People always contemplate the cost of beauty, and this infographic explains how an estimated $59 billion is spent on beauty in the United States of America annually. Whoever said beauty is pain was right, painful for one's wallet. On average the typical American women spends $40 on general beauty products each month. The most popular of this expenditure is spent on hair care products. This is followed by skincare products and then cosmetics.
The 'Cost of Beauty' infographic also goes into depth about women over 50 years old. According to research, 30% of women over 50 stress over skin protection while 19% stress over looking pretty. There were also a reported 8.4 million cosmetic procedures in the United States alone in 2011. Beauty is a painful task and these prices don't help.
What's Driving This Trend
- Rising Expenditures on Beauty
- There is an opportunity for disruptive innovation in developing cost-effective and sustainable beauty products that address consumer frustrations with rising expenditures on beauty.
- Growing Demand for Anti-aging Skincare
- There is an opportunity for disruptive innovation in developing anti-aging skincare products that cater to the needs of women over 50 who stress over skin protection.
- Increasing Popularity of Cosmetic Procedures
- There is an opportunity for disruptive innovation in developing non-invasive and affordable cosmetic procedures to meet the growing demand for such procedures in the United States.
Who This Affects Most
- Beauty and Personal Care
- The beauty and personal care industry can benefit from embracing innovation to provide affordable and sustainable beauty products and services to meet the growing demand of consumers who are increasingly concerned about the cost of beauty.
- Skincare
- The skincare industry can capitalize on the growing demand for anti-aging skincare products by developing innovative and effective products that cater to the needs of women over 50 who stress over skin protection.
- Cosmetic Procedures
- The cosmetic procedures industry can benefit from innovation in developing non-invasive and affordable procedures to meet the demand of consumers who opt for cosmetic procedures as a way to enhance their beauty.
