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Not since the boom market of the 1980s, when the masters of the universe blew their bonuses on bling, has the luxury men's wear market been this hot. But the average Gekko has learned the pleasures of discretion. The thing right now is secret luxury: expensive clothing that looks unassuming but feels like the corner office.

The upmarket upswing has been quite a rush. In the past eight months, the luxury end of men's sportswear has grown by 20 per cent, says Jeff Farbstein, the fashion director at Harry Rosen. (This compares with 5-to-10-per-cent growth in sportswear.)

Secret luxury means you know what it's worth and others know only if you tell them. (Of course, it is in the nature of men to brag: It's the reason they put the antlers above the fireplace or anchor the pneumatic blonde with the big rock. This is why salespeople are filling their heads with lore about which side of the mountain in Nepal the goat that gave its chin for that scarf was born on.)

The trend is teaching men the subtleties of life's finer things. “It's about the way a fabric feels – I'm gonna say it like the New Yorkers – like buttah,” says Nicolas Kalatzis of Nicolas Men in Toronto. “It's also about construction techniques. Look at this jacket (in our photograph, at right). It's $3,195, yes, that is a huge amount of money. But a wealthy man puts this on, he feels rich. On the hanger, it looks like a shmatte, like nothing. On the body, you appreciate that it is hand-sewn. … It is not flashy, until you touch his arm.”

Guys are getting high on consumption, he adds. “These are impulse buys. If a man is wealthy enough, he's not holding on to his money. He's treating himself. It used to be women would shop for men. Now they are buying themselves, they are tossing the 10-ply cashmere sweater on top of the $4,000 suit.” He says they can't keep the Juicy Couture sweatshirt with the rabbit lining ($600) in stock.

But men are not yet full-on fashion victims on the scale of womankind: No one is telling them to spend $850 on a pair of Prada ombré oxfords that will be virtually useless by February, when the new season hits stores.

“Men still feel that things should last,” Farbstein says.

“A great Loro Piana cashmere coat is not for everyday. It wouldn't be a first or second piece. When a man looks at that kind of thing, it's expensive and it's going to have to last a long time.” He points to two $4,500 Zegna cloth “silk touch” ecru cashmere-lined coats. “These are pieces we used to get in as the sizzle, for show. They are becoming the steak.”

At the Bay, men's wear is set to move out of the basement. Industry standard is that women's departments take up floor space at the rate of about three to one, says Suzanne Timmins, the Bay's fashion director. This is changing, and fastest in the luxury sector. “I expect that one day soon the men's wear business will be equal to ladies' wear and no longer relegated to the first floor or basement level …,” she says. “The men's luxury market is just part of the growing trend for men to consume at the rate of women for the exact same reasons. Luxury? Why not?”

Timmins is excited about how quickly men are picking up the shopping thrill. “There is a larger segment of men out there who are making a great deal of money. They want to signal that they are successful and are enjoying it, in and out of the boardroom. The marketing campaigns … capture the aspiration of the regular guy who wants to be that guy.”

Accessories have always been the way to draw consumers into the designer habit. “We have seen an increase in sales in small luxury items such as watches and fine leather goods,” Timmins says. “We will be launching a men's jewellery department in our flagships.”

The new signals of success are harder to spot. Luxury isn't just the snazzy Tag Heuer watch (though they are truly lovely things). It is about wit and detail, like the handmade key chains by Toronto jeweller Alexandra Schleicher: the oversized skeleton key design fit right in at the Albany Club (where we shot this story), full of Sir John A. Macdonald portraits and leather wing chairs. Patinaed for effect, it looked perfectly old-fashioned.

And traditional is the real hallmark of secret luxury. Thus, look to beautifully finished seams, to mother-of-pearl buttons and to hidden scarlet silk linings – little details that reassure the consumer that his jacket is worth 30 times the price of the H&M version.

And yes, classic styling does make an investment last longer. But fashion does come into play. For instance, now that pant cuffs are getting shorter, groovy socks are more important.

But there is nothing more secret, or sexy, than truly great men's underwear. Top-of-the-line Perofil by Zegna, is, in fact, quite proper, as in more sometimes is more. (Leave the bikini cut to the centrefolds.) Again, it's the feel that makes the briefs worth $75 and the long-sleeved undershirts a good value at $160. And remember, gentlemen: These are deal closers.