Performance or price? The Inkey List helps customers find balance for skincare purchases

16 Jun 2022 --- The Inkey List’s Why Pay More campaign, is an initiative set out on educating consumers about skin care products and ingredients. It aims to expose the skincare industry for the “unnecessarily” high prices it attaches to products. 

According to the brand, women spend an average of US$10 a day, or US$3,650 annually, on skincare and beauty-related products. However, they are becoming more conscious of what exactly they are paying for, and whether or not it is justified. 

Recent Innova Market Research data show that just below 50% of consumers consider the price of a product the leading influence on their purchase, and in accordance with this statistic, the Inkey List is asserting that it is unnecessary to spend thousands of dollars annually on skincare products.

“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 at The Inkey List, says.

Inkey wants to help customers to understand what they should be paying for skincare products.Educating consumers
Many factors influence the skin care choices consumers make. For instance, a large variety of scientific terminology and popular products trending on social media promising instant results could make it difficult for consumers to make good skincare choices and understand what ingredients lead to what effects, the company says. 

The company says it wants to help customers understand what they should and shouldn't be paying for so they can make the right decisions for themselves.

Inkey List’s Why Pay More campaign not only aims to promote the brand’s range of products but focuses on educating consumers in the field. Sharing knowledge about skincare products and their values while helping consumers make smart money choices is the main goal the company says it has. 

“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 Laxton.

Results
There is a large variety of products that perform the same function in the skincare sector, which is expected to reach US$24.37 billion by 2024 according to the company. The recently revealed Skincare Cost Gap search engine helps the consumer by making price and ingredient comparisons between different brands’ products. 

Consumers want to know what the active components in their skincare routines do and expect to see better results, according to Google search trends. With the popularity of the Skincare Cost Gap tool, it’s clear that consumers are more likely to not accept a product that doesn’t deliver the results it promised.

“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,” condoms Dr. Demi Fab, junior doctor and member of The Inkey List Knowledge Collective. 

“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.”

By Mieke Meintjes