By George Anderson
While many older men equate the term suit and tie with stiffness, their younger counterparts are buying more formal apparel in increasing numbers, reports The Los Angeles Times.
According to NPD Group, apparel sales rose 4% in 2004 and men's tailored clothing was up 24%.
"Younger consumers who never worked in a suit, owned a suit or even have seen a suit — except in the movies or on television — have gravitated toward the suit like they discovered it," said Marshal Cohen, NPD's chief industry analyst.
That's great news for chains such as Men's Wearhouse Inc., which is estimated to have a 22 percent share of the men's suit market in the U.S. The retailer sells more than a million suits and 2 million ties a year. Last year, the retailer's profit rebounded after two straight years of declines.
Moderator's Comment: Does the increase in suit sales reflect a fundamental change in male consumer shopping behavior? If yes, how else is this evidenced and what does it mean for retailers and other marketers targeting men? - George Anderson - Moderator