CHICAGO—The cosmeceutical and personal care industry survives on the idea that consumers think the magical anti-aging genie is in the jar; but new research from Mintel found 69 percent of consumers think aging is mostly genetic, and external products are more hope than help. Ouch! Don’t they know about the sun and the damage it can do?! Apparently they do, as Mintel also reported 78 percent of consumers say using sunscreen is the real key to preventing visible signs of aging.
They also credit diet and exercise, as eight in 10 consumers think they are the most important factors associated with aging skin. However, even though they attribute aging to diet, exercise and genetics, 69 percent also report the earlier you start using age prevention remedies, the better off you are.
“There’s a sizable gap between opinion and practice," said Kat Fay, senior beauty analyst. “While there are no guarantees when it comes to anti-aging skincare purchases, many women buy the products anyway with the hope of achieving visible results. They adopt the ‘it’s better to try something than do nothing’ approach."
Although the industry as been on a decline over the past year—currently valued at $832 million—sales are expected to increase 46 percent in current prices from 2010 to 2015, according to Mintel. Women love their anti-aging and beauty products, even when times are tough.
Currently, 24 percent of consumers report using anti-aging skincare products. Another 21 percent have used wrinkle-reducing facial skin care products in the past year, and 18 percent report using skin rejuvenating products. Meanwhile, 39 percent of consumers who are concerned with aging have not taken any action to prevent or reverse the signs of aging.
“Respondents aged 25 to 54 report the most likelihood to use facial skincare products with anti-aging, wrinkle-reducing, and skin rejuvenating properties," Fay added. “This makes sense, as at age 25 many people are likely beginning to see the first signs of aging and want to prevent further signs. Through middle age they are trying to reverse the signs; and after age 55 they are likely more resigned to aging and less inclined to spend."
For consumers who are concerned about aging, the entire face is the biggest concern (48 percent) followed by the eye area (41 percent) and the neck (31 percent).