In its new report, Diagonal Reports predicts that 250 million skin care devices will be sold worldwide over the next 15 years—such is the pent-up demand for skin care tools.
Tools provide the first opportunity for the majority of consumers to benefit from the superior beauty outcomes delivered by innovation. As long ago as 2006, Diagonal Reports could identify strong demand for new beauty solutions and dissatisfaction with traditional products in discussions with beauty market experts. Women and girls wanted to improve their skin (for example, remove blemishes, tone or lift skin). That demand remained largely unmet because the solutions on offer until recently were expensive and out of reach for most people. But now in 2013, beauty devices are sold at all price levels.
Basic skin care routines are being transformed as tools are incorporated into daily beauty regimes. This change will reverberate throughout the beauty world and have an impact on the product formulator and the retailer. Worldwide, skin care accounts for one-fifth of all beauty product sales so any shift in how consumers allocate their beauty dollars will register throughout the industry.
The skin care—especially facial skin care—industry must now accept a new technology partner if it wants to benefit from this change in consumer behaviour. Products must be customised for use with a skin care device, and beauty retailers must learn how to sell devices along with traditional cosmetic products.
This analysis helps beauty product formulators and retailers to take advantage of consumer demand for skin care devices and tools and increase sales.