Is your skincare really splurge worthy, WHY PAY MORE?
Customers can now decode the skincare cost gap by understanding the ingredients in their favourite skincare products with the viral tool that's been leaked on Reddit
NOTTINGHAM, England, June 15, 2022 /PRNewswire/ -- The INKEY List was created in 2018 to democratize skincare through knowledge – simplifying the product INCI list and giving high performance skincare at an affordable price point. Times are tough for everyone right now as we balance increasing costs with wanting to embrace life out of lockdown. For consumer spending this is true too, with US women spending an average of $10 (£8) per day on beauty spending*. Equivalent to $3650 (£2913) per year*, female shoppers in particular are getting more price conscious and want to know what their hard-earned dollars are being spent on.
We believe now, more than ever, we need to lift the ingredients lid so customers can make informed choices about their skincare. A multitude of choices, a huge array of scientific terminology and a variety of trend led products promising instant effects, can all make it difficult for a consumer to make a good skincare choice and understand what works and what doesn't. With prices ranging from a few pounds into the hundreds for a full skincare routine, the skincare cost gap has never been wider and now customers are getting savvier about their choices, the question truly is – Why pay more?
"We were so sick of the BS marketing that plagues the industry - hidden percentage levels and 'complexes' created to hoodwink the customer. We believe that now, more than ever, we need to lift the ingredients lid so customers can make informed choices about their skincare. We feel very passionately that customers should get what they pay for - Great actives and high-performance formulas but NOT for opaque marketing, unnecessary filler formula or packaging."
Colette Laxton, co-founder of The INKEY List
With the INKEY List's WHY PAY MORE campaign the mission is to empower even further, sharing knowledge on the true value of skincare products and how customers can make smart money choices. We've built a Performance vs Value vs Ingredient Index, reviewing our competitor's products up against our own and are proud to shout about the true efficacy and value our products deliver. The INKEY List know the time is now for this spotlight on transparency with numerous conversation streams surrounding value hacks on Reddit plus the recently revealed Skincare Cost Gap search engine which helps the consumer plight even further by taking the legwork out of price and ingredient comparisons. This particular tool is quickly picking up pace thanks to Reddit, influencers and skincare enthusiasts, The INKEY List sees this as only a positive, a big step towards making the industry even more transparent.
"Empowering and democratizing skincare through knowledge is what we stand for, and a tool like this puts the power back into the hands of the shopper and that can only be a good thing." remarks Colette.
With the skincare industry forecasted to reach $24.37 billion by 2024*, the choice is vast, but consumers expect more from their purchases. Google search trend data indicates that consumers want to know what the active ingredients within their skincare do, and with the success of the skincare cost gap tool drawing thousands of people in, it's clear that consumers won't stand for a product that can't do what it promises.
"Spending significant amounts on skincare often doesn't equate to a higher-performing product. Some ingredients are slightly more unstable and difficult to formulate into a product that is safe, long-lasting and effective therefore they require expertise and time which can equate to a higher price point. The cost vs efficacy ratio of most skincare ingredients has been thoroughly researched and this info is readily available online. Nine times out of ten, sadly, consumers end up paying for the brand, packaging, and the perception of a higher quality product."
Dr Kemi Fab
Junior Doctor and member of The INKEY LIST Knowledge Collective
"From the first day of our INKEY List journey our formulation ethos has remained unchanged. Take a hero efficacious ingredient and surround it by the required support ingredients to make the formula even better and then strip everything else right back. No needless oils, perfumes or low concentration actives that may be included but lack impact. With our formulas you get way more than you pay for, multi-active unadulterated efficacy with a texture and price that WOWS!"
Mark Curry, Co-Founder The INKEY List
So, why pay more? We want to help customers to understand what they should and shouldn't be paying for so THEY can make the right decisions for them – so let's lift the lid on the INCI list (that ingredients list on all your products) and pay for what will truly make an impact. INKEY are here for you, your needs, our knowledge.
@theinkeylist
*Statista.com/Onepoll for Groupon via Byrdie.com, January 2022.
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