Philips has observed a change in Korean men’s purchasing power, and its evolution over time. More men are now investing time in shopping by themselves rather than with spouses or girlfriends. (image: Kobizmedia/ Korea Bizwire)
SEOUL, April 27 (Korea Bizwire) – Korea’s market for male grooming products and services is continuing on a path of rapid growth.
“Despite the global economic recession, Korea’s male grooming market is growing faster than anywhere else in the world,” said Peter Kwak, vice president of the Consumer Lifestyle Division of Philips Korea, during a press conference held at the Banyan Tree Club & Spa Seoul.
According to Philips, the male cosmetics market grew by 62.8 percent from 2009 to 2014, and is expected to increase more than 50 percent by 2020.
The market for electric shavers has also grown consistently since 2011 by an annual average of four percent.
Philips has observed a change in Korean men’s purchasing power, and its evolution over time. More men are now investing time in shopping by themselves rather than with spouses or girlfriends.
“Philips is an expert in consumer lifestyle. We’ll continue to lead the male grooming market by satisfying domestic consumer needs and delivering new trends,” said vice president Park.
Philips also introduced new product lineups for men’s grooming during the event.
The 9000 series for optimal shaving, the 7000 for softer shaving, the 5000 for quicker shaving, and the 3000 and 1000 for easy and comfortable shaving were among the products presented.
A skin cleanser for men called VisaPure Men and an electric toothbrush, Sonicare DiamondClean Black Edition, were also introduced.
By Lina Jang (linajang@koreabizwire.com)
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