Anti-aging and the new face of 40…something

Presented by: Alisa Marie Beyer Founder & Creative Director of The Benchmarking Company (TBC)

HBA Global Expo 2010 Thursday, September 30th, 2010

About Alisa A proven entrepreneur, Alisa Marie Beyer has built and sold three companies and is now the Founder and Creative Director of The Benchmarking Company (TBC) – the beauty industries #1 consultancy for consumer research, brand strategy and product development. We

help clients build brands and products women want to buy. As the “McKinsey of the beauty industry” TBC serves our clients at every stage of development, consumer insights and intelligence, and brand strategy. Serving our clients at every stage of development – from startups to 13 of the top 15 global beauty companies –

we intimately understand the industry, the consumer and the market. We become an integral part of each client project team and we work together every step of the way. The publisher of the “must read” Pink Reports® and WomenTrends® we keep our finger on the pulse of the industry and offer unparalleled consumer intelligence and proven methodologies.

About The Benchmarking Company (TBC)

George Bernard Shaw has been famously quoted as saying, Youth is wasted on the young, and for the most part, he’d be right. However, with longer life-spans, changing perceptions on aging, and the unprecedented discovery of truly miraculous new technologies to turn back the clock, youth is no longer the exclusive domain of the young. Today, we are going to talk about the 40-something woman:

■  Who she is (she’s the woman we all want to be)

■  What she looks like (she wants to be gorgeous)

■  What she thinks of aging (not for her yet, thanks!)

■  Why she is our biggest opportunity

State of Face: The Emotion, Power and State of Women in their 40’s…or as we like to say, the sweet spot of the anti-aging market.

As the median age increases, the anti-aging product market is poised to continue its expansive growth, with 40-somethings sitting like a cherry on-top. 69% percent of American women have used anti-aging skincare or

makeup products on their faces or bodies in the past 12 months, a powerful indicator for a market segment that has only just defined itself fully in the past 15 years.

A cultural shift: our perceptions on aging have changed, and the survey says? Looking younger is no longer acceptable.

As a society, we no longer want to look our age, let alone look older. Instead, women are expected (and desire) to look as young and youthful as possible, well into their 40s, 50s and beyond. And with good

reason: they are more educated, have more money, longer careers, and fewer reasons than ever to go quietly into the aging twilight. The anti-aging industry has heard this call and answered it with products, techniques and technologies that will do what it takes to keep women looking young.

Women are obsessed with finding the fountain of youth and not-aging for as long as possible.

■  Good old fashioned topical skincare

■  Botox or other injectables

■  Fillers

■  Dermabrasions and re-surfacing

■  Lasers

■  Nips, tucks and everything in-between

Core Facts: If it’s dry, we moisturize it. If it sags, we lift it. If it frowns, we smooth it. If it droops, we tighten it and it if deflates, we fill it. These days, there is a cream, serum, needle or knife for just about every aging concern.

For several seasons, it’s been in vogue to say that 40 is the new 30, and with good reason. Today’s 40-something women are in their prime, are enjoying successful careers as well as embracing motherhood, and are as beautiful (or more?) then when they were in their 20’s or 30’s. We feel better at 40 — so we want to look good too!

Growing old gracefully is out. Today’s woman wants youth-on-demand.

The celebrity 40-something woman personifies what it means to be 40 and fabulous in both an aspiration and inspirational way. With their seemingly picture-perfection, celebrities in their 40s are no longer considered past their prime or old. They are at the nexus of their careers, their lives and even their looks as they all seem to have the smooth hair, lustrous skin and glowing complexion of a woman half

their age. And not only that, these women seem to never age, many juggle successful careers with motherhood, and they do it all in the public eye. Celebrities are expected to be ageless, and women everywhere are only too happy to try and follow their example.

Our celebrities look younger than ever before!

Judging by the September issues of the fashion glossies, being over 40 definitely doesn't equal being over the hill.

Harper's Bazaar features 41-year-old Jennifer Aniston, Elle is fronted by 42-year-old Julia Roberts, and Vogue's cover girl is Halle Berry, who turns 44 this Saturday. And did we mention that 41-year-old Jennifer Lopez is looking mighty fierce on Glamour?

"They're cool, fashionable, interesting, compelling — they have something to say," Harper's Bazaar projects /features director Laura Brown told the publication. "I love that they've grown into their style. One of the things about getting older is you do grow into your sense of self. You don't look victim-y anymore."

More magazine editor-in-chief Lesley Jane Seymour agrees, saying that stars like Aniston, Roberts, and Berry have "real style, real staying power, real beauty."

Stars Over 40 Dominate September Magazine Covers

(Source: Marino, Mark. “Stars Over 40 Dominate September Magazine Covers - Is Our Youth-Obsessed Culture Over” Stylist.com. 8.11.10)

The mom I’d like to be successfully juggles kids, a home, and a life of her own. And she looks good doing it!

