Having just celebrated the longest day of the year, we can say that summer is officially here. Dust off that grill, bring out the patio furniture and the big hat, and yes, don’t forget the sunscreen! What with the quickly depleting ozone layer, sunscreen is turning into a cosmetic as well as health necessity. Just before I got my sunblock supply for the summer, I came across this interesting article about what to look for in a product.
But how do you choose when there are so many products on the market that tell very similar stories? Looking into our Product Intelligence App, we saw that there are over 10,000 products out there from more than a 100 brands across 78 stores.
The bubble chart below shows a distribution of product count by brands. It looks like Coppertone, Neutrogena, and Banana Boat are market leaders with the maximum penetration of products across various stores. But we can see that there are certain higher end brands like Shiseido that are also in the running.
A comparative view of the price history of products across the market reveals some interesting insights. The average price across the market is about $32. Brands like Neutrogena and Banana Boat are competitive with each other (below the average), while a brand like Shiseido is priced significantly above the mass market.
This is just the tip of the iceberg. There is much scope to dig in and get juicier market details out of this data. For instance, in the past month, there were 20,896 price increases across the market and 16,226 decreases. The increases make sense as more people are now planning to spend time outdoors, especially since kids get out of school around this time as well. Businesses are locking in their profits in a high demand situation. Does this equation change in the winter, I wonder, even though experts say we should be using sunscreen all year long?
We’ll keep monitoring changes in the sunscreen market and other summer products to bring you interesting tidbits. In the meanwhile, slather on that sunscreen and enjoy the sunshine.