TimmyHWrinkle Fears - Gen Y spends big to stay young
June 18th 2008 04:11
A new report from Packaged Facts has revealed that the Western world is spending more than ever on looking young, and Generation Y are the biggest spenders. In the US alone, sales of anti aging cosmetics are expected to top $21 billion by 2012 with Australia coming in at around $2 billion.
While one might expect this boom in age defying treatment sales to be led by the age-fearing Baby Boomers, Gen X and Gen Y are in on the deal. Even infant moisturisers are amongst the biggest sellers.
Timothy Dowd, senior analyst and author of the report says “the assortment of cosmetic products is constantly broadening. While the term once only included things like anti-aging serums, it now covers lipsticks made with sunscreens, shampoos that soothe the scalp, and even eye cosmetics that offer skin benefits.”
Dowd says that cosmetic company Procter & Gamble, owner of the Olay brand, has fuelled growth, “pushing line extensions to the hilt,” he says. “Among the cutting-edge products are things like home skin peels and microdermabrasion products, all positioned primarily as anti-aging products.”
The research suggests that the major brands will focus their anti-aging marketing. “Forget natural,” says Dowd “it's too vague. And as the industry pushes to self-regulate, I expect to see those claims increasingly used as a marketing ploy.”
Also, it is expected that marketers will increasingly push the medical benefits of their products. “We'll begin to see more and more claims that are potently medical, perhaps even claims of cancer prevention. I even expect to see products begin to claim to have aphrodisiac properties--if cosmeceuticals can help with so many other problems, why not that? It's the next logical evolution.”
While one might expect this boom in age defying treatment sales to be led by the age-fearing Baby Boomers, Gen X and Gen Y are in on the deal. Even infant moisturisers are amongst the biggest sellers.
Timothy Dowd, senior analyst and author of the report says “the assortment of cosmetic products is constantly broadening. While the term once only included things like anti-aging serums, it now covers lipsticks made with sunscreens, shampoos that soothe the scalp, and even eye cosmetics that offer skin benefits.”
Dowd says that cosmetic company Procter & Gamble, owner of the Olay brand, has fuelled growth, “pushing line extensions to the hilt,” he says. “Among the cutting-edge products are things like home skin peels and microdermabrasion products, all positioned primarily as anti-aging products.”
The research suggests that the major brands will focus their anti-aging marketing. “Forget natural,” says Dowd “it's too vague. And as the industry pushes to self-regulate, I expect to see those claims increasingly used as a marketing ploy.”
Also, it is expected that marketers will increasingly push the medical benefits of their products. “We'll begin to see more and more claims that are potently medical, perhaps even claims of cancer prevention. I even expect to see products begin to claim to have aphrodisiac properties--if cosmeceuticals can help with so many other problems, why not that? It's the next logical evolution.”
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