Given that it’s so important to make a positive first impression and to continue reinforcing that impression, it’s not surprising that men’s spending on luxury items has steadily increased over the past few years. As psychology studies have revealed, it just takes a few seconds for one person to form an impression of another. Over half of this opinion, or 55% of it, is based on the other person’s overall physical appearance.
Between 2009 to 2014, for example, men’s purchase of luxury bags increased by 24%, and the purchase of small leather goods such as wallets and watch straps increased by 40%. When it comes to men’s designer footwear, such as Italian loafers and exotic skin shoes, there was a 39% increase in sales during this time period. In 2011, however, men’s luxury spend accounted for 40% of global sales. It’s interesting to note that their spending increased nearly twice as fast as women’s during that year.
Currently, six percent of the total shoe market share is comprised by men’s dress shoes. Exotic leathers, such as crocodile, python, and stingray are placed in the “other” category, which accounts for one percent of all of the globally-treaded leather products. In addition to these types of exotic skin shoes, there are also alligator skin shoes, ostrich skin boots, and other types of artisan shoes.
When it comes to purchasing personal accessories, the Millennial population have proven to be a solid consumer base. Approximately 23% of the United States’ population, for example, falls within this age bracket. Even though the younger and older population loves to wear accessories as well, the average consumer will wear a minimum of four leather items at the same time. In addition to leather shoes and belts, this includes wallets and watch straps as well.
As some studies have shown, visual cues can be three to five times as powerful as audio cues. Given this, an integral part of making and maintaining that positive first impression is the clothes, shoes, and accessories worn by Millennials and other age groups. Whether these individuals are outfitting themselves for work or to go out on the town, they care about how they appear to themselves and others.