Diagonal Reports shines spotlight on future beauty market
Entitled ‘Beauty Market and Buyer 2020’, the future directed analysis, which promises to help formulators get ahead of trends and developments, “predicts a different beauty buyer and world for 2020 with new reference points”.
The analysis is based on trends identified in interviews conducted over an 18-month period with beauty experts in Europe, Asia, Africa and the Americas, with the focus of discussions being changes in consumer behavior and the hair and skincare concerns of buyers.
While the concerns of the distinctive consumer segments shaping a new beauty agenda worldwide are minority, the report notes, they interconnect with ethnic, demographic and social changes, impacting how significant numbers of people consider and purchase beauty products.
Internet and social media magnifies impact
Diagonal Reports also highlights that these consumers are more influential as a result of their internet and social media use. “Social media has not only magnified the power and reach of what otherwise are disparate groups but also multiplied their numbers,” the company states.
The research reveals that the number of people believing in the ‘alternative’ (natural, green, organic and minimal processing) has never been higher. Attitudes vary from increased overall awareness of, and concern about, ingredients, to chemophobia for a small number. However, it is the voice of chemophobics that is influencing consumer attitudes toward product formulation, Diagonal Reports notes.
The company underlines that while there is high demand for oils and herbs thanks to the success of natural brands and the spa concept, the high profile of premium priced ‘organic’ brands has ironically been partly responsible for the increasing number of people opting for a make-your-own approach. As Diagonal Reports points out, this method enables budget-conscious consumers to save money without compromising on their skin and hair care standards.
Ethnic consumers at the forefront of developments
Ethnic consumers are at the forefront of developments according to the report. The beauty industry is counting on emerging classes in Africa, Asia and Latin America to drive market growth, and in the US, which is the world’s biggest beauty market, ethnic or multicultural consumers will soon become the majority.
Diagonal reports highlights that these consumers are those who express the most concern about ingredients in cosmetics and personal care products due to their use of skin lightening products and hair relaxers.
