Men are here to disrupt the multibillion dollar beauty industry, as millennials and Gen Z bring new ideas about personal lifestyle and appearance to the marketplace.
According to the Private Label Manufacturers Association, companies spent more than $18 billion last year to promote women’s beauty products. However, for years marketers have been looking for growth opportunities within the men’s beauty industry. With many younger men beginning to experiment with skin care and grooming routines, retailers such as Minneapolis-based Target, which launched its Goodfellow & Co. men’s grooming line back in May, are responding with new products and marketing programs.
The men’s personal care industry is predicted to hit $166 billion by 2022, according to Allied Market Research. In 2018, men’s skin-care products alone saw a more than 7% jump in sales, according to market researcher NPD Group, reported by CNBC.
“In recent years, the notion that men can’t or shouldn’t be using skin care products or caring more in general about all aspects of their appearance has been receding,” said Andrew Stablein, research analyst at Euromonitor International in a research note, CNBC reported.
To watch a PLMA Live! video on the men’s grooming market, click here.