More than 70% of the fashion industry is dominated by men, according to a new study by the Australian Financial Council.
The AFC is conducting the survey to discover the motivations behind the passion for fashion, and what drives people to spend money on it.
It found fashion has become a significant part of our culture, with more than half of Australians choosing to wear it in their daily lives.
The research, conducted for the AFC, found that while men spend more on fashion, they are also less likely to buy into its benefits and its impact on society.
It found the majority of men are not financially responsible for the costs of their wardrobe, with almost one-third (29%) choosing not to spend their money on fashion at all.
More than half (53%) of those who chose to wear their clothes in a public place reported spending less than they would on other items, with the remainder spending more than their average weekly income on the items they purchased.
About a third (32%) of men chose not to buy a specific item, including bags, scarves and shoes.
“Fashion is about making people feel confident and fun and being comfortable and stylish,” AFA chief executive, David Rowntree, said.
“I think we all want to feel that we’re a part of something special.”
The AFA study also found that men spend an average of $30 to $50 a day on clothing, but the amount they spend on clothing is much less for women.
The study found the average price for men’s clothing is $3,955 while the average for women’s clothing, $3.25, is about $1,000.
About one in four women said they would spend more money on clothing than on other essentials, with about half (51%) saying they would buy more than a specific piece of clothing.
About two-thirds (64%) of women and one in five men (25%) said they had bought more than the average weekly wage for their job.
But the AFA found most women (65%) would spend money more on a certain item than on another, with women (66%) and men (65%), both women and men, spending more on clothes than men (62%).
The study also revealed there was a strong gender divide in the fashion purchase habits of men and women.
Women (65 per cent) spent an average $4,964 on clothing while men (58 per cent), spent $5,726.
Men (54 per cent of men) and women (49 per cent, respectively) spent more on clothing when compared to the average, but men (56 per cent and 50 per cent respectively) also spent more money when compared with the average.
About four in 10 men and three in 10 women (41 per cent each) said they were more likely to choose a garment over other items in their wardrobe.
Men also spend more than women on footwear, with 44 per cent (44%) of them spending more money buying shoes compared to 33 per cent for women, according the AFOA.
Men and women also spend about the same amount on watches, but women spend more when compared (48 per cent vs. 43 per cent).
About one-in-three men (33 per cent ) and women aged over 55 (29 per cent ), as well as those aged between 55 and 64 (25 per cent & 44 per per cent – study) said that the majority (58%) of their money was spent on the accessories and shoes they were wearing.