New figures from market analyst Datamonitor shows the male grooming industry is growing in the downturn, which the firm attributes to fundamental differences between genders.
‘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,” said report author Matthew Taylor.
“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 behaviours that exist across genders.”
The company’s consumer survey shows that price is the biggest influence on men, with over 50% of all male respondents claiming it has a “high” or “very high” influence on choice of products. The figure was well above other factors including “ease of use” and “preferred brand”.
In Australia, the personal care market value totalled $2001 million for women and $840.8 million for men in 2007.
But the survey also finds that businesses would do well to ramp up marketing for new male products, with over half of the survey’s respondents in 15 countries not noticing any new products. The figure representing women who did not notice new products was just 28.7%.
“The potential remains huge, but the industry has not yet been able to exploit this,” the company says.