Hairstyling industry involves retail sales of cream, mousse, wax, pomade, hair gel etc. Hairstyling products are classified under Retail sale of cosmetics and toiletries with the code 47721 under Singapore Standard Industrial Classification (SSIC)
According to a market report by Nielsen Singapore, the total market size value for hairstyling has been declining from $13,186,000 in 2013 to $12,427,000 in 2015, However, the actual market size where Gatsby Moving Rubber can target is males aged 16-25 with a total of 257,780 in Singapore (Department of Statistics, 2015). The market potential of hairstyling industry is XXX1
Gatsby dominates the hairstyling industry in Singapore with 46.3% market share when compared to the second largest market share holder in hairstyling, Lucido-L which only has 9.6% market share. When compared to its direct competitors, Toni&Guy (5.8%) and Studio Line (5.1%), Gatsby has a high relative competitiveness. (Nielsen Singapore, 2015) Almost half of the youth uses Gatsby Moving Rubber when it comes to styling.
Growth rate of the haircare industry
The Singaporean haircare market grew by 5.6% in 2014 to reach a value of $138.8 million. representing a compound annual growth rate (CAGR) of 5.5% between 2010 and 2014 while the market volume grew by 5% in 2014 to reach a volume of 34.7 million units. The…show more content… This is mainly due to increased image consciousness and they are willing to invest on hair care. With perception where premium products provide better results, consumers are more willing to pay for more premium products. This is further supported by higher disposable income, which provides consumers with a greater spending power Evidently, premium hair care recorded current value growth of 5%, one percentage point higher compared to 2014. Premium products are forecasted to achieve 29.3% retail value rsp by 2020 (Euromonitor International ,