Skin care is by far the most important category in the global beauty and personal care industry, accounting for 23% of total sales in 2009. Within this category, anti-aging products is the star performer. Although growth slipped slightly to 7% in 2009 from 9% in 2008, it still far outperformed the overall global skin care category—3% growth—as well as the global beauty and personal care industry—4% growth.
The success of anti-aging skin care is strongly linked to the continued aging of the world’s population. According to Euromonitor International data, the number of people between 60–64 increased by 5% in 2009, up from 1% in 2005. These baby boomers, who are often retired and own their own homes, were far less affected by the global economic downturn than their younger counterparts, and remained reluctant to trade down from higher-priced products that promise to fight off the effects of aging.
In addition to boomers who are increasingly looking to remain active and attractive in their 50s and 60s, women in their early 20s are looking to eliminate the premature signs of aging. As a result, demand for anti-aging products has risen dramatically, and product development in the category has become increasingly segmented in order to cater to the skin-type needs of different age groups.