Skincare is a low priority for men
British men spend an average of less than £2.50 each per year on skincare products, according to new figures released by research group Mintel.
The figures equate to an annual market of £57m, compared to £602m spent on women's skincare ranges, and means that skincare accounts for just 7 per cent of mens toiletries sales.
"Companies have invested huge amounts of money into men's skincare. And with all the talk of the new age man and metrosexuals, everyone has been waiting for British men to finally start buying into looking after their skin. This has clearly not happened," says Mintel senior beauty analyst Alexandra Richmond.
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"Trends for an unshaven look among young men, coupled with the reluctance of older men to apply skincare products, could be to blame," adds Richmond.
Verdict Research, meanwhile, is predicting that a growing number of male shoppers will help the health and beauty sector reach its highest growth rate in a decade during 2008.
Verdict's latest report, UK Health & Beauty Retailers 2008, says that as consumers hold back from making major 'big ticket' purchases, they will be inclined to trade up to more expensive small luxuries as treats.
"In uncertain times people are still willing to spend money on making themselves look good and feel good," says Verdict Research retail analyst Carol Ratcliffe. She forecasts a 7.7 per cent increase in the sales of mens toiletries during the year.
