Fung Global Retail & Technology and First Insight analyzed consumer tests of new products conducted between 2013 and 2016 on nine categories, 19 brands and more than 17,000 items.
In eight out of the nine menswear categories analyzed, prices fell. These decreases are consistent with what we have seen in retail overall—continued downward pricing pressure due to fast fashion, value shopping, off-price offerings, cheaper labor and more efficient manufacturing processes.
Between 2013 and June 2016, the number of accessories items that First Insight was requested to test more than doubled, reflecting the growth in the men’s accessories market: Euromonitor estimates that category sales grew by 3% in 2015, to $15.3 billion.
For the one category where prices were up 34%, new brands are successfully entering the space by accommodating customer preferences and customizing.
Find out what that one category is, as well as more on the topic of price testing by downloading our joint report with Fung Global Retail & Technology. Enter your data in the form on this page and you will get a link to the report instantly.