Here come the 'fashionmistas' - young men have the biggest passion for fashion in UK

• Men in their twenties have the most valuable clothing collections, worth £150 more on average than those of their female peers1
• Two out of five young men2 spend over £50 a month on clothes - with more than £960 million being spent in the UK every year by this group alone3
• Fashion conscious men in their twenties have a wardrobe worth 45 per cent more than their father’s generation4
• 80 per cent of young men do not have contents insurance
   

Men in their twenties have the most valuable clothing collection of any age group in the UK, according to figures released by Privilege home insurance. The contents of a young man’s wardrobe cost £1,227 on average, while young women estimate their closets to be worth about £150 less at just £1,078.

Expensive designer labels are clearly the modern status symbol for young men, who admit to spending an average of £362 on their most expensive item of clothing. In fact, nearly two out of five young men (37 per cent) spend over £50 every month on their fashionable threads, which adds up to an incredible £960 million being spent on fashion by this demographic each year.

The rise of the ‘metrosexual’ man has even resulted in one in 20 men (five per cent) carrying a compact mirror and even more (seven per cent) carrying some sort of make-up. However, these ‘peacocking’ tendencies seem to be particular to the younger generation, with the figures indicating that the contents of a young man’s wardrobe was worth an average 45 per cent more than that of men in their fathers’ generation.

Unsurprisingly, it was trendy Londoners who were found to have the most expensive wardrobe collection in the UK, with the cost of their clothing totalling £1,447 on average. People in the North East, however, took a more frugal approach to their sense of style, with their closets costing half as much as those in the capital (£704).

In contrast with ongoing cost of living concerns, 17 per cent of 18 -34 year olds admitted that the items they did not wear in their wardrobe were the result of inappropriate purchases they never got around to taking back, with men the most likely of the sexes to hoard these. Over a third (35 per cent) of gents also confessed to keeping clothes that no longer fitted them, but this paled in comparison to nearly half (49 per cent) of all ladies.

Despite this slightly cavalier attitude to their finances, four out of five (80 per cent) men in their twenties admitted that they do not have personal contents insurance to protect their style investments, or indeed the rest of their belongings.

Dan Simson, head of home insurance at Privilege said: “It is clear that the younger generation sees their clothing as a status symbol and are willing to invest a lot of their disposable income into looking good.”

Simson continues: “However, an alarming number of young people admit to having no contents insurance at all. They may not have considered whether they could afford to replace their wardrobe and all of their personal possessions if they lost everything in a house fire and should consider taking out comprehensive contents insurance”. 

Notes to editors

• ₁Research conducted among 2003 participants from 29th April 2014 to 2nd May 2014, weighted to nationally representative criteria
• ₂ ‘Young man/men refers to men in their twenties
• ₃ (37% of 4,326,969 [number of men in their twenties in UK according to 2011 census]= 1,600,978.53 ) x £50 spend x 12 months = £960, 587,118 spent a year.
• ₄ Father’s generation refers to men in their fifties

For further information please contact:

Chloe French

Media Relations Executive

chloe.french@directlinegroup.co.uk

01651 831 715

07770 640 865
 

Victoria Leyton/Tom Pavey-Smith

Lansons

0207 294 3602/0207 294 3606

privilege@lansons.com
 

Privilege
 

Privilege Insurance specialises in car insurance for safe drivers. It also offers home insurance and breakdown cover by phone or on-line.
 

Privilege general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
 

Privilege and U K Insurance Limited are both part of Direct Line Insurance Group plc.
 

Customers can find out more about Privilege’s products or get a quote by calling 0845 246 0515 or visiting www.privilege.co.uk