Product Premiumization

• According to Businesswire and Beauty Business Journal, product premiumization has become the latest trend in the men’s skincare products market.
• The sources opined that companies now offer natural and organic skincare products with “natural extracts in an attractive packaging that comes under the premium category.”
• Product premiumization is regarded to be creating opportunities for companies operating in the men’s skincare industry space.
•  Signal defines the premiumization of products as having gone beyond product pricing. Still, it has become about customers' perception of quality, better health, and experience, with products that make them feel good about themselves.
• About 52% of customers suggest that they feel good about premium products, while 42% of consumers indicated that they will pay a premium for natural and organic skincare products.
•  Bloomberg suggests that skincare companies are focusing on growing their existing brands by introducing new premium mens’ skincare products based on customer demands.
• An example is the “daily light guard defense fluid broad spectrum SPF 30 by AVEDA, a brand of Estee Lauder Companies, which offers multifunctional benefits to consumers. These include protection against free radical damage and strengthening the skin’s natural environmental barrier.”