The beauty services industry is a growing source of competition and inspiration for the cosmetics and toiletries industry, and marketers and retailers of cosmeceuticals are benefiting from their success by borrowing their methods.
Spas are big business in the United States, generating about $9.4 billion in 2006, according to the International Spa Association. Spas have grown in popularity as they offer a pampering oasis and escape from the stresses of life. Growth drivers for the beauty services industry include fast-paced, high-stress lifestyles; rising disposable incomes; greater understanding of the links between wellness and beauty; and the pressure to look good all the time. Another driver has been increased demand from Baby Boomers, a group of 78 million Americans born between 1946 and 1964. Unlike their parents, boomers don’t feel old—they feel young and vital and want their outward looks to reflect the feeling of youth and energy. As a result, they’re willing to spend money in order to get closer to the fountain of youth. They also have money to spend—people over the age of 50 control over 70 percent of the wealth in the United States, according to Euromonitor statistics.
Consumers are not just looking for pampering, they are also seeking out high-tech treatments to look younger longer. Thanks to television shows such as “Nip/Tuck,” “Extreme Makeover” and “10 Years Younger,” plastic surgery and other procedures have reached mainstream acceptance. In fact, plastic surgery is so mainstream, there is now the Lifestyle Lift infomercial that promises to turn back the clock in about an hour.
Almost 11 million cosmetic plastic surgery procedures were performed in 2006, up 48 percent from 2000, according to the American Society of Plastic Surgeons. This growth has come, in large part, from minimally-invasive treatments like Botox and Restylane (up 66 percent from 2000) instead of face lifts. The so-called lunchtime procedures are cheaper, a lot faster and less painful, with minimal recovery time. Botox procedures made up 4.1 million of the 11 million procedures, up 420 percent from 2000. Chemical peels were the second most popular minimally-invasive procedure in 2006, with 1.1 million procedures.