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Designer clothes are seriously undervalued by men

15 Jun 2010

More men than women seriously underestimate the cost of replacing the contents of their wardrobe 

A recent survey carried out by first direct has revealed that, whilst men are more likely than women to buy designer clothes, they value the contents of their wardrobes as considerably less than their female counterparts. 

On average the majority of men see the contents of their wardrobe as being worth from £0 - £1000 even though over 40% are likely to buy more expensive designer clothes.  Women on the other hand know their wardrobes a bit better with the majority valuing its contents from £1000 - £2500 despite the fact that they're less than half as likely as men to buy designer. 

In fact both sexes have it drastically wrong.  According to experts at first direct the average cost of wardrobe contents including clothes, shoes, bags and luggage is around £6500, a full £6000 above the average estimate given by men and £4750 above that given by women. 

Not surprisingly the most expensive item the chaps had bought was a suit whereas women chose to spend more on a dress or coat.  However, it seems that in this new metrosexual age, both genders are equally as likely to own over 30 pairs of shoes. 

The study also found that less than half actually knew what their home contents were insured for, indicating that people could be unaware that they are running the risk of losing everything should the worst happen. 

Andrew Ferguson, Head of General Insurance at first direct commented:  "It's a real worry that people are not aware of how much they're insured for.  That coupled with the fact that they may have seriously underestimated the value of their contents means there's a real cause for concern."  

>ends<

Notes to editors 

For further information please contact Amanda Brown on 01132 766700 or Amanda.brown@firstdirect.com or Rebecca Hirst on 01132 766899 or Rebecca.hirst@firstdirect.com.   

first direct home insurance is provided by Aviva and is currently offering a 25% discount on the first year premiums when buying a new Home Insurance policy (minimum premiums apply). 

Further data 

  • The majority of people (35%) value the contents of their wardrobe from £0 - £1000
  • 52% of people don't know how much their home contents is insured for
  • People who rent are less likely (34%) than homeowners (57%) to know the value of their home contents insurance
  • 65% of people value the most expensive thing in their wardrobe to have cost from £0 - £250
  • 25% of people are most likely to spend the most on a coat or jacket
  • 29% of people purchase a new item of clothing in the last week  

About first direct

first direct has recently won the coveted 2010 Which? Award for Best Financial Services Provider.

first direct is a division of HSBC Holdings plc. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world's largest banking and financial services organisations.

HSBC is marketed worldwide as 'the world's local bank'.

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