These are: insights into how to target premium buyers, how to refine your strategy for natural beauty, and beauty routines across generations.
The 2016 survey is intended to consider the grooming routines, buying patterns and brand preferences for global beauty shoppers, according to Euromonitor. This is especially important in an industry of fast innovation like beauty.
“High intensity of innovations and new product developments characterise a constantly evolving industry and a growing need for gap assessment