Americans will spend $15G on lifetime skincare, this cosmetics retailer claims
SkinStore published a report that identifies average consumer spending on skincare products
A skin-focused cosmetics retailer has suggested that Americans are going to spend around $15,000 in their lifetime on skincare products.
This “Skincare Report” comes straight from SkinStore.com, a leading cosmetics platform that sells premium beauty commodities.
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SkinStore claims the average American spends $322.88 on skincare per year, according to data Statista compiled from the U.S. Census and Simmons National Consumer Survey. If this estimate is correct, the projected lifetime spending of $15,000 breaks down to nearly 46.5 years of dedicated skincare shopping.
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The online store, which is own by British e-commerce giant The Hut Group, cites teens and men as two demographics that have helped the skincare market grow.
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For example, global the anti-acne cosmetics market which usually attracts teen shoppers, is expected to grow to more than $4.2 billion by 2027, according to a CAGR formula and report from Grand View Research. The market was previously valued at $2.3 billion in 2020.
Men's skincare is a growing market that is projected to reach $18.92 billion by 2027, according to Grand View Research. (iStock)
Meanwhile, the global men’s skincare market is expected to grow from $11.6 billion in 2019 to $18.92 billion by 2027, according to the same market research firm.
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Aside from the skincare market’s growth, SkinStore narrowed down which product categories are performing the best in 2021.
Hand cream was the top standout with the category appearing in online searches more this year at 141%. SkinStore suggests this may be due to people needing to rehydrate their hands more often since the COVID-19 pandemic has led to increased handwashing.
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Other trending categories SkinStore highlighted were lip care (+98%), face tools (83%), mists (81%), moisturizers (77%) and sunscreen (62%).
The skincare market has seen exponential growth in recent years while makeup has seen a slight decline. (iStock)
When it comes down to which skincare products have been the most popular throughout the U.S., the top five were serums, toners, retinols, anti-aging items and moisturizers.
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In recent years, the beauty industry and its consumers have been shifting their focus from makeup to skincare as fashion has been favoring more natural, fuss-free looks. The trend has continued throughout the coronavirus pandemic as masks make it difficult to wear a full face of makeup. In June, the global beauty market was projected to lose up to 30% in revenue from COVID-19.