Look around you, and you’ll notice that men are increasing their investment in personal skincare and hair products.
“Men’s grooming is now a multi-billion-pound worldwide industry.” The Independent
According to a study conducted by the Huffington Post, one-fourth of men (25%) and roughly one-fifth of women (21%) spend more than 30 minutes a day getting ready. Read that again. MORE men than women spend more time in the mirror getting ready in the morning. Are they borrowing their women’s products? Absolutely not. Based on numbers released by Statista reports, the men’s grooming industry was worth $17.3 billion globally in 2013, but increased to $20.3 billion within 2 short years. In fact, men’s grooming is expected to increase more than $26 billion by 2020!
“We see all males at our salon — from businessmen to hipsters,” says Greg Lee, co-owner of G Michael Salon in Indianapolis. Forty-seven percent (47%) of men now participate in the overall beauty industry in the United States. That’s not surprising, as there has been a 300% growth in sales of skincare and haircare products for men in 2015 with an estimated $21 billion in revenue by 2016 across the globe.
So why should you care?
Well, seeing that men make up 50% of the population, this is super exciting news to licensed barbers, hairstylists, and salon owners because this means that more males are opting to pursue regular professional grooming and are repeat customers. And the more males that pursue professional grooming, the more service providers are required to cut their hair, trim their beard, massage their back, or shape up their nails. If you’re thinking of opening up a salon or barbershop that caters solely to men, now is the time. If you’re a barber looking for professional barbershop space to work to service your male clientele, ShearShare is for you! With the total number of barbershop visits and revenues similarly increasing, men are an underserved segment not to be overlooked.