CosmeticsDesign.com Recent Skin Care Article

Anti-Aging Tipped to Survive the Recession Unscathed

By Guy Montague-Jones

http://www.cosmeticsdesign.com/Products-Markets/Anti-aging-tipped-to-survive-the-recession-unscathed

Mintel expects anti-aging creams to remain unblemished by the recession following years of market leading growth.

Anti-aging skincare sales in the US rose 13 percent to $1.6bn between 2006 and 2008, outpacing the general facial skincare, which was up 11 percent over the same period, according to Mintel.

This trend is expected to remain on track even as the economy struggles.

“Anti-aging won’t fall to the recession,” said Kat Fay, senior beauty and personal care product analyst at Mintel.

“Looking young is extremely important to many women, especially Baby Boomers, and it’s not an issue they’re willing to compromise on because of tightened budgets. Many women see anti-aging skincare as a reasonably priced investment in their appearance and well-being.”

Strong growth forecast despite recession

So even as income drops Mintel expects the anti-aging skincare market to grow some 20 percent at inflation-adjusted prices over the next five years.

Even if growth rates are set to remain strong, the recession will not pass by the anti-aging market without leaving a trace.

Fay told CosmeticsDesign.com: “Drug store brands are likely to attract department store shoppers looking to "trade down" from prestige products.”

Shelves swell with new products

Over the past year, manufacturers have responded to growing demand with more and more new anti-aging products.

According to Mintel’s Global New Products Database almost a third (32 percent) of all US facial skincare launches last year were supported with anti-aging claims.

“Manufacturers see the growing demand for anti-aging benefits and they’re responding accordingly with a constant flow of new products,” said Kat Fay.

Skin Care Sales Stay Afloat

Meanwhile prestige skin care products were the most successful performers in 2008 staying even with the previous year on a dollar basis at $2.4bn.

Within the category anti-aging performed well as did “specialization” products such as whitening and allergy relief products which enjoyed double-digit growth.

Face products priced over $70 also enjoyed healthy growth of 4 percent and natural/spa/wellness brands grew 6 percent to $304m.

Commenting on the figures, NPD beauty analyst Karen Grant said: “Across all three prestige beauty categories, there were areas that experienced growth despite overall soft performance.

“We saw growth in premium price, natural and new innovations among trusted brands as well as alternative brand types.

“Moving forward, we must continue to look for these opportunities, find new ways to reach our consumers, and build our relationship and communication with them – that relationship is an increasingly critical part of the total value - not just price - they see in what we are offering them and in whom they choose to invest.”  

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