Forever Young: Millennials Drive Spending Growth in a Post-COVID Aesthetics Industry
NEW YORK, Feb. 21, 2023 /PRNewswire/ -- The Aesthetics industry is undergoing a swift transformation, according to Guidepoint Qsight, the leading market intelligence provider in the Medical Aesthetics industry.
NEW YORK, Feb. 21, 2023 /PRNewswire/ -- The Aesthetics industry is undergoing a swift transformation, according to Guidepoint Qsight, the leading market intelligence provider in the Medical Aesthetics industry. Analysis of data from the last five years paints a clear picture of a post-pandemic shift in how the industry is addressing changing demand and the needs of a rapidly evolving customer base.
The COVID-19 pandemic brought significant changes to the Aesthetics industry, with more people investing in self-care and wellness. Based on a multi-year analysis of Aesthetics practice sales data across the United States, the average sales per Aesthetics practice rose by 34% from 2018 to 2022, with millennials driving that growth. Spending by boomers, once a prime consumer of Aesthetics products, fell by 9% during that five-year period; however, their overall share of practice sales declined from 36% to 25%.
In contrast, millennial and Gen Z sales per practice have skyrocketed by 82% during the same five-year period, with the share of sales they represent increasing from 26% to 36%. Among millennials and Gen Z, facial injectable practice sales increased dramatically over this time period: Dermal Fillers spend increased by 92% and Neurotoxins by 236%.
The most dramatic shift was during pandemic years of 2020 and 2021.
This migration in spending patterns and procedure preferences underscores the dynamic nature of the Aesthetics industry. These results also highlight the ongoing growth potential of the millennial and Gen Z patient post-COVID as they embrace Aesthetic treatments, such as BOTOX®, as a "complement [to their] skincare treatment regimen."1
These shifting trends demonstrate the importance of staying ahead of market dynamics and understanding evolving patient preferences in the Aesthetics industry.
"The Aesthetics industry is undergoing a significant transformation that goes beyond the demographic profile of its patients," said Erik Haines, Managing Director of Guidepoint Qsight. "Today's Aesthetics practices and manufacturers will need to align their strategies to better reflect how patient treatment patterns are evolving in order to remain relevant and appeal to their customers."
"Manufacturers in the highly-competitive neurotoxin space (such as Evolus2 and Merz) have been increasingly focused on the preferences of the millennial market. This is reflected in recent product offerings and marketing strategies, which align products with a standard beauty routine and employ brand partnerships with millennial celebrities," added Haines. "At the same time, the recent entry of new products like Revance's DAXXIFY® have made the landscape increasingly competitive, highlighting the importance of adapting to the changing demands of patients."
1https://www.businesswire.com/news/home 20220816005151/En/Merz-Aesthetics%C2%AE-Announces-Joe-Jonas-as-New-Xeomin%C2%AE-IncobotulinumtoxinA-Brand-Partner," Press release, August 16, 2022
2 "Evolus, Inc. - Events & Presentations," n.d., https://investors.evolus.com/events-and-presentations/default.aspx.
ABOUT GUIDEPOINT QSIGHT
Guidepoint Qsight's exclusive Aesthetics industry solution has rapidly become the definitive resource for market intelligence on the Medical Aesthetics industry. Founded in proprietary data, Qsight's offering helps industry stakeholders gain deeper visibility than ever before into patient demand around products, access comprehensive insight into the competitive landscape, and identify business trends and forecast opportunities.
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SOURCE Guidepoint Qsight
