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Do Men Really Care About Beauty?
Posted: November 15, 2012
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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.
Looking at key future prospects, men’s deodorant will continue to lead in absolute growth terms, increasing revenues almost as much as the whole of the total men’s shaving by 2016. Beauty companies looking to get a stronger foothold into men’s skin care should take lessons from the power players in men’s deodorants in terms of how they have diversified product ranges and tailored their marketing tactics to the typical male consumer.
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.