Business Opportunity: Male Insecurity Builds Men's Grooming Market
While body image has shaped female attitudes for decades, men are finally succumbing to the "look good" Hollywood image machine. The category of men's grooming products has experienced robust growth as both Generation X and savvy Generation Y adopt a higher standard of body image.Male grooming products span several areas from skincare and deodorants - to fragrances and shower products. Market researcher, Packaged Facts, predicts American sales of $6 billion by 2008, from $3.5 billion today. A clean business opportunity for companies like MenEssentials.com, online retailer of men's grooming advice and products.
Driving Force: James Whittall, President of MensEssentials, sees men's acceptance of women in the workforce and sharing of household chores as a strong driving force. "Once you discard traditional males roles in the home and at the office, it's very easy to embrace trends and the products they spawn that were previously associated only with women," remarks Whittall.
With the success of shows such as "Queer Eye for the Straight Guy", men are learning it's much easier than previously thought to dump the slob guy image. Not only are Gen X men driving demand for grooming products, but so is the younger generation. Young males bombarded with visuals of buff PlayStation physiques and Maxim bodies, understand that simple hair care and body care grooming are key to the whole "get the girl" package.
Risks: This rapidly growing market has attracted the attention of large corporations including: Unilever, Procter & Gamble, and L'Oreal. These companies have the big ad dollars to saturate the market. New upstarts are best to use guerilla tactics to outmaneuver the giants. Gain markets quickly and move out.
Resources:
Queer Eye for the Straight Guy
The business opportunities presented here represent a range of profit potentials and risk. Before venturing forth, consider more in-depth research and a business plan to improve your odds of success. In the end, the best business opportunity is the one that closely matches your experience, skills and interests, along with a rising tide of growth.
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