M.I.L.B(Mom I’d Like to Be)

A general overview of the anti-aging market and where it’s going:

■  Total anti-aging skincare global market size: $6.6 billion (by 2011)*

■  Total US anti-aging skincare market size: $2 billion (2010)*

■  97% of this market in the US is anti-aging facial skincare (versus body)*

■  The US skincare sales only fell by 1% in 2009, with anti-aging sales rising by 6%**

(*Source: Mintel Anti-Aging Report 2009) (**Source: Datamonitor: Opportunities in the US Beauty Industry, 2010)

The 40-something woman is a powerful, busy, educated group of women. The 2000 US Census estimates that in 2009, nearly 15% (about 23 million) of all women in the US were in their 40’s. Not only is she a working woman, she’s educated, generally a mom, and open to and embracing new technologies that just a few years ago were considered the exclusive domain of young folks.

Quick view of women who have bought anti-aging products in last six months: ■  On average, her annual salary is $50,000+ ■  Nearly half (46%) work full-time ■  31% have a Bachelor’s degree or higher ■  Over 60% have 1 or more children ■  49% admit to spending $100 or more annually on beauty

products ■  78% cite Walmart as their top retail destination for beauty and

personal care items ■  25% of women in this demographic have a tattoo ■  71% admit to texting and 62% have their own Facebook page

(Source: TBC/Prevention Magazine Anti-Aging Study 2009; TBC 2010 Pink Report: Women & Walmart: Seeing Through the Eyes of the Beauty and Personal Care Consumer)

■  I can’t live without my: Cellphone, laptop

■  I love to listen to: Madonna, Sugarland, Sheryl Crow, Michael Bublé

■  My favorite places to shop are: Anthropologie, Nordstrom, Ann Taylor, Boutiques, Target and Walmart

■  I can’t miss these TV Shows: American Idol, CSI, Anderson Cooper 360

■  The magazines I subscribe to are: Allure, InStyle, Self, More

■  I’m on these websites regularly: Facebook, Amazon.com

■  What I’m wearing right now: J. crew blouse, BCBG maxi dress, Not Your Daughters Jeans, Michael Kors shoes

■  My favorite online activities are: Shopping, tweeting

■  The celebrity I would love to look like is: Jennifer Aniston

■  My biggest crush celebrity is: Bradley Cooper

■  The issues I am most concerned about are: Healthcare, education

■  My favorite brands are: Tory Burch, Neutrogena, Target, Starbucks

■  My favorite movies are: Pretty Woman, Steel Magnolias, The Devil Wears Prada

The 40-something Woman: A Psychographic Snapshot

Across the ages, some anti-aging behavior remains similar.

■  For overall, the face is their top area of concern when it comes to aging, followed by the eyes and neck. Below the neck? She’s concerned about the appearance of her

stomach.

■  Women want to see the following results

■  Deep moisturizing

■  Reduction of under eye circles

■  Reduction of puffiness

■  Overall reduction in wrinkles

■  Firming

(*Source: Mintel Anti-Aging Report 2009)

Anti-aging specifics for our 40-something beauty:

Top Aging Concerns for the Mature Woman

Percent

Concerned about the fine lines and wrinkles

58%

Dark circles 46%

Sagging skin 44%

Excess oil/dry skin 33%

Hyper-pigmentation 31%

Dull tone 26%

Rough texture/blotchiness 25%

Anti-Aging Skincare Concern Profile

Percent

Purchases anti-aging skincare 79%

Uses color anti-aging products 80%

Uses SPF (not daily) 80%

Wears sunscreen products daily 44%

Uses anti-aging products on her face and body

79%

Biggest anti-aging concern is lines and wrinkles

65%

(*Source: Mintel Anti-Aging Report 2009)

Like her younger years, women in their 40’s are aware of the need for anti-aging steps.

However, while she may have just started to embrace basic anti-aging efforts in her 30’s, by her 40’s, she’s open to more experimentation, and she’s committed to not just improving her skin (and appearance), she’s thinking about preventing future damage, as well.

■  69% use anti-aging products to repair damaged skin and minimize the signs of aging

■  64% to slow down future aging

■  60% to protect against future aging

(*TBC/Prevention Magazine Anti-Aging Study 2009)

She’s buying and using both skincare and color anti-aging products; wears an SPF (daily); pays attention to anti-aging on her body and is most concerned with the development of fine lines and wrinkles.

■  79% use anti-aging products on face and body

■  74% have bought one or more new anti-aging products within the past year

■  90% are most compelled by the message ‘firms & tones’ in beauty advertising

■  71% are using products with SPF more than they were five years ago

■  65% are primarily bothered by the appearance of fines lines and wrinkles

■  77% turn to their dermatologist first for advice on skincare, followed by friends and family (62%)

■  72% feel that having some fine lines and wrinkles is acceptable

■  86% want to look good for themselves

■  76% would buy more anti-aging products if they were more affordable

■  Less than half (48%) feel they were most attractive in their 30’s

■  70% feel they look 5–10 years younger than their actual age

■  56% would spend between $50–100 every six months to look 10 years younger

So, what anti-aging steps is she taking?

