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Study: Men are the new big spenders

Sunday - 4/20/2014, 4:59am  ET

WASHINGTON -- With a new emphasis on grooming and personal appearance, men are the new big spenders at malls and shopping centers.

Menswear purchases grew by almost five percent last year, according to a new report from Euromonitor International, a market research firm in London. With men enjoying more stylized grooming and putting an emphasis on their personal style, mens' fashion purchases are soaring.

The rise since 1998 is expected to top almost $450 billion in sales in 2014.

So what are men spending their money on?

Suits, sleepwear, luxury robes and pajamas. Swimwear, underwear and jeans round out the top five.

Accessories, starting with the man handbag, are projected to bring in $9 billion this year. Aside from their keys, wallet and phone, men carry computers, chargers, grooming products, glasses and other vital items.

Where to put them becomes an issue -- backpacks are a bit too casual, man purses are pegged as the next growth area in menswear.

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