All eyes are on the bonus checks going out to the financier set: those of Wall Street, those of the City, those of rural Australia.
Fewer investment bankers buying cool wool suits are hitting the world’s largest supplier of the luxury fleeces that when woven into yarn are used to make the finest threads from London’s Savile Row to Milan’s Via Montenapoleone, said weavers of the cloth….
“Our biggest concern is the future demand for tailored clothing,” he said. “This sector is fundamental to demand for merino wool and the industry urgently needs to support [its] marketing and promotion.”
Value guys, now is the time to stock up on the good stuff.
Mr. Lempriere predicted that prices for the super-fine wool won’t recover from current depressed levels until early 2014 as demand for the high-quality suit and knitwear fiber remains weak….
British men’s average spending on suits has fallen almost a fifth between 2007 and 2011, the largest of all menswear categories, “as many retailers have started selling suits at cheaper prices, including made-to-measure suits,” according to market researcher Mintel.
In the U.S., total spending on suits and sports coats fell almost a tenth over the same period and is expected to decline a further 12% by 2016, Mintel added.
Australia, the world’s largest exporter of fine wool, has also suffered as suit makers have looked to cut costs by weaving greater quantities of cheaper fibers, such as cotton and acrylic, into their materials.