Cosmetics

The cosmetic industry is a huge worldwide business, destined to grow rapidly owing to its universal appeal for improving the quality of life. In the United States, more money is spent on skin and hair care products than on education. There are more Avon ladies in Brazil than enlisted personnel in the army. Demographic changes are partly responsible for this enormous outlay of money to look and feel better. The postwar generation of baby boomers is aging, with wrinkles and blotches clear signs of mortal decay and the inevitable despoilation of appearance. The boomer generation has money, is obsessed with youth, is health conscious, and knows that it will live a lot longer than their grandparents. They are the antiaging generation and are determined to look young and sexy until death. An incredible array of products are available to combat the ravages of time and to prevent premature aging . The fashion magazines and the mass media are awash in advertisements that promise eternal youth and happiness. The cosmetic industry is extremely competitive and is dominated by less than a half-dozen juggernauts that use every legal means to capture and hold market share. Consumers do not understand that cosmetics, in contrast to drugs, are not regulated by agencies such as the U.S. Food and Drug Administration (FDA). No premarketing proof of efficacy or safety is required. This is a free-for-all situation in which claims can be made, often by unscrupulous start-ups, that lie clearly in the domain of fantasy and humbuggery. These powerful new winds of commerce are blowing up a set of new problems that need to be addressed honestly.