Market Analysis : Global Skin Care Industry Essay example

1313 Words Oct 30th, 2016 6 Pages
Market Analysis
Industry Outlook The global skin care industry is accelerating sales, and is estimated to reach over $120 billion by the end of 2016. In the United States alone, the skin care market will reach nearly $11 billion by the year 2018 (GCI Magazine, 2015). Projecting to the year 2021, the global skin care market will be worth roughly $154 billion (Statista, 2014). Overall, the skin care industry includes facial care, body care, make-up, etc. Since the market is broad, this provides large corporations with ample opportunity to create products that carter to every skin care need.
Target Market In the skin care industry, it is important to recognize the customer’s age group. Each generation will provide a business with different information regarding what types of products they use, where, and how they make purchases. For example, authors Dawn MacLellan and Maritza Rodriguez, in their article “Target Marketing by Generation”, indicate that Baby Boomers and Generation X customers prefer to purchase in-store, while Millennia’s often purchase products online. While the older consumers are skin cares driving force, younger generations are gradually becoming more aware of the importance of skin care (MacLellan & Rodriguez, 2013). Allowing online companies to take advantage of their constant use of social media, and the Internet. For Rodan + Fields in particular, several of my up-line consultants have used their sales to determine what products certain customers are…

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