Wednesday, November 5, 2014

Business of Fashion: As Attitudes Shift, Men’s Jewellery Grows

"Once the domain of rock stars and royals, men’s jewellery has become an increasingly dynamic and valuable market."

Versace A/W 2014 | Source: Versace
"In the 12 months ending May 2014, sales of men’s accessories grew 9 percent, reaching $13.6 billion and capping a two-year period that saw the category grow 13 percent, according to market research company NPD Group. Ecce Homo! The much-anticipated growth in the men’s accessories market is here. And jewelry has emerged as a crucial category." Read more of the story here.
In the Philippines, particularly in Metropolitan Cities, you do start to notice men who wear accessories/jewelry beyond what we were used to seeing. Filipino men are becoming more accepting to accessorizing and my guess is that social media has a lot to do with it. It is quite interesting to note how social media has removed borders not only for information, but also for style. Social constructs have been challenged and experimented on resulting in a more accepting and tolerant society thanks to the increased exposure to and use of social media.
A study i did on Filipino Menswear consumers showed that a significant portion of my respondents react to social media and mobile marketing by clothing companies. This is not only limited to clothing as more consumers progress their social interaction to the virtual domain. As a result, there is a growing number of consumers who spend their money online and engage in mobile purchases. So i was not surprised when Apple introduced Apple Pay, and apparently businesses will consider integrating this in their systems as Google Wallet registered gains as soon as Apple Pay was launched.
So i predict that soon, businesses would consider developing their social media and mobile marketing strategies to accommodate this growing trend in social media use and how it influences consumer behavior.

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