Anti-aging represented 62 percent of the prestige facial skincare market in 2009, with NPD’s point of sale (POS) data estimating that the market for prestige anti-aging skincare is worth $1.2bn.
“We predict that anti-aging will rebound back to levels of growth versus declines,” NPD vice president and global beauty analyst, Karen Grant, told CosmeticsDesign.com.
Anti-aging is key motivator when buying skincare
NPD’s Women’s Skincare In-Depth Consumer Report conducted amongst an online panel of 6,403 consumers revealed that anti-aging is the key motivator when it comes to buying facial skincare products.
Some 53 percent of respondents said that anti-aging benefits were very or extremely important to them. In terms of age categories, the greater the age of the respondent, the greater the importance of a product having an anti-aging claim.
However, the survey also revealed that many women’s facial skincare users are either using anti-aging products less than once a day (23 percent) or not at all (26 percent).
According to Grant, these results show that greater education and communication is needed in order to encourage consumer engagement in this category, representing a two-fold opportunity for anti-aging products.
The opportunity exists, therefore, to “engage those not using specific anti-aging products but who feel that anti-aging benefits are extremely or very important, and increase the usage frequency of those already using anti-aging serums and treatments,” said Grant.
Sensitive skin is also area of growth
Products designed for sensitive skin also represent an area of growth in the prestige market, as the survey revealed that 49 percent of facial skincare users claim to have sensitive skin.
“These women tend to be more brand loyal, more willing to pay more for skincare that works, and overindex on benefit importance across most facial skincare benefits,” she noted.
NPD revealed at its Hot Off The Press event in New York last week that all categories in the prestige market; skincare, make-up and fragrance, had experienced dollar declines in 2009.
“Prestige has been challenged by mass and the challenges grow as mass continues to innovate at a rate equivalent to prestige,” Grant told CosmeticsDesign.com.