Sales soar for super premium anti-ageing products
The prestige anti-ageing beauty market is fragmenting with super premium products over £200 and medium priced products from £50 to £100 experiencing strong growth, according to market analyst The NPD Group.
Despite the UK recession products priced from £50 to £100 have seen value sales grow by 28%, with products over £200 seeing a 9% growth.
This comes in comparison to premium products priced £100 to £200, which have seen a 1.2% decline in value sales, and lower priced prestige products from £30 to £50 seeing an 8% decline.
June Jensen, director of NPD Group Beauty UK believes value sales are declining for the £100 to £200 bracket as the majority of consumers previously buying in the segment are trading down to the lower price bracket, with a smaller amount trading up to the higher priced segment
She said: “Premium skincare consumers clearly see products below £100 as both high quality and a better buy in the current challenging economic climate. Although -1.2% may seem small, it is vital for premium brands to understand the causes of the drop in order to take action that will ensure that they retain their valued – and valuable – customers.”
The growth of the super premium anti-ageing market can be attributed to the success of new launches and gift-sets, as well as limited edition products. The anti-ageing sector has also experienced a large increase in editorial coverage year on year, which has helped drive growth.
“Product innovation, targeted and personalised gifting, limited edition products and beautiful packaging are all playing their parts in the growth in this sector,” added Jensen.