisture-resistant and easy-stretch fabrics, experts say. It doesnt hurt for men to see ads with David Beckham, Mario Lopez and Tim Tebow, Morwtiz says. Among its best-selling underwear, Amazon lists ExOfficio quick-drying boxer-briefs with Aegis Microbe Shield, Adidas sport performance climalite boxer-briefs, Hanes crew-neck T-shirts, Champion mens tech performance long boxers and TexereSilk boxers.
Indeed, recent studies suggest men are more likely to buy eye gel, moisturizer, and other metrosexual products online. Some 37% of men make impulse purchases when shopping for beauty products online, versus just 26% of women, according to consumer research group Mintel. Similarly, Jack Threads a constant presence on Facebook and luxury e-retailer Gilt Groupe make it easier for men to quietly buy purple Lycra and Spandex, says Brent Shelton, spokesman for deal site FatWallet.com.
...although BurningJournaldotcom will not (For legal and copyright reasons) comment at this time.
April 18, 2013, 2:42 p.m. EDT
Buy stocks when men buy socks?
Socks and underwear sales may be an economic bellwether
By Quentin Fottrell
Some have looked to the width or color of mens ties as economic bellwethers. But a better sartorial indicator may be the size of a mans underwear drawer.
American mens apparel sales remained relatively flat in 2012, rising just 1% to $57 billion, according to a study by market researcher NPD Group. The exceptions were the two garments some men continue to wear even after theyre falling apart: underwear, up 13%, and socks, up 12%. Men are updating the basics of their wardrobe, says Marshal Cohen, chief industry analyst at NPD. And that may be a positive sign for consumer spending overall.
Boxers and briefs: Economic bellwethers?
One sartorial indicator of the state of the economy may be the size of a mans underwear drawer. Quentin Fottrell reports on Lunch Break.
Some mens underwear may be so worn out that they have no choice but to replace it or to go commando, says Vicki Morwitz, a professor of marketing at New York University. For men who dont care so much about underwear, during lean times, they probably made do with what they had. Others agree that old underwear only stretches for so long. With the economy improving, it must be the right time for men to get rid of all that holey underwear, says Edgar Dworsky, founder of ConsumerWorld.org.
Another reason to be encouraged by renewed spending on boxers and briefs: personal confidence typically accompanies economic confidence. When men start to gain confidence, they do go out more and date more, says Z. John Zhang, professor of marketing at The Wharton School at the University of Pennsylvania. Romantic entanglements as measured by online dating sites have indeed seen an increase. The industry is now worth about $1.2 billion, up 4% from a year ago, according to research firm IbisWorld.
Of course, many consumers are still spending carefully. A long winter and persistent worries about the economy hurt retailers in March, data suggests, as sales remained tepid for the second month in a row. Many men made undergarment purchases at off-price retailers and online, while fewer shopped at national chains, according to the NPD report. Its still a good sign, says consumer psychologist Adam Ferrier. Post-recession, we are told the economy is improving and that people are spending again, he says. The first to go items like mens underwear is often the first back on the shopping list.
Shutterstock.com
Some retailers are discovering a well-heeled market in mens socks. We had a major boom in mens socks, says Gabrielle Greco, senior buyer of accessories and home décor at mens e-retailer Jack Threads. Sales in socks, underwear and loungewear have risen 165% in 2012 year-over-year, she says. Jack Threads also sells packs of three mismatched socks in the same color palette rather than pairs. The majority of underwear sales come from trunks and boxer-briefs, Greco says.
Other online retailers are encouraging men to refresh their entire sock drawer in one go. Nice Laundry, an online sock retailer, launched on crowd-sourcing website Kickstarter.com on March 6 and sold nearly $120,000 in socks in 39 days, says co-founder Ricky Choi. Nice Laundry sells packs of six for $39 or 18 for $89 and provides customers with a prepaid envelope to donate old socks to a recycling company: The lightly worn pairs get donated to those in need, while the rest are recycled for uses like fiber home insulation and dog-bed stuffing.
Sales may also have been helped by demand for newer moisture-resistant and easy-stretch fabrics, experts say. It doesnt hurt for men to see ads with David Beckham, Mario Lopez and Tim Tebow, Morwtiz says. Among its best-selling underwear, Amazon lists ExOfficio quick-drying boxer-briefs with Aegis Microbe Shield, Adidas sport performance climalite boxer-briefs, Hanes crew-neck T-shirts, Champion mens tech performance long boxers and TexereSilk boxers.
Indeed, recent studies suggest men are more likely to buy eye gel, moisturizer, and other metrosexual products online. Some 37% of men make impulse purchases when shopping for beauty products online, versus just 26% of women, according to consumer research group Mintel. Similarly, Jack Threads a constant presence on Facebook and luxury e-retailer Gilt Groupe make it easier for men to quietly buy purple Lycra and Spandex, says Brent Shelton, spokesman for deal site FatWallet.com.
Read: Products men are too ashamed to buy at the store