Anti-Aging Industry

It’s happening. You can’t escape it. Crows feet, smile lines, dark circles. Yup, you’re aging. 

More and more I find myself in front of the mirror staring at the evolution of my skin, and dealing with the unavoidable anxiety that builds up with the awareness that I’m growing older, my body is changing, and there’s just nothing I can do about it. I’m a 26-year-old healthy woman, and even I’m concerned about age prevention and the inevitable fate of wrinkles and sagging skin. I can only imagine what my 32-year-old sister and 55-year-old mother must be going through. Does it get easier? Do you grow accustom to it? Is it like the 5 stages of grief? 

1. Denial stage (“No, not me”) 

2. Anger/resentment (“Why me?”)

3. Bargaining (“If I eat a few carrots a day, and go to yoga twice a year, the wrinkles will go away)

4. Depression (“It’s really happened”)

And finally…

5. Acceptance (“There’s nothing I can do”)

Nonetheless, as women all over the world are kept up at night awaiting this inevitable disaster, the anti-aging/skin-care market is rapidly growing. As a young female consumer, I pay close attention the way that skin care and cosmetic lines are branded and advertised to women of my generation. Therein lies what I think is the primary problem within this industry, the lack of focused targeting when it comes to anti-aging products and the inability by hundreds of cosmetic companies to be able to really reach their consumers on a personal and intimate level when it comes to meeting a need that is so close to every woman. Additionally, from a consumer’s point of view all of the branding and advertising viewed in the media seems to be targeting a broad range of women (anywhere from 25-65), when the fact of the matter is that there are stages when it comes to a woman’s aging process, and companies need to show their consumers that they realize it and they have the solutions necessary to assist every step of the way. This is how I believe a company can really succeed within the industry: realize what your consumer needs at a certain age, differentiate and set yourself apart from competitor, and follow them through their life stages to create true brand loyalty. 

This topic is particularly interesting to me because it frustrates me. There are so many companies (high-end vs. drugstore) that are all preaching the same message, and advertising them in almost identical fashions. I believe women of all ages are going through an important part of their life, and companies aren’t connecting on the level that they need to be. Additionally, I think there isn’t a sense of importance on the differences between what a women in her mid twenties needs to be focused on and one who is approaching fifty. Similarly, I think the rising competition in this industry has led many consumers to a point where they just don’t know what to believe anymore. What can really set a company apart in this fast moving industry and really be what a girl needs when it comes to her skin care regime?  

As far as really digging into consumer behavior, preferences, thoughts and feelings, when it comes to anti-aging I think there are many opportunities for companies to identify key insights to differentiate themselves from the many other companies boasting the same technological advances and breakthroughs with their products being able to perform in some miracle way that has never been done before. FALSE. Consumers are catching on, and just having to do more work and research to set the liars apart from the super liars. Yes, we understand that there is no cure for aging but let’s get down to a realistic level and connect with people in a way that avoids the excess research and MONEY women have to spend on finding the appropriate skin care products. I believe there is an opportunity for a company to teach women at a young age what preventive measures to take, what actually can make a difference, and offer products it at an affordable price that makes sense for each target audience. 

Before delving into really understanding the various consumers this industry serves and what specific needs are to be addressed, I think it’s important to first really understand the industry and the current trends that are taking place. An article I found on Cosmeticbusiness.com titled “In-Cosmetics trends-Looking food for C&T,” it takes about an annual event that takes place in Milan and presents the latest market data and current key trends within the industry (including sustainability and anti-aging). Skin care has become the largest sector of the personal care market (30%) proving tremendous opportunities for company’s to really set themselves apart. Not surprisingly, the article also states that anti-aging is the primary driver of growth within the skin care industry. The article focuses primarily on the European market that is currently the largest region for personal care ingredients, followed by China and the US. Additionally, the article provides a great deal of information that can be extracted in terms of trends and information in high-tech skin care, consumer shopping habits, opportunities for niche brands, aesthetic medicine, digital media meets beauty, and implications of sustainability within product lines.  


http://www.cosmeticsbusiness.com/technical/article_page/incosmetics_trends__looking_good_for_C_and_T/61232