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Beauty Market in 2011 Saw $38 Billion in Sales
Posted: June 13, 2012
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The ever-resilient skin care product class, dominated by facial treatments, remains the largest product class. Men’s skin care became more popular, seeing the best growth in several years and now offering expanded product lines exploring new applications by creating solutions for men, such as concealers and products free of parabens, formaldehydes, dyes and added fragrances.
The cosmetics and toiletries market continued its upward trend due to an especially strong performance in the luxury class, which saw nearly double-digit growth. Analysis also reveals that all trade classes posted gains in 2011. “The comparatively low growth in the professional class correlates with the greater trend we’re observing with consumers’ relatively moderate expenditure on professional services,” explains Nancy Mills, Kline’s consumer practice industry manager. “And yet, driven by ‘frugal-fatigue’ and a rising financial confidence, consumers are compensating by purchasing premium products as affordable luxuries driving sales in the luxury and mass trade classes.”
Looking ahead, Kline projects skin care and makeup to maintain exceptionally high growth over the next five years. Additionally, Mills expects the dominating drivers in personal care to be multifunctional products that deliver promised results, a gradual replacement of harsh synthetic chemicals with more natural-derived products, and an adoption of a more overt environmentally responsible profile.