Cosmetic companies are learning to give customers what they want during the economic downturn, and drugstores are benefiting.
A new study from Mintel, as reported in Media Post News’ Marketing Daily, shows that while sales of high-end skincare and cosmetic are down, there is an economy trend.
Time was, the study reports, that a consumer would wander into a department store cosmetic counter and listen as salespeople tried to convince her that she needed everything.
Today, shoppers are buying only the products they believe are most effective.
One in four skincare products launched in the first quarter of this year made a claim of convenience. One example is facial wipes that come in a portable plastic package and claim to instantly dissolve dirt, water and makeup without water or rinsing. Another is a moisturizer that claims multiple benefits.
Mintel predicts the recession will generate a 10-percent rise in cosmetic sales over the next five years, up from its previous forecast of 7 percent.
Finally, authors of the study expect drugstores and discounters to do well in this environment since beauty shoppers are looking for bargains in more places.
Giving customers what they want, once again, seems to be working.