A new report from Mintel predicts that sales of color cosmetics in the U.S. will rise over the next five years more than was initially predicted (10% growth, vs. 7% predicted through 2013).
Beauty “staples” such as shampoo, deodorant and razors will fare well as they are intrinsic to our daily beauty regimens, but color makeup’s unexpectedly strong performance during this slowing economy provides key insight into the female consumer’s psyche: when times are tough, it is especially important to look good and feel good about ourselves. In that respect, color cosmetics’ rewards are great, considering the small investment…so bring on the blush, lipstick & mascara!
Other product categories that are also predicted to not only “ride out the storm”, but rather make some waves of their own are anti-aging and sun care products. Mintel expects those two product categories to grow 20% and 36% respectively, for the five year period from 2008 through 2013.
The anti-aging and sun care product categories have consistently resembled each other in the past few years, with many of the latest sun care launches adopting skin care and anti-aging positions, while almost all anti-aging products tout some level of sun care & protection benefits. Therefore, it is no surprise that they have been identified as areas that will continue to benefit from considerable growth while many other product areas are seeing a downturn.
Armed with this knowledge, new product development can focus its resources in the areas that promise the most growth. But marketers must also begin thinking about new ways to position slower-growing product categories so that they meet the new consumer wants & needs, thus making them relevant to today’s marketplace.
Fragrance Insights 