A poll of 2,000 adults found Millennials own the most skincare products at 10, spending an average of more than £29 a month – totting up to a whopping £358 a year.

This was closely followed by Gen Z who part with £27.26 per month – just over £327 a year. But it drops to just £9.60 among Boomers – the equivalent of £115.20 a year.

The average adult spends an average of £19.87 a month restocking their products, which works out as more than £238 a year on skincare.

The study also found the typical bathroom cabinet is home to eight different items, including moisturisers, serums and under eye cream, all in the pursuit of glowing skin.

But three in 10 aren’t confident they understand what the different skincare products are for, with this rising to 46% when it comes to the ingredients and what they do.

As a result, 20% admitted they own products they rarely use, with suncream, facemasks and lip balm at the top of the list, along with foot creams, hand creams and body lotion.

A quarter of these blamed their impulse buying for having items gathering dust, while 25% simply forgot they even owned some of their products.

A further 14% felt they secured a bargain when out shopping, only to then realise they didn’t really want or need it.

The research, commissioned by Nivea, also found despite the cost, one in 10 prefer more expensive skincare as they feel it’s better for their skin

However, 11% have been left feeling underwhelmed by the results of a recent skincare purchase.

For 69% price is the most important thing when buying skincare, followed by the brand’s reputation (39%) and the ingredients (38%).

However, while 20% of all adults believe they get the best results from expensive skincare, 18% feel the same way about more affordable options.

With 35% of those polled, via OnePoll, left pleasantly surprised by the quality of a more affordable skincare option.

A spokesperson for the skincare brand, which has partnered with Vicky Pattison for its Daily Essentials range, said: “The skincare market can feel overwhelming, and while it's great to find specific solutions for specific concerns, sometimes less genuinely is more.

“What might surprise people is that you don't need to spend a fortune to access genuinely premium ingredients backed-by-science.

“We've invested heavily in dermatological research and development to ensure our Core Skincare range delivers the same quality ingredients you'd find in luxury skincare, including hyaluronic acid and SPF 30.

“Being skin savvy not spenny means believing that excellent skincare should be simple, affordable, and actually effective, particularly in today's cost-of-living climate.”

Vicky Pattison said: “It's easy to assume the priciest skincare option is the best, and I used to think the same but that's simply not true.

“By switching, I’ve really noticed how active ingredients genuinely work, especially when it comes to my skin feeling hydrated, fresh, and smelling great too.

“So, it’s my mission to get people to make the same switch I did so they no longer need to break the bank to get the best results for their skin."