Male grooming takes a hit from hipsters in Australia
Euromonitor International, a market research firm, has released new data on the category in Australia, highlighting that the lessening demand for male shaving products is a key factor in its projected decline.
“Beards have become more acceptable in the workplace and in casual settings, which has reduced the need for men’s shaving products,” the firm notes, pinning the trend on the rise of hipster style and fashion among men in Australia.
“In 2015, men’s shaving declined by 1% in current value terms, with men shaving less frequently while the quality of men’s razors and blades has improved, meaning they do not need to be replaced as often.”
‘Vast, unrealised potential’
Although it has seen a global rise in dominance over recent years, male grooming still has plenty of room for growth across the world, according to Euromonitor.
“Given that the world’s population is almost evenly split between men and women, and that men’s disposable income is both higher and growing faster, men’s grooming is still comparatively low, at US$35.4 billion value in 2013, which suggests vast, unrealised potential in the category,” the firm has explained.
Space for grooming
In Australia, despite the fact that the trend for hipster fashion likely to diminish in the coming period, shaving is not expected to pick up much; as such, brands looking to cater to male grooming will need to look elsewhere for growth opportunities.
“While the beard trend is likely to have reached its peak and is expected to die down over the forecast period, the trend is still forecast to influence sales in men’s grooming as men take a more casual approach to shaving,” Euromonitor’s report predicts.
To thrive, the category will need to look beyond shaving and its associated product range and begin innovation in line with current trends and demand.
“Manufacturers are predicted to launch products that groom and style men’s facial hair over the forecast period, such as beard oils and moisturisers,” Euromonitor confirms.
