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Diagonal Reports has released a summary of its “Global Beauty Technology Market” report, which looks at the ways technology is influencing and acting on the beauty industry, including through product development.
Beauty devices have created a mega category and are transforming the skin care market and consumer behavior, just as the electric toothbrush and the hair iron changed oral care and hair styling. Technology provides new "red carpet" standards of skin care—the wow factor, according to U.S., Chinese and European beauty experts interviewed by Diagonal Reports for the market report.
Beauty technology—including cleansing brushes, light-based platforms and skin care systems—has created a huge new market worth billions in U.S. dollars. Year-on-year sales' comparisons are quite meaningless because this market did not even exist a few years ago, but most likely, exponential growth rates will continue for the foreseeable future.
Beauty technology devices deliver immediate results especially for core skin care problems such as anti-aging and blemish removal. Technology has democratized beauty outcomes that were previously unaffordable and explains why 70% of women would like to own a new beauty device.
Despite the recession, women continue to spend on their facial care. But cost-conscious consumers are doing the math and calculating the need. They justify the price by factoring in the money saved on skin care products, treatments and the time required for visits to the spa or dermatologist. And positive consumer reviews and feedback about immediate results—all now online—also are a major factor in driving strong demand.
Technology is now shaping a distinctive beauty culture and expectations. Devices are creating new standards in skin care, and this change will impact demand for all manually applied/removed products skin care products—especially anti-aging creams, skin cleansers and even makeup.