In today’s fast-evolving beauty landscape, many brands still overlook a goldmine: the male luxury beauty market. As traditional gender norms blur, there’s a surging demand among men for high-end grooming and beauty products, yet most brands are lagging, unsure of how to cater to this new clientele.
But fear not—navigating this uncharted territory can be within your reach. Dive in to uncover the strategies that will connect you with this burgeoning audience and position your brand as a front-runner in the male luxury beauty revolution.
The Rising Trend of Male Grooming in the Luxury Beauty Market
The luxury beauty market is transforming from being female-dominant to embracing male grooming. With men increasing their spending on beauty, skincare, and personal care, the market is ripe for exploration.
Market Growth
A recent study revealed that the worldwide male grooming products market size reached US$79.6 billion in 2022. The research company is bullish on this industry, expecting to grow to US$115.3 billion by 2028, with a 6.37% CAGR between 2022 and 2028.
Spending Surge
In the UK, spending on men’s skincare and services soared 77% year-on-year, with men comprising 21% of the overall beauty spend.
Global Phenomenon
South Korean men are leading the charge in redefining traditional views on masculinity, with a significant uptick in purchasing premium cosmetics.
According to CJ Olive Young, the country’s largest health and beauty retailer, men accounted for 30% of first-time customers over the past three years, up 150% from 2021. Also, the amount of men’s cosmetics purchased by male consumers increased by nearly 40 percent until the end of June compared to last year.
The High-Net-Worth Male Beauty Customers
Within this burgeoning market, high-net-worth individuals (HNWIs) represent an up-and-coming segment. Affluent consumers are increasingly investing in high-quality grooming products and services.
Modern-day athletes, celebrities, and influencers like David Beckham, Chris Hemsworth, and Pharrell Williams have championed this movement. These endorsers promote self-care for hygienic and aesthetic purposes and to express their individuality.
Key luxury beauty manufacturers (Tom Ford, Clinique, and Hermes), retailers (Mankind, Sephora, Harrods, and Neiman Marcus), and services have already tapped into this emerging trend and have profited from this.
To seize this fresh opportunity, you must understand how young men view skincare and beauty. Here are some interesting data about this burgeoning trend.
Changing Millennials’ and Gen Zs’ Beauty Preferences
The younger generations – Millennials and Gen Zs – are paving the way for new luxury beauty trends in men. Since 2020, 67% of millennial men aged 25-40 consider beauty/grooming as part of wellness. Barely more than half (52%) of those surveyed said skin care has emerged as their priority, while 54% believe they need beauty/grooming treatments such as facial and hair services.
Their younger counterparts, the Gen Z males aged 18-24, especially with their more inclusive and gender-neutral preferences, are seen to accelerate the shift further.
Michael Engert, co-founder and president of Good Light, said in an interview, “Gen Z is viewing brands as complementary to who they are. Core to their identity are diversity, inclusivity, sustainability, transparency, and trustworthiness issues.”
As a skincare brand championing Gen Z values, Good Light taps Gen Zs also prefer hybrid products because they imply value for money and a shift to reduced consumption.
This shift is not just superficial; it reflects more profound societal changes. Cultural and changing norms surrounding masculinity are evolving, paving the way for men to express themselves more openly in previously stigmatized areas. Here are some factors that fuel this movement:
Changing Perceptions of Masculinity
One of the key drivers behind the rise of male grooming in the luxury market is the evolving perception of masculinity. Traditional gender stereotypes give way to a more inclusive understanding of beauty and self-care. HNWIs are open to grooming products and actively seek them to enhance their appearance and well-being, including wearing make-up.
A Desire for Luxury and Quality
The ultra-rich males are discerning consumers who appreciate the finer things in life. For them, luxury is not just a label but a commitment to quality, craftsmanship, and exclusivity. Luxury beauty brands that offer meticulously crafted grooming products can resonate with these consumers.
Tailored Experiences
HNWIs value personalized experiences. They are willing to invest in grooming products tailored to their needs and preferences. Luxury beauty brands can leverage data and research to create customized solutions catering to affluent male consumers’ unique requirements.
Power of Branding and Packaging
Luxury beauty brands understand the importance of branding and packaging. HNWI consumers purchase products and invest in a lifestyle and brand image. Carefully designed packaging and branding can elevate the perceived value of grooming products.
Enhanced Grooming Services
It’s not just about products; grooming services play a significant role in the luxury male grooming experience. High-end salons and spas that offer specialized grooming services can attract HNWI clients seeking a holistic grooming experience.
To take advantage of the demand for an elevated experience, California-based men’s luxury grooming destination Hammer & Nails added the Club Luxe to its services, zeroing in on high-end luxury, rejuvenation, and relaxation.
How to Tap on this Trend
For luxury beauty brands looking to tap into the potential of the high-net-worth male grooming market, Agility Research recommends these tips:
Conduct Data-Driven Market Research
In-depth market research is essential for understanding male high-net-worth consumers’ unique preferences and behaviors. Data can provide insights into their grooming routines, favorite products, and unmet needs. AFFLUENTIAL’s TrendLens delivers comprehensive data and insights on the ultra-rich’s lifestyle and spending patterns.
Product Innovation
Based on research findings, luxury beauty brands can innovate and create grooming products that cater specifically to the requirements of HNWIs. These products should be practical and offer a touch of luxury and exclusivity.
Brand Collaborations
Collaborating with influencers, celebrities, or experts in male grooming can enhance brand credibility and reach among HNWIs. Research can help identify the right collaborators who resonate with this demographic. An example of this is the partnership between Estee Lauder and Manchester United, where the lead athletes of the football team promote skincare products.
Targeted Marketing Strategies
Data-driven insights can inform the creation of compelling marketing campaigns targeting millennials and Gen Zs. Tailored digital and traditional marketing strategies emphasizing grooming and skincare products and services’ quality, exclusivity, and effectiveness can attract HNWIs. Utilizing TikTok as a marketing tool through influencers is an effective way to reach out to these demographics.
The untapped potential of the high-net-worth male grooming market presents a remarkable opportunity for luxury beauty brands. By leveraging data and research, these brands can better understand the evolving preferences of affluent male consumers and tailor their offerings to meet the growing demand for luxury grooming products and services. In embracing this trend, luxury beauty brands can expand their reach, enhance brand loyalty, and remain at the forefront of the evolving beauty industry.
Get Expert Consultation from Agility Research
As the male grooming boom continues, it’s clear that market research will remain an indispensable tool for luxury brands seeking to understand, cater to, and thrive within this dynamic and increasingly influential market segment. By leveraging data and insights, luxury beauty brands can confidently navigate the uncharted waters of modern male grooming, unlocking its untapped potential to shape the future of the luxury beauty industry.
Seek expert opinion and data from Agility Research today to navigate the emerging luxury male grooming industry. Together with AFFLUENTIAL, we provide comprehensive and in-depth insights into the lifestyles and spending habits of the ultra-rich to take your business strategies to the next level.