Men’s grooming: Major moneymaker?
Makers of hair care, fragrance, anti-aging treatments, moisturizers and other grooming items are salivating over a growing group of potential customers: Dudes.
In its new “Men’s Grooming Consumer Report,” research organization The NPD Group Inc. says the market for male prettifying products is gaining traction.
Already, more than nine in 10 men spruce up using some sort of grooming product. And although only a quarter use facial skincare items such as lip products and acne treatments, revenue grew 11% in 2011, according to the report.
“There is a huge opportunity with men for facial skincare,” said Karen Grant, a senior global industry analyst with NPD, in a statement. “The challenge is getting them involved and engaged.”
But companies may get less resistance from black and Latino men as well as younger men, Grant said. “Need-based opportunities seem to be most pronounced” with those demographics, she said.
Ethnic men already spend $88 million a year on skincare products, according to an infographic from men’s skincare company Zirh.
And younger men tend to be more open to trying new beauty routines, the graphic shows. While more than three quarters of men over age 65 still rely on bars of soap, less than half of guys ages 16 to 24 do. Those men are also less likely to use talcum powder but much more inclined to use facial scrubs.
Overall, American men – whose skin tends to be 15% oiler than women’s – shell out nearly $10 billion a year on their appearances, according to the graphic. Grooming products claim $3.3 billion of that.
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