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Watch Out Razor Companies! Millennials Blamed for Killing yet another Industry
The rise of the beard across young American men has caused a steep 5.1% decline in razor sales as of June of this year. Just in the past ten years, the number of times men shave their beards per month has shown a significant fall of 13.5%. And razor companies are starting to sit up and take notice.
These decreasing numbers aren’t due to lazy grooming habits- men under the age of 45 want beards. Where it used to be expected that men would show up to work with a hair-free face, times have changed and most men are able to happily take beards tall and small with them to work. Additionally, the beard has enjoyed a fashion spotlight the past few years. The newest look many are going for are beards that are well cared for and well groomed, and Gillette is learning that too.
Although razor sales have declined, companies like Gillette have reported seeing a bump in trimmer sales. Gillette trimmers almost balanced out the loss by showing a 4.2% growth over the course of the past year.
In fact, Google Trends shows that two breakout Google Search phrases currently rising are “electric razor” and “how to trim a beard”. The bearded men force is strong, and only getting stronger.
So far, razor companies have begun responding by slashing razor prices and turning to their grooming products to drum up those sweet, sweet millennial dollars. Gillette, Schick, and the like will have to figure something out if they don’t want to follow in the footsteps of the diamond industry and Toys R Us.
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