Photo courtesy of Clem Onojeghuo of Unsplash

Are you aware of the latest “must have” accessory in the businessman’s wardrobe?

An executive backpack.

According to an article in the October 19th Wall Street Journal, businessmen are switching from briefcases to backpacks.

Not just any old backpack will do, of course. Apparently, the “slung over one shoulder messenger bag” is so last year. And to wear a backpack that tells the tale of I-also-use-this-for-hiking would be so, well, gauche.

“Dude, is that, like, a grass stain on your backpack?”

Humor aside, this is no financial joke. An analysis of sales for the past twelve months ending this past August shows that $864 MILLION was spent in the US market segment titled “adult men backpacks.”

And in case you’re wondering how our country can spend over eight hundred million dollars on men’s backpacks, let’s take a look at the executive versions pictured in the WSJ article.

They ranged in price from a paltry $540 to the staggering amount of $3695 for a Brunello Cucinelli suede model.

Just that brand’s name sounds expensive.

So never mind the $7.58 you may have shelled out at Target for the My Little Pony Rainbow Dash backpack or the $9.88 you spent at Walmart for the Spiderman version for your kids or grandchildren this fall. Nope, the real money spent on backpacks is for men.

Photo courtesy of Daiga Ellaby, Unsplash

Because that eight million and change I noted representing the men’s segment of backpack sales was nearly HALF of the entire American sales of backpacks in the same period.

That’s a lot of men carrying something on their backs.

But you know, the “man bag” (basically a purse for men) never really caught on. I can’t imagine why not. And there’s just something wrong with a man wearing a fanny pack. Plus it’s hard to fit a laptop into something worn around your waist.

So I guess a professional-looking carryall for working men makes sense.

And I would like to applaud the marketing genius who coined the term executive backpack.

Tagging this utilitarian object with a super cool name makes it something that every working man will feel good about wearing even if they don’t shell out big bucks for the expensive versions and even if they don’t work in an office.

When I Google search “executive backpacks for women” and ignore the images and the paid ads, the first hit that comes up says “Women’s Business Backpacks.” That’s followed by hits on laptop bags, travel bags, and the all-purpose “work/life” bags. I guess that means you can carry clean diapers and wipes in with your laptop.

So for now, an executive backpack is a guy thing.

I love Robert De Niro’s character in the movie The Intern.

He plays a 70-ish retired widower who goes back to work by becoming an intern at a start-up company. His millennial co-workers are amazed that he dresses in a suit (complete with a cloth hankie in his pant’s pocket) and carries a briefcase. He took great pride in his 1973 Executive Ashburn attaché case.

He would not have been the same character if he had worn a backpack, executive style or not.

Spoiler Alert to the men in my life:  Sorry, but Santa will NOT be leaving a Brunello Cucinelli executive backpack under the tree for you this year.

But I’m seriously wondering if I should ask my financial advisor about investing in this new industry. Diversify!