Men's Skincare Spending: Trends, Market Growth, and Factors Driving the Increase
Summary
- Men are increasingly investing in Skincare Products, with the average annual expenditure rising steadily over the years.
- The global skincare market for men is expected to continue growing, presenting a lucrative opportunity for manufacturers and retailers.
- Self-care and grooming routines have become more important for men, contributing to the increase in spending on Skincare Products.
Introduction
Skincare is no longer just a concern for women. Men are paying more attention to their skin health and investing in Skincare Products to maintain a youthful and healthy appearance. In this article, we will explore the average annual expenditure of men on Skincare Products in statistical terms, shedding light on the growing trend of men's skincare routines.
The Rising Trend of Men's Skincare
According to a survey conducted by Mintel, a global market intelligence agency, the average annual expenditure of men on Skincare Products has been steadily increasing over the past few years. In 2019, men spent an average of $91 on Skincare Products annually, compared to $75 in 2017. This upward trend can be attributed to several factors, including changing societal norms, increased awareness of skincare, and the rise of self-care practices among men.
Global Skincare Market for Men
The global skincare market for men is rapidly expanding, presenting a significant growth opportunity for manufacturers and retailers. According to a report by Grand View Research, the global men's skincare market size was valued at $18.92 billion in 2020 and is expected to reach $31.54 billion by 2028, growing at a CAGR of 6.6% during the forecast period. This growth can be attributed to the increasing focus on personal grooming, rise in disposable income, and the availability of a wide range of Skincare Products specifically targeted towards men.
Factors Driving Men's Skincare Spending
Several factors have contributed to the increase in spending on Skincare Products by men. One of the key drivers is the growing importance of self-care and grooming routines among men. In a survey conducted by Grooming Lounge, a men's grooming retailer, 66% of men reported that they have skincare routines, compared to 29% in 2010. This shift in attitudes towards grooming and self-care has led men to invest more in Skincare Products to maintain healthy and youthful-looking skin.
Conclusion
The average annual expenditure of men on Skincare Products is on the rise, driven by changing societal norms, increased awareness of skincare, and the growing importance of self-care and grooming routines. The global skincare market for men is poised for continued growth, presenting a lucrative opportunity for manufacturers and retailers to tap into this expanding market.
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