- In recent years, the male grooming category has consistently performed well, with an average of 6% annual increase in global revenues since 2006 to reach close to $33 billion in 2011.
- Hectic lifestyles coupled with increasing junk food consumption means that men have less time and more skin-related issues to tackle.
- Global sales are almost evenly split between shaving and toiletries, a shift since 2000 when shaving accounted for 60% of total men’s grooming sales. Men’s toiletries are predicted to take over in 2013 and contribute double the revenue of men’s shaving 2012–2016.
- For a stronger foothold in men’s skin care, take lessons from the leaders in men’s deodorants in terms of diversified product ranges and tailored marketing tactics.
- Revenue growth opportunities in men’s grooming go beyond traditional products, with potential for men-focused fortified drinks or dietary supplements.
With fairly low expectations for last quarter’s sales results, all eyes are on those dynamic industry segments that have generated momentum in the past year. Alongside star performers such as nail polish and, not surprisingly, anti-agers, men’s grooming has once again come to the spotlight and seen a flurry of activity both in terms of increased marketing and advertising efforts, as well as many brands expanding their product ranges with more targeted offerings. Seemingly recession-proof, the male grooming category has demonstrated a consistent performance throughout the recent years of economic instability, having increased its global revenues by an average of 6% per annum since 2006, to reach close to $33 billion in 2011.
Sales of Toiletries Overtaking Shaving
Global Habits Not Homogenous
Male grooming habits across the world are certainly not homogenous, with Asian men having a definitive preference for skin care products, while Brazilian men’s spend on deodorants tops the world—and represents a spend double that of North America. One common factor that defines category dynamics, however, is the fact that men, either urged by employment instability or greater media impetus, have found the routine of looking after their appearance is becoming both regular and appealing.
It is still to be seen whether a significant proportion of men are prepared to search for and spend on such products—or enough men to swivel the category into a double-digit growth curve. Nonetheless, there are some parallels to be drawn with other associated consumer industries, which indicate a shift in consumption patterns. Looking at men’s apparel, for example, the market is undergoing a marked revival and outpacing growth of its female counterpart—notably, rapid-growth markets such as South Korea and China are seeing stronger per capita spend in men’s designer outerwear compared to that of women’s. Maybe not surprisingly, the same markets also rank highest in men’s skin care expenditure. So while not a true testament, some clear assumptions are safe to be made as to the changing buying habits and attitudes toward fashion and beauty among men, particularly in the premium segment.
Furthermore, revenue growth opportunities in men’s grooming go far beyond traditional products. As a recent Euromonitor International survey among young men aged 15–29 suggests, the key factor to a happy life is “being healthy,” but more interestingly, more than a third of those interviewed confirmed that among other health-related activities they take supplements at least once a week. The scope to innovate and diversify in the health and wellness environment, both among beauty players as well as food and drink manufacturers, is immense and one to be explored. There is still much untapped potential to develop ingestible products, be it fortified drinks or dietary supplements with additional beauty attributes, and, more importantly, those that target specific concerns such as hair loss, problem skin or weight loss.
Irina Barbalova is the global head of beauty and personal care research for Euromonitor International.