'Status skincare' products: what they are and why everyone wants them
Despite their high prices, the sales of these products are constantly growing
G-Club
November 21st, 2019
November 21st, 2019
In the last few years, the beauty industry has entered a new phase, which has shifted the attention of the female customers towards the skincare, rather than pure make-up. Women, above all young women, prefer to invest their money in high quality and lasting products designed to guarantee the health of their skin. They no longer buy thick primers that cover their imperfections, because they'd rather do something to cure and therefore tackle those skin issues. This trend is moreover confirmed by the constant sales growth (+120%) in the sales of the so-called 'status skincare' products, creams and serums of the best-known brands of the industry that can cost thousands of euros.
The phenomenon has exploded in the United Kingdom and is quickly spreading all over Europe. At Harrods, products by La Mer, Guerlain, RéVive, La Prairie and Clé de Peau Beauté, that cost more than 300 euros, are selling out every day. Face serums are among the most popular products, while La Prairie is the fastest growing brand at Selfridges and, the Platinum Night Elixir, that costs more than 1.100€ per 20 ml, is the most expensive product in the top 10 of Harrods.
There’s a trend for Marie Kondo-ing skincare, only investing in products that spark joy.
La Prairie Business Manager explains moreover that the average customer spends £700 at a time for these elixirs, which are the result of the research of Nobel prize-winning scientists, made of precious raw materials such as the Orchidée Impériale Black and rarely buys just one product. All this despite the prohibitive prices and the economy in crisis.
It's a phenomenon known as the Lipstick Index, a term coined by Leonard Lauder, president of Estée Lauder, during the 2001 recession, after noticing that women were buying more cosmetics than ever, despite economic uncertainty. The same had happened during the years of World War II when Winston Churchill ordered to ration all cosmetics except lipstick as the red colour on the lips helped to raise the morale of women and men. The trend has become so recurrent that we talk about Lipstick Effect in times of recession when the sales of a commodity of first necessity instead of decreasing, increase consistently. Maybe now we'll start talking about skincare effect.
