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Men's Market Growth Slows, But is Still Rising
Posted: March 13, 2009
Market analyst firm Datamonitor has released a new report on the growth of the men's grooming market, indicating factors such as price and familiarity are highly important to them.
A new report from independent market analyst Datamonitor identifies that the male grooming market in United States is continuing to expand, although at a slower rate than often expected. ‘While the more lucrative women’s market is also continuing to grow, the potential of the male market remains enormous and will be important to manufacturers of consumer packaged goods. The male grooming market needs a markedly different approach in order to succeed than the female market, however, due to some substantial differences in attitudes and behaviors that exist across genders,’ comments Matthew Taylor, consumer analyst at Datamonitor and author of the report.
The results of Datamonitor’s 2008 consumer survey showed that price was the biggest influence on men when choosing personal care products. More than half of all male respondents felt that price had either a ‘high’ or ‘very high’ influence on their choice of products. This was a substantially higher response rate than for any other factor, although ‘habit/preferred brand’ and ‘ease of use’ also ranked as fairly important influencing factors among men.
Many personal care brands targeted at women have been successful in achieving a high level of engagement with their consumer bases. This situation has not been replicated among men, where the more essential and necessary nature of personal care products has ensured a lower level of engagement. High-engagement brands will obviously be more successful in achieving a sense of loyalty with consumers and marketers must strive to ensure that men feel a stronger attachment to their male grooming products and brands.
Findings from Datamonitor’s 2008 consumer survey showed that most men did not pay much attention to new products in the field of personal care. Coupled with the low engagement mentioned above, this suggests that many men will simply stick with what they know, without even bothering to check out alternative products in the marketplace. More than half of all male respondents said that they did not seem to notice new products in cosmetics and toiletries. The equivalent figure for women was much lower at 28.7%, with 22.7% of females advising that they actively monitored new products in this category.