Euromonitor: Catch up with major trends in beauty and personal care
CosmeticsDesign caught up with the market expert to get her perspective on which consumer trends are likely to dominate in the market.
She picked out customisation, ethical and wellbeing, millennial consumers, digital brand presence and multicultural beauty as all offering big potential for beauty.
Taking control: customisation, wellbeing and ethics
Several major trends in the market globally at the moment are linked by a consumer desire to have more autonomy over products, both in their application and in their production and retail.
“Customisation is huge globally for skin care and hair care, and wellbeing is everywhere in the western market,” Chan explains. “There is generally greater need for customisation, even in colour cosmetics, where consumers are looking for products suitable to their skin tone and skin type.”
Chan also points to ethical trends as catering to this desire for consumer control over their product consumption: “When it comes to ethical concerns, other than environmental and sustainability, there are also the aspects related to animal welfare - vegan, not animal tested - and also to people and values, and safety concerns, including free-from claims. The ethical trend has several classifications.”
Young: educated and connected
Chan notes that millennials as a consumer group are really leading the way with defining the future for beauty, and this is due to to their high levels of connectedness through the internet, and education.
“Millennial consumers - younger consumers - are more aware and have more education about ethical and environmental consciousness.
“This is partly due to the connected nature of the internet: on social media there are a lot of bloggers - like Instagram celebrities - who encourage consumers to be mindful of what they consume, for example.”
In terms of making the most of this digital focus, digital marketing is definitely a good way to connect to consumer, Chan believes.
“Its very effective because its the medium where most people are getting their news and general updates. Other than marketing, every brand definitely needs to be available for retailing online. Ecommerce and marketing are very integrated online.”
Multicultural focus
Multicultural beauty is the final major trend picked out by Chan, who notes: “This is generally a global trend, with regional markets pushing for it in Asia, and in western markets, an increasing number of consumers who are non-white are making up a larger portion of the population.
“A lot of these consumer markets are growing in terms of their disposable income, meaning brands are responding to offer differentiated products to meet their specific needs.”
