Younger generation future of cosmetics industry?

By Louise Prance

- Last updated on GMT

Related tags: Cosmetics

The lucrative 'baby boomer' generation could be becoming less
valuable for the cosmetics industry as the younger demographics
overtake, according to a new report on the future of the cosmetics
industry in the UK.

Market research analyst Key Note Publications states that younger females are most likely to use cosmetics. They constitute a significant part of the 89.7 per cent of women who use fragrances and 80.4 per cent who use lipsticks in the UK. However, despite the report stating that the older demographic is a main driver of the premium cosmetics market (due to its increased disposable income), they do not use cosmetics as frequently as the younger generation. According to market research company Euromonitor, this group spends an estimated $238,000bn a year on consumer products, including cosmetics and personal care. Many companies now create premium ranges in smaller, more affordable sizes for this growing consumer segment. Heavily influenced by the celebrity culture, premium products such as Britney Spears fragrance lines and fashion label products such as Ralph Lauren Polo fragrance are key drivers for the younger consumer. Diana Dodson, market analyst for Euromonitor told CosmeticsDesign-Europe​ that, "There is a definite increase in products designed primarily for this market. Premium products across all sectors, fragrance, skin care and colour cosmetics, are becoming more and more desirable for the young age group as many are endorsed by celebrities or fashion labels".​ Alongside the younger consumer, the report states that growing minority groups are becoming a large focus of the cosmetics industry. Ethnic populations are expanding and cosmetic manufacturers are increasingly developing more ranges to suit the more specific needs of this demographic. Companies such as Unilever, L'Oreal and Avon are all competing to meet this growing trend, creating skin care and colour cosmetics ranges that cater for different skin colours and textures. According to the report, these factors combined have helped increase UK retail sales of cosmetics and fragrances by 5.1 per cent between 2005 and 2006. However, there was a noted downturn in the sale of decorative cosmetics overall excluding face make-up - which posted an increase in sales.

Related topics: Fragrance, Color Cosmetics

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