Cosmetic Industry Undaunted By Recession

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The economic downturn of the last few years may have caused many of us to resort to a more frugal lifestyle, but, according to recent market research, at least we’re going to look good while saving our pennies. According to Cosmetics and Toiletries USA 2010, a survey conducted by market research firm Kline, sales of cosmetics and toiletries have exceeded pre-recession levels.

The survey revealed that while the industry endured a 0.8 percent decrease in sales in 2009, it bounced back with a 2.4 percent growth, reaching $36.5 billion, in 2010. Skin care accounted for 25 percent of overall sales, maintaining its position as the largest product class, while makeup took honors for biggest sales growth with a 4.4 percent sales increase. Nail polish, which falls under the makeup category, experienced a 20.4 percent sales increase. The professional category, including spas, salons and physician offices, held on to the smallest increase of only 1.9 percent. The survey attributed this to a majority desire to save money by using do-it-yourself and at-home products.

The report concluded that many aren’t willing to sacrifice beauty products, even when it comes to tightening the purse strings-because we can do both. Consumers were likely to spend when there was some type of savings involved, relying on competitive pricing and store sales. Advancements in technology also attributed to industry sales growth. At-home products, particularly skin care kits, promising professional results were among the top industry sales trends.

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