This recession is causing people to make some quick changes to their lifestyle. Some of the things that I have been hearing is less trips to grocery store, buying less food, eradicate all unnecessary driving, eat out less, stop purchase of luxury items, watch movies at home, buy generic products and services, read the newspaper online, don’t renew subscriptions, purchase from flea markets and online auctions, purchase from the dollar mart stores, and hold on automobiles longer. Do any of these sound familiar? Have you attempted any of these practices in the hope of saving money? Well if you are like the average consumer you may have tried more than one in an effort to stretch your dollar beyond its normal limit.
Despite all the cost cutting and penny pinching Americans are still purchasing anti-aging creams and formulas at record levels because even if they are broke people want to look good. This in turn helps them to feel good or at the very least better when you consider the volatile times we are experiencing.
Some organizations are quite attuned to this market and they are coming up with new products and services all the time to satisfy what appears to be an insatiable demand. People somehow have the ability to squeeze money from an otherwise slim budget and treat themselves to these products and services that claim to lead the way to the fountain of youth. The baby boomers are a market that is ripe for these products because as they age they don’t want to look like they are aging.
According to the Mintel Market Research firm, the market for anti-aging skincare has grown rapidly over the past couple years. US sales rose 13 percent from 2006 to 2008, outpacing general facial skincare sales, which grew less than 11percent. Mintel expects the market to remain robust over the next five years, growing some 20 percent through 2013. During 2008 anti-aging skincare products had sales in excess of $1.6 billion.
Actually I don’t see the purchase of these products slowing down even after 2013. If we are experiencing one of the worst economies since 1983 and people are spending money on these products now what do you think they will do when the economy recovers? I think we could see a 30% to 40% increase in sales over the next 10 years because people are living longer. As the population age people will continue to reach out for anti-aging products that give them a more youthful appearance.