As the sector rises globally, market researcher Canadean’s latest report hones in on the sector’s current and upcoming US trends.
The volume of Male Toiletries used in the US will steadily increase during 2012-2017, the report notes, driven by the rise of the ‘Millennial’ generation, who are reaching 25 or older during the period.
Men of this age group seek innovation in their products, and are driven by an emerging aspiration for grooming and styling. In addition, in line with consumer trends among younger generations more generally, they are keen for higher quality products while still demanding value for money.
‘No longer shy’ for premium
The report states that premium looks set for a boost from male consumers in the region, as rising consumer confidence and a recovering economy will particularly strength the male fragrances segment.
The highest income groups are called up by the report as ‘no longer shy’ of making premium purchases in the sector, and aftershaves and colognes are expected to profit from this change in consumer outlook.
“The improving state of the economy and a climbing stock market saw a rise in consumer confidence with even high-income consumers not shying away from premium purchases,” note the Canadean analysts.
Dove recently moved into premium male care retail, confirming brands are responding to this trend.
It’s not only premium set to gain in coming years though: hypermarket and supermarket chains “dominate the distribution of male toiletries products in the US,” according to the researchers.
How to profit?
Innovation will drive sales to the Millenials, who expect a high level of value for money from their consumer goods, according to the analysts.
“Manufacturers are focusing on launching innovative products that provide multiple benefits primarily targeting the time-pressed working male population in the US who are growing more look-conscious and are seeking better grooming products with all-in-one benefits,” they state.
In terms of key consumer groups, pre-mid-lifers now join older mid-lifers in taking the highest consumption share of the sector, with the time poor, affluent demographic in particular offering the biggest spenders.
The volume of Male Toiletries used in the US will steadily increase during 2012-2017 at a CAGR slightly higher than that registered during 2007-2012, the researchers conclude.