When it comes to the men’s grooming market, it’s growing, but maybe not as fast it could be.According to a new report from Datamonitor, the male grooming market is continuing to expand, although at a slower rate than often expected. Datamonitor reports that much of the market continues to rely on products that are viewed as essential, while the indulgent and emotional nature often seen in the women’s personal care industry is rare among men.
“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 (CPGs). 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,” noted Matthew Taylor, the consumer analyst at Datamonitor who authored the report.
Across most countries featured in the report, the split of populations is roughly equal by gender, but women continue to dominate spending in the personal care industry.
The survey revealed 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, according to the consultancy.
Findings also showed that most men did not pay much attention to new products in the field of personal care. This, coupled with a low engagement, suggests that many men will simply stick with what they know. 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%.
More info: www.datamonitor.com