REPORT: Procter & Gamble blames slumping razor sales on millennial men and their beards

This is what I found on FOXNEWS.COM:

Those pesky millennials are reportedly to blame for upsetting another unexpected industry — the razor business. Procter & Gamble recently revealed they’ve taken an $8 billion hit on Gillette, citing millennial men’s penchant for beards, a trend apparently “hair” to stay for the time being.

On Tuesday, P&G linked its slumping sales of men’s shaving products in part to the grooming fad in their fiscal fourth-quarter earnings report, CNBC reports. The personal grooming giant also cited increased competition in recent years from subscription services, as per the outlet, including Harry’s and Dollar Shave Club.

“Lower shaving-frequency has reduced the size of the developed blades and razors market,” P&G Chief Financial Officer Jon Moeller said in the call, MarketWatch reports.

Through the last five years, the demand for shaving products in the American men’s market has decreased by 11 percent, with the razors and blades market dropping in worth from $2.4 billion in 2015 to $2.2 billion in 2018, according to Euromonitor data.

Information provided by FOXNEWS.COM.