It is quite apparent that the men’s market on fashion and accessories is still small when compared to its female counterpart. But recent trends and surveys show that the steady growth of men’s market may soon decrease this gap as more and more consumers take their cues on male athletes and celebrities like David Beckham and Robert Pattinson on what kind of clothes and jewelry they should wear and buy.
Many mens steel jewelry retailers are excited with this growing trend as it will result to higher profits and business success. Looking at the hype in mens fashion today, the excitement is quite justifiable as even pricey mens steel jewelry and other accessories are expected to surge this year due to the revival of using jewelry as a sign of status and power.
Euromonitor International estimates that this year’s mens jewelry sales for items priced at $700 or higher can rise up to 9.9%. Rings and bracelets appear to be the hottest-selling mens goods.
The homogenized view in fashion by many men today fuels the trend and growth of the market. More and more men are willing to experiment with their looks and mens steel jewelry provides a perfect extension for personalization of their style. But mens steel jewelry retailers must take into account that male customers shop differently compared to women.
Men tend to spend less time browsing a store and takes time to consider each purchase, some even go online first before buying. Also, male customers buy mens steel jewelry to enhance their masculinity and therefore, retailers must build or “package” their brands in a way that will appeal to this need.
This trend is a good sign for the continued viability of mens steel jewelry in the coming years, not just in the US but all around the world. It is expected that in India a 59% increase in sales is due for 2011 and will make it the third-largest market in mens jewelry in the world, next to China and UK. Also, there will be significant demand for mens jewelry in the Pacific region.
If this trend continues, the profitability of mens steel jewelry for retailers will a great sign for investment even as years pass.
