Cosmetic companies sees potential market in Chinese men
L’Oreal SA, world’s biggest cosmetics company with some other big names in the cosmetics industry are targeting men in China. The cosmetics companies are noticing that more and more Chinese men are watching their appearance will many of them spending on facial care and anti aging products.
Sales of men’s health and beauty products in China is set to overtake North America in sales and will probably grow faster until 2014. All major cosmetics companies are focusing on this since China started from a small base and grew into a huge potential market.
Chinese men are concerned with their appearances and projecting images of success. Before they were spending money on watches, pens and shoes as sign of status symbol. Then changed their focus on apparel, and in the past three years there was a surge in purchase of male cosmetics. Men are spending more on face creams, anti aging gels and cleansing lotions and have already surpassed the sales on shavers and blades and the gap will keep on growing.
L’Oreal already garnered 32 percent of the Chinese market since 2009, their sales was driven by purchases of premium items by Chinese men. L’Oreal now is focusing at professional urban males willing to spend money to keep up their appearances.