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Research by Euromonitor International has suggested that an improving economy, combined with product innovation, has prompted upper-income shoppers to return to department store beauty counters for premium skin care products. Meanwhile, many in the lower income segments continued to struggle with high unemployment rates and rising gas prices, reducing their spending power for mass market skin care products. Judging by the numbers, that just might be the case.
According to SymphonyIRI Group, sales of facial anti-aging products declined 1.1% to $172.4 million for the 12 weeks ended Oct. 2 at food, drug and mass (excluding Walmart).
Meanwhile, market research company the NPD Group reported that in the first half of 2011, prestige women’s and men’s skin care dollar sales rose 14% and 9%, respectively, compared with the first half of 2008.
When looking at prestige skin care, NPD stated that every segment, except for body, helped bring the category back to meet its prerecessionary levels, but the star category for prestige skin care was sets and kits.