With the improved purchasing power and aspirations among the lower-middle and middle-income group in the country, brand consciousness and sense of grooming is witnessing a phenomenal rise. As a result of this, the industry players are focusing on bringing out products and pricing to suit consumers across different levels of purchasing power.
According to a recent study by Associated Chamber of Commerce and Industries (ASSOCHAM), India’s beauty, cosmetic and grooming market will rise to 20 billion dollars by 2025 from the current level of 6.5 billion dollars on the back of rising disposable income of the aspiring middle class. This particular section of the society is becoming increasingly concerned about not only a good and healthy life but also wants to look well-groomed.
The rural population has also joined the rally as rural areas are well connected with the cities by roads, telecommunication and the firms reaching out to the people in villages and small towns.
The consumption pattern of cosmetics among teenagers grew rapidly between 2005 and 2015 because of increasing awareness and desire to look good. The teenager segment has emerged to be the fastest growing segment for the manufacturers of a range of products including perfumed body sprays and deodorants. Over 68% of young adults feel that using grooming products helps in boosting their confidence.
Among the key factors which influence this trend include: rising disposable income, competitive workforce environment, increasingly complex grooming routines, social media, selfie mania, growth in the number of Indian icons such as film and television actors and sports persons, young population.