Online beauty retailers are witnessing a sharp rise in female customers over the age of 50. The trend has been noted over the course of the past year.
Women of 50 years or older are increasing their spend on beauty products being sold online. Brand Finance‘s annual ranking of the 50 biggest global beauty brands showed legacy brands and favourites such as Olay and Avon in the top ten. Olay took the number one position; this was followed by Avon and L’Oréal.
Online cosmetic retailers believe the phenomenon is due to the youthful looks of mature celebrities. “Sales among adults aged 50 to 80 grew more than 210 per cent on the site,” says Escentual.com. It added that these female shoppers spent an average of £255 (316 euros) per year online; younger consumers spent an average of £140 (174 euros) on cosmetics.
“A lot of our customers are looking for anti-ageing products that slow the appearance of facial wrinkles and lines,” said Louise Reed of Escentual.com. Many are looking for products that “turn back the clock” on other specific parts of the body but without the need for any surgical procedures.
Consumers are becoming more aware of the bargain prices online and are using price comparison websites to find the best deals. “Price can play an important part in the purchase of beauty products, because the industry is so competitive and there are many beauty brands available that offer great products at an affordable price,” Jenni Retourne, beauty industry blogger at yourbeautyindustry.blogspot.com told Profitero. Beauty manufacturers are using competitive pricing and the many social media tools available to them to grow their online business.
Online beauty seller Feelunique.com says that these women know what works. They are an “intelligent group of consumers” that have invested their time and money in the beauty industry, said Feelunique.com’s editorial director Newby Hands. The website offers around 17,500 health and beauty products from brands such as Benefit, L’Oréal and Lancôme. She revealed that a quarter of the website’s skincare sales are to the over-50s with hair sales following closely behind.
© Profitero 2012
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email email@example.com.