An investigation into the opportunities for men’s young fashion
Men’s young fashion: Young Entrepreneurs & Office Workers
The purpose of this assignment is an investigation into the opportunities within men’s young fashion (16 – 25), with regard to smarter day wear and tailoring.
With the rise in University costs, Protégé have looked into the decrease of young students applying for and entering University. The rise of tuition fees has led to 15,000 fewer applicants, a decrease of 8.8% compared to 2010 (Guardian 2012) Protégé also noticed the increase of young school leavers choosing other paths and as an alternative to higher education such as, apprenticeships which rose by 50,000 since 2011 (ONS 2012) in addition the government have funded £1.5 billion into UK apprenticeship, further highlighting the growth of this area (ONS 2012). Trades within the British Forces is another popular choice for school leavers, with the amount of entrants increasing my 11.8% (ONS) The arising trend noted is the amount of young business start-ups with a number of school leavers choosing to use their initiative to start up a business themselves.
The popularity and interest in Men’s fashion has increased with Verdict estimating an 18.6% growth since 2011-2016 (Verdict 2012). Verdict has also predicted the growth within formal due to the rise in employment and the difficulty in finding jobs (Verdict 2012) With a lower level of jobs available and an increase in competition due to the decrease in university applicants, looking presentable for interviews and within the work place is essential.
Protégé have identified four customer profiles within the young men’s fashion segment. 1. Action
Young men learning trades within the British Forces. 2. Traditional
Traditional apprenticeships such as: engineering, electrical, plumbing and carpentry. 3. Academic
Law firms, banking, accounting and finance apprentices. 4. Entrepreneurial
Young business start-ups.
As each customer profile within this identified demographic have missed the traditional student lifestyle and choices, as a result they have mentally skipped a life stage; feeling as though they are young adults and want to dress accordingly.
As each segment identified above are not surrounded by their peers they do not feel the need to conform to their age group stereotype, wanting instead to look and feel professional yet stylish.
Protégé aim to:- * Protégé will investigate the current market for the young men’s fashion (16-25) with regard to what is being offered currently and the opportunities. * Find out if there are any gaps in the market for the specific young men’s fashion (16-25) with regard to smarter every day wear and tailoring. * Finally, Protégé will make