Chinese male grooming market set for phenomenal growth
The Chinese men's skincare market is set to grow 29% by 2014, far faster than Europe, which is forecast to grow 8% and North America at 6%, according to market researcher Euromonitor.
Euromonitor said male grooming salesaccount for just 1% of the total beauty and health care sector in China now,meaning there is still considerable scope for growth fuelled by growing disposable income and the growing availability of men's fashion and lifestyle media in China.
The market is expected to reach $269.6m (£172.7m) this year and Euromonitor said affordable, widely distributed products were expected to grow the most.
"Chinese men are now more concerned with appearances and projecting an image of success," Shaun Rein of China Market Research Group told Bloomberg. "First, they were spending on watches and pens and shoes as a status symbol, then five years ago they were focusing more on apparel, and in the lastthree years there is a real upsurge in male cosmetics."