How Much Do We Spend On Grooming? The Men Grooming Behaviour Might leave you surprised
Men Grooming Behaviour: As Both Men And Women Are Becoming More Beauty Enthusiast, The Industry Is Seeing New Challenges
Highlights:
- Men Grooming Behaviour
- How is the beauty Industry is evolving?
Beauty might be in the eye of the beholder, but looking attractive is unarguably a vital part of our daily lifestyle. Our grooming and beauty needs are supporting a multi-billion dollars industry. Today, the beauty industry is worth over $500 billion, which can exceed $800 billion by 2025. We spend a whopping amount of money on cosmetics, skincare, and grooming that can even put us through the top-tier universities. Do you want to make a guess on how much we spend on grooming and beauty? Let us take a look at the men grooming behaviour.
The beauty industry saw tremendous growth and new challenges in recent times with its rapid changes. For example, the constant increase in demand for natural and organic beauty products and a surge in male grooming products changed the industry’s approach. Big brands such as L’Oreal and Garnier are coming up with their male beauty and skincare products.
Read more- Men Ki Baat: Are All Laws in India Gender-Biased? No, There Are Some Exceptions!
Several small brands and start-ups launched themselves as dedicated natural beauty products manufacturers and male-focused brands. In India, revenue for the natural cosmetics segment amounts to US$853.9 million, which is expected to grow annually by 2.90%. The male grooming industry was worth $70.15 billion in 2021, which is estimated to be worth about $81.2 billion by 2024. As the stereotypes around men using beauty products are overshadowed by the latest trends, let’s see how much we spend on grooming and beauty products.
How Much Do We Spend On Grooming?
Women Spend on beauty
Women have been a major focus for the beauty brands as they account for the major revenue for the industry. The list of women’s beauty products is quite long and expensive. From hair and nails to face and skin, women spend thousands of bucks on cosmetics and grooming.
According to a report, a woman spends $3,756 on beauty products annually, though the trend and spending habits vary from country to country. In the US, the average monthly spend on cosmetics in 2020 was €351, while in the UK, the spend was as high as €448. Women spend the most money on facials, then haircuts followed by makeup, manicures, and pedicures. On average, an American woman applies 16 skincare and cosmetics products, worth $8 a day.
Men spend on beauty
Though the shelves in the beauty stores are overflowing with women’s cosmetics, men’s grooming products are slowly making some space to shine. Currently, men contribute less than 1 percent to the beauty industry, but it is observing a spike. Breaking the stereotypes, men who would usually spend on beard oils, shaving products, and shampoo, are now spending on face serum, moisturizers, and face masks too. The beauty companies are introducing men-focused anti-aging creams, face-washes, face-masks, de-tan, sunscreens, etc. According to A 2019 MINDBODY Wellness Index Report, beauty trends are becoming more gender-neutral.
Men are spending almost the same amount of money on beauty products as women. With the changing trends, permanent make-up and eyebrows, along with skincare, are becoming a major attraction of male-beauty interest. The time is long-gone when men would associate their chest hairs with their masculinity, now they are considering a waxed chest, arms, and even legs.
The Future Of Beauty Industry In India
The Indian market is the new ‘glowing’ future for the beauty industry. The cosmetic market in India was valued at $11.16 in 2017, which is expected to grow at around 6 percent between 2017 and 2025. As many big industry giants are eying beauty enthusiasts, the Indian cosmetic market is forecasted to reach USD 20 billion by 2025. The Indian cosmetic market is seeing a speedy recovery post-pandemic and is expected to lead the global beauty industry.
Zenith’s Business Intelligence – Beauty and Personal Luxury report expects India’s beauty market to grow at an average of 7.6% a year. The ad spends for the beauty and personal care products in India is forecasted to be 15.2% higher in 2022 than it was in 2019. In contrast to that, the growth of beauty ad spends in the US, UK, Germany, and Italy to be 1%-2% a year.
With multiple small beauty D2C companies rolling up their sleeves, the Indian beauty market is seeing a shining future ahead. Big investors are showing their interest in Indian beauty companies and investing millions of dollars. For instance, Marico acquired men’s grooming brand Beardo in 2020, Emami Ltd raised its stake in The Man Company from 33.09% stake to 45.96% stake. In 2021, Reckitt Benckiser, the British multinational consumer goods company, had invested ₹45 crores in Bombay Shaving Company.
Conclusion
As beauty trends are becoming more gender-neutral, the beauty industry in India is showing a positive sign of growth. From all-organic and vegan to men-focused products, companies are tempting consumers with their innovative, green, and natural beauty and personal care products. With the new beauty trends taking up the pace, we assume that we will see a less stereotypical tendency around beauty needs.