(*Source: TBC/Prevention Magazine Anti-Aging Study 2009)

Not so fast. Although she is using anti-aging skincare, she does have some concerns. Although she’s interested in anti-aging and looking her best, she’s not always sure what she’s supposed to be buying for her skin type, or – if there is really a difference between brands. Also, she doesn’t equate her makeup with anti-aging benefits. Yet.

■  Just about half feel it is difficult to somewhat difficult to find anti-aging products for their skin

■  69% think one anti-aging face wash is pretty similar to another

■  67% that anti-aging day creams are highly similar, regardless of brand

■  60% that one anti-aging eye cream is the same as another

■  And 64% that sunscreens which offer anti-aging benefits are very similar

■  57% do not use makeup with anti-aging benefits, although were she to do so, she’d be most interested in foundation (63%), lip gloss (60%) and concealer (46%)

(*TBC/Prevention Magazine Anti-Aging Study 2009)

When it comes to her appearance, she’s only willing to accept so many signs of aging, but she’s still not quite ready to visit Dr. Christian Troy

Although she’s also not quite ready to take surgical steps to combat the signs of aging — needles, injections and fillers are low on her list of ideal options — she also does not want to look her age. For right now, she’d much rather exercise smart skincare — using topical creams and serums to help minimize the signs of aging and avoiding the sun — to help her prevent future damage. Proper cosmetic surgery is for a future decade.

■  Over three-quarters of women feel it is unacceptable to look 10 years older than friends of the same age

■  72% feel it is unacceptable to let their hair go completely gray or silver

■  40% feel they saw the first significant signs of aging between the ages of 40 – 44

■  65% of women claim they would not consider Botox or similar injections

■  54% would not consider fillers or injectables such as Restylane, Perlane, Juvederm or Radiesse

(*TBC/Prevention Magazine Anti-Aging Study 2009)

However, she would consider in-office peel procedures to help improve her appearance.

■  44% would consider microdermabrasion

■  44% dermabrasion

■  Although 50% of 40-something women would not consider a chemical peel, 33% are interested – nearly as many as were interested in a microderm or dermabrasion

■  42% would consider laser peels or treatments

■  Traditional facelifts are out of favor: well over half of all women (64%) would not consider this procedure, or any similar procedures such as a neck lift (62%), brow lift (68%) or eyelid surgery (68%)

■  The one cosmetic surgery procedure she might consider? A tummy tuck. 45% would consider it

(*TBC/Prevention Magazine Anti-Aging Study 2009)

The 40-something opportunity

The 40 – 49 year old woman looks younger, feels younger, acts younger, and will enjoy her career longer than 40-year olds during any other time in history. So what does all of this mean for our industry? At TBC, we feel there are several areas open for discussion. Where does the industry need innovate in order to capture this consumer? How will it need to change? How will it need to stay the same? The 40-something woman is our sweet spot, our holy grail anti-aging consumer. We need to capture her attention, give her a reason to be loyal, and help her maintain the youth she’s worked so hard to preserve as she continues to mature.

Trends and growth opportunities*:

Growth opportunities: anti-agers, mascaras, eyelash growth

■  Anti-agers to grow by 18% from 2009-2014 to reach $3.1 billion in 2014

■  To benefit from big baby boomer population

■  Women starting to use anti-agers in their 20s to prevent aging

Strong focus on the eye to benefit mascaras and eyelash growth products

■  Mascara to grow by 13% from 2009-2014 to reach $1.8 billion in 2014

■  Eyelash growth products to benefit from aging population and advertising for Latisse

(*Source: Datamonitor: Opportunities in the US Beauty Industry 2010)

■  As more women age into their 40’s, will at-home gadgets become a focus?

■  Do we need to focus product development and technology innovative ways to prevent future aging, rather than fighting existing aging?

■  Is adding skincare benefits to cosmetic products really the way to go?

■  Should the lines between doctor-procedures and at-home remedies continue to blur?

■  Is SPF necessary in cosmetics, or should the two be kept separate?

■  Do we need to be worried that more and more women turn to their dermatologist first for beauty advice, and that more and more derms are jumping into the product development pool?

■  How can we keep the anti-aging message fresh, engaging and pertinent to women who have now been hearing it for several decades?

Talking Points

Key Takeaway: The 40-something woman represents the future of anti-aging, as well as the opportunity for anti-aging. ■  They look young, feel young, act young and want to stay that way.

■  Women in their 40s are committed to maintaining their youthful good looks and want the best of all worlds – their favorite anti-agers as well

as more advanced clinical options – to help them achieve this goal.

■  For now, they are committed to using topical anti-aging products as their primary method of maintaining and achieving a more youthful look.

■  40-something women don’t consider themselves old or past their prime. Instead, they know they are at their peak, and they are committed to maintaining their youth for as long as possible – just look at the epitome of what it means to be a 40-something woman in

the 21st century: Jennifer Aniston. If she uses it, drinks it, wears it, likes it or talks about…women everywhere do too.

Alisa Marie Beyer alisa@benchmarkingco.com

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