Cosmetics and the growing anti-aging skin care market
Consumers know that environmental protection is a critical component of overall wellness. No longer content with baseline SPF claims that help minimize sunburn, modern shoppers look to prevent the harmful effects of environmentally-induced free radicals, including skin discoloration, premature skin aging, and even skin cancer. Skin care and cosmetics products with environmental protection and anti-aging claims are on the rise as consumers seek out skin solutions that will keep them feeling healthy and looking beautiful in the face of UV radiation and other environmental stressors. With the growing buying power of millennials – and the iGeneration not far behind them – these trends aren’t going anywhere.
Anti-aging and the millennial market
The rise of the smartphone has given birth to the "selfie" generation. Millennials, those born between 1981 and 1997, take more photos of themselves in a day than their parents did in a year when they were the same age. Generation Z, or the iGeneration, is expected to take this even further – 68% of iGens post selfies online and 50% have used only pictures and images to communicate.
The spending habits of the younger generations reflect these trends, and millennials freely spend money on image-enhancing cosmetics that promise to smooth uneven skin tones and reduce or eliminate blemishes. Millennials are well informed and willing to spend their resources on protective and preventative skin care products that provide the scope of skin-enhancing benefits. These benefits include environmental protection and anti-aging: 31% of millennials say UV radiation is the factor with the greatest impact on skin appearance.
Now between 20 and 36 years old, millennials comprise about a quarter of the U.S. population, and, as of 2015, are more numerous than baby boomers. In 2015, partly due to millennial influence, the anti-aging skin care industry grossed $3.6 billion in the US. The cosmetics industry, with its growing number of anti-aging products, grossed over $5 billion. Millennials have contributed to making skin care one of the world's most profitable industries. The key for brands is to keep up with the most recent trends, and to deliver top-performing products.
Wanted: greater protection
NPD group reported a 7% sales increase for makeup and skin care products with SPF over the past two years, corresponding to $1.4 billion dollars in sales for the year ending in May 2016. Beyond that, there was a 9% year-over-year sales increase for skin care products that claimed an SPF of 30, a 29% sales increase for products with an SPF of 45, and a 31% sales increase for products with an SPF of 50.
Makeup is showing a similar trend. While customers turned away from cosmetics with lower SPF claims, the market for SPF 30 makeup grew 43% year-over-year, while SPF 40 makeup grew 168%, and SPF 50 grew 96%. These trends follow the American Academy of Dermatology’s recommendation for broad-spectrum sun protection with an SPF of 30 or higher. Products that offer environmental protection are expected to see continued growth.
Building your brand with Solésence
There is an opportunity for brands to succeed by delivering high-quality, results-driven anti-aging products. Millennials are well informed and well connected, which means that performance is paramount, and brands who deliver top-performing products can expect to see growth. There is an endless supply of information as well as countless product reviews at consumers’ fingertips, so products must live up to the claims they make, and skin care brands must ensure that they fulfill their promises.
It is clear that the requirements of the millennial generation will dictate the future of the skin care industry. Millennials already enjoy the benefits of decades of skin science and grew up with an awareness of the value of protecting their skin to maintain a healthy and vital appearance. As they age, millennials will also take better care of their skin, in part thanks to the preventative products that minimize the damage caused by the sun, stress, and pollution.
Your brand can meet these demands by utilizing Solésence patented, one-of-a-kind formulations, which transform the way mineral actives function. Whether you use our market-ready white label products or develop a custom, private label product, each product your brand sells will be a skin health complex that provides unprecedented free radical quenching and antioxidant boosting capabilities. Your customers will experience the immediate rewards of top-shelf skin care and will continue to reap the benefits for years to come.