market trend

Hi, all.
This material comes from Mintel.
See the highlight for t-shirt.

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Shirts (market segment)
Sales of shirts, which are described in the following Figure, consist of all types, including knit, woven and dress.
Figure 12: Sales of shirts, at current and constant prices, 2000-2005


Year Sales at current prices Sales at constant 2005 prices*
$ million Index % change $ million Index % change

2000 13,604 100 - 15,371 100 -

2001 11,295 83 -17.0 12,409 81 -19.3

2002 11,588 85 2.6 12,533 82 1.0

2003 11,775 87 1.6 12,451 81 -0.7

2004 12,071 89 2.5 12,433 81 -0.1

2005 12,254 90 1.5 12,254 80 -1.4
(est.)

* Adjusted for inflation using the All Items CPI
Source: Mintel/AAFA

Between 2000 and 2005, the men’s shirt market has witnessed an overall decline of $1.3 billion, or nearly 10% in current terms. Men’s shirt manufacturers and retailers are apparently aware of lackluster performance in the market and have begun to raise prices in response to falling sales volumes. An NPD study reports a fair degree of inflation in the men’s dress shirt category: the average retail price of a men’s dress shirt was $16.53 in 2004, compared to $14.77 in 2003.

One key logistical constraint to growth in the men’s shirts market is the fact that men often do not need to (or even consider) purchasing a new shirt when they purchase a new suit, or other article of tailored clothing. Those men who are currently swept up in the suit and formal dress craze may be perfectly content to purchase new suit jackets and pants to wear over their existing formal shirts. In addition, the current trend towards creative combinations makes it stylistically acceptable to wear an old T-shirt with a new suit jacket. As fashion dictates more and more of an extreme contrast between clothing elements, men’s interest in upscale T-shirts—particularly those noteworthy enough to wear with suit components—may be poised for increase. Juicy Couture is one of the latest competitors to enter the upscale T-shirt category, selling high-priced T-shirts with bawdy or humorous statements emblazoned on them.

While some types of shirts are not doing well, others are keeping the segment afloat. An STS Market Research report found that knit shirts declined in sales by 1% in 2004, while woven shirts increased by 12%. The polo shirt may be the one redeeming feature of this market. Occupying a dress space somewhere between formal and casual, the polo has been a sales success in stores such as Men’s Wearhouse and Casual Male, where many men have gone to shop for new suits and tailored clothing in 2004-2005.