Lingerie retailers would do well to tap into the men’s underwear market as male spending power strengthens both in store and online, according to new research from Barclaycard.
The new report has revealed that despite common assumptions, men are the biggest spenders when it comes to fashion and beauty.
Debunking the myth that women are the biggest spenders, retailers say they have seen an increase in male shoppers both in store (59%) and online (69%) in the past five years, and have expanded their male product offering as a result.
While the majority (57%) of retailers sell their products to both men and women, over a quarter (26%) now cater to a largely or entirely male market, compared to just 17% that target a largely or entirely female market.
Given that men are also spending more than women, this indicates that male shoppers are not only more likely to keep what they buy, but are also a potentially more profitable audience for retailers.
When it came to the overall shopping experience, the top frustrations cited by men were: retailers not having their size in stock (42%), crowded stores (36%) and having to queue at the till (35%) – with four in 10 men (40%) saying five minutes is the longest they will wait to pay before leaving a store.
Greater variety in men’s products and a recognition of changing shopping habits is driving the growing scale and volume of male-specific retail, both in-store and online, Barclaycard said.
Almost a quarter (23%) of retailers who have increased the size of their men’s section in the past five years have done so because they believe men are now shopping more than women.
Of those retailers that do cater to a largely female audience, almost four in five (79%) would consider moving into men’s retail or increasing their men’s range.
With nearly half of British men (48%) saying they prefer to shop online to snap up the latest trends, it’s no surprise that the most commonly deployed tactic from retailers is online and social media advertising (37%).
Over a third (34%) already offer, or would consider offering their male customers the ability to purchase items directly from social media accounts, while three in 10 (31%) would make use of a customer service chatbot to help improve the online shopping experience for men.
George Allardice, head of strategy at Barclaycard Payment Solutions commented: “The rise of social and digital media has made shopping more accessible and convenient for men, which in-turn has increased their purchasing power. Yet, it’s clear from our research that while men do want to shop they are put off by the overall experience – which could be causing retailers to miss out on vital sales. The good news however, is that the issues men have claimed put them off shopping – such as long queues to pay – can be easily fixed.
“As the shopping experience continues to evolve, it’s important that retailers not only keep up with new trends, but capitalise on emerging technologies to provide good customer service across all channels, for every consumer. For instance – allowing shoppers to check the availability of sizes online and then quickly and easily pick-up and pay in-store could help harness loyalty by providing a faster and easier check-out process and keep customers returning time and again.”