I ’ll Have Wha t
Selecting a beauty or personal care product in today’s abundant market can feel like a daunting task, especially when it comes to cosmetics and skincare products. A woman can pass through an entire
floor of makeup at a department store, a wall full of hair styling
supplies at a salon, and an aisle of moisturizers at the drug store. So how does
she choose the product that will best fit her beauty needs?
Most women will turn to a friend for advice or, these days, an online network or beauty blog.
And even after a recommendation, the woman will research a product and find a trusted brand.
So selling a beauty or personal care product is harder than ever. It requires marketers to create
an environment of trust, continuity, uniqueness, availability and customization. Also, more and
more, a product’s whole-health and natural ingredients are important to the consumer.
Beauty was nearly a $9 billion industry in the United States in 2007. And in the past five
years, products have shown strong growth in revenue, even while other industries dropped. Experts expect 2008 will be no different. While the products that fly off the shelves more quickly
might vary from 2007, the size of the demographics for beauty and personal care products will
only expand as more companies go beyond the women ages 18-34 audience and target pre-teens
to baby boomers. In order to accomplish this, companies producing cosmetics and skincare items
will have to delve into customization for different skin types, skin colors and ages.
Why is the beauty and personal care industry so successful? When it comes down to it, women
and men are willing to spend money on products that make them look and feel better. While
makeup always reins supreme in this category — two out of every five dollars spent on prestige
beauty products go to makeup — skincare is a rising contender.
For many people, the battle to look and feel younger starts in the face. Skincare’s top sellers
in 2007 were facial products, and no products sold faster than anti-aging creams, which made up
about 30 percent of the $3 billion market in 2007 — up 10. 9 percent from the previous year. It
was the higher-priced products that saw a greater growth rate than the inexpensive ones, proving
consumers are willing to pay more for quality, trusted products.