A penchant for facial hair has taken its toll on the male grooming sector, according to Euromonitor. More specifically, the rise in popularity of ‘the hipster look’ of beards and moustaches has seen a decrease in spending on male shaving products.
The market research firm comments: “Beards have become more acceptable in the workplace and in casual settings, which has reduced the need for men’s shaving products. In 2015, men’s shaving declined by 1 per cent 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.”
With men predicted to embrace a “more casual approach to shaving”, Euromonitor anticipates shaving products will remain less of a priority. Instead, it is believed that brands catering to facial hair maintenance will see a boom. The firm explains: “Manufacturers are predicted to launch products that groom and style men’s facial hair over the forecast period, such as beard oils and moisturisers.”