Many millennials are currently mired in financial struggle, but they are on track to be the most educated generation. Although this is hardly a guarantee of future success, in addition to concerns that college degrees are becoming oversaturated, it is a hopeful sign for when the economy improves. And then there are the young men who are doing well for themselves already. Dubbed "upscale millennials," they're defined by Nielsen Media as those who have the top 25% of annual household income among their peers, which comes out to $70,000 a year and more. Depending on where they live, cost of living can vary a lot and so will their relative economic standing, but these upscale millennial men generally share the desired characteristics of being educated professionals who are able and willing to sometimes spend more for better quality. Many of them are part of Man of the Hour's target audience.
Generation Y men have forged their own looks and outfits, but not without influences from the past and present. It's common to have idols growing up, and many of today's young and educated men look up to refined gentlemen of previous generations, such as Frank Sinatra, Dean Martin, and Sammy Davis Jr. Then there are examples that could be considered members of the contemporary Rat Pack, such as Joe Jonas, Victor Cruz, and Eddie Redmayne. These men all project images of great success and sophistication that male millennials are seeking to emulate, and it all starts in the way they dress, accessorize, and groom themselves. Man of the Hour is here to help them reach their full stylistic potential.
Millennials often have clothing on their minds, whether they're spending too much money or have saved some up. When asked what measures they had taken over the past year to cut down on expenses, 48% mentioned spending less on clothes, coming only behind buying less takeout food. When asked what they do with spare cash after their essential living expenses have been taken care of, 35% mentioned buying clothes, which was second to putting it into savings. Generation Y men are more individualistic compared to their elders; similar to home furnishing, clothing is a major avenue of self-expression.
Shopping tends not to be associated with men, who are traditionally thought to drag their feet on trips to the mall and emphasize price, practicality and convenience over having fashion sense. However, recent sales numbers are challenging conventional wisdom. While American men's retail clothing sales are only around two thirds of women's, they have increased at a faster rate over the last few years and are expected to continue to do so in the near future. Sales of male grooming products, such as facial cleansers, are on the rise. Young male entrepreneurs are appearing on Shark Tank pitching hair care and beard care companies.
The gender gap for overall online shopping sales is much smaller and arguably non-existent in many categories. Some retailers have even reported that their online sales from male customers have surpassed their sales from female customers. Broader surprises have popped up; men do more shopping on their smartphones. Millennials are spending more online, around $2000 annually, than other generations despite their lower incomes. At the same time, online shoppers tend to live in households with higher income.
The advent of technology could be a major contributing factor to men closing the shopping gap and millennials leading the way in e-commerce. The key is realizing that men don't dislike the outcome of buying something, but unlike women, many have little to no interest in the actual experience. They're more likely to approach shopping with a "get in and get out" mentality. The internet, whether on desktops, tablets, or phones, streamlines this process, making shopping simpler and faster. It also avoids issues - overcrowding and long lines - that men commonly cite as reasons they dislike shopping. Social media and online blogs and magazines present a wider variety of less intimidating methods to learn more about the latest brands and trends. And from a marketing standpoint, men are reached more effectively through those same sources.
Due in large part to their age, gender, and spending power, today's educated and professional millennial men are creating their own concepts of style. With increased confidence, they're updating their wardrobes and buying on impulse more often. There's risk taking with the avant-garde, as well as sticking to classic styles and putting contemporary twists to them. These young gentlemen are simultaneously bold and practical, and are primarily focused on being debonair for themselves, not simply to impress others. Man of the Hour's style content will help bring them and relevant industries together to the benefit of everyone.
Make sure to check out Man of the Hour when its redesign finishes in June, and find out more about its content through the Media Kit. Don't hesitate to contact the magazine about collaborating through interviews, product profiles, and more.