The anti-aging product market rose 13% in 2003, more than double the previous two years’ 4-5% growth rate, according to NPD Group, Port Washington, NY.
The firm’s research shows that products costing more than $70 made up 14% of total skin care sales last year, up from 5% in 2002. Furthermore, skin care products priced at $100 and up represented as much as 26% of the $70-and-up category compared to 21% the previous year, NPD executives said.
In other news, NPD reported that prestige beauty sales including skin care, fragrance and makeup products sold in U.S. department stores, hit $7.5 billion in 2003, a 2% increase versus the prior year.
“Some of this growth is due to larger-size products on department store beauty counters and more gift sets selling, which carry a higher price,” said Timra Carson, president, NPD beauty, a division of The NPD Group. “We are also seeing better quality products with advanced technologies driving prices. Value, convenience, innovation, new launches and technology continue to drive the beauty business across all channels of distribution.”