Reducing its range by a sixth, Olay has eliminated products such as acne washes, skin treatments and facial scrubs which did not align well with the new emphasis on its core anti-aging agenda.
The move comes on the back of recent research in which Olay found its consumers wanted the brand to focus on products that defy the appearance of aging above any other beauty concern.
In the study into attitudes on aging, 75% of the 6,800 women surveyed globally stated that physical appearance is more likely to give away a woman’s age than the way she behaves, and the majority of women surveyed indicated that the best compliment they could receive is “I would have never guessed your age.”
Bucking the trend
As the general trend and advice for beauty in the last few years has been overwhelmingly to increase innovation and product launches, Olay’s move is a striking step in the opposite direction.
According to the Cincinnati Business Courier, P&G’s president of global skin care and personal care Alexandra Keith has stated that the brand is well aware the move flies in the face of the on-going industry emphasis on product diversification.
The international brand, however, is confident its anti-aging expertise will see it dominate in the category, which is projected enormous growth alongside an aging global population.
“Our experts know skin better than anyone else and we know how to formulate the most effective ingredients into skincare products that deliver real, visible results,” Keith has confirmed.
The anti-aging beauty category, according to the latest Transparency Market Research report, is projected to reach US$191.7bn by the end of 2019, growing at a CAGR of 7.8%.
This, analysts say, is largely thanks to the rise of the baby boomer generation, with more than 8,000 individuals being added per day to the count of people over the age of 65, and the increasing popularity of anti-aging products for consumers across all age demographics.