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NEW YORK -- The men's market is expected to grow to $6.7 trillion by 2009 -- 25 percent higher than 2004 figures, according to The U.S. Men's Market, a new study by market research firm Packaged Facts. Of this group, men in the 25 to 49-year-old age group were responsible for 55.8 percent of the buying power in the men's market.
While society at large has adapted to the evolving roles of men and women in the home and workplace over the past four decades -- at question now is whether or not marketers have. Data suggests that they should: According to the report, young men like to shop.
Based on data from Simmons Market Research Bureau National Consumer Survey (fall 2004), the report notes that 1 in 4 men under age 40 shop frequently, a percentage that drops to less than 20 percent for men in their fifties. Overall, according to the report, men account for more than 60 percent of aggregate income in the U.S. Single men between the ages of 25 and 44 who have never married have an aggregate income of $391 billion.
The men's market is complicated and sometimes contradictory, particularly as later-in-life marriages and evolving gender roles affect home life. While men are participating more in stereotypical "women’s work," a comparison of boomer and Gen-X fathers, again using Simmons data, shows that Gen-X dads are more likely to have conservative views about the role of women.
"As more married men participate in child-rearing and household chores and as younger single men become less concerned about traditional male stereotypes, old-school assumptions about family purchasing decisions need to be revisited and retailers need to adjust their marketing strategies to take advantage of alternative purchase trends," said Don Montuori, Acquisitions Editor for Packaged Facts.
"The U.S. Men's Market" includes an analysis of marketing and advertising trends, and media usage in the men’s market is also provided. The report projects the buying power of male consumers and assesses strategic trends and opportunities in the men’s market.
Some highlights from the report:
-- Men Depend More on Brand Names: Compared to women, men in all age groups are more likely to turn to trusted brands rather than change brands often for the sake of variety or novelty. In general, brand awareness increases with age.
-- Use of Personal-Care Products Varies: Single men in the 35- to 49-year-old age group have the highest likelihood of using aftershave and cologne as well as moisturizers. Facial cleansing and hair styling products are most popular among single 18- to 34-year-olds. Moisturizers and facial cleansing products are more likely to be used by non-white single men than white men.
-- Younger Men Look to Magazines: Men in the 50+ age group are more likely than younger men to rely on newspapers and magazines to keep them informed. However, 18- to 34-year-old men have an above average propensity to rely on magazines for information, and they are more likely than older men to view magazines as their main source of entertainment and to say that most magazines are worth the money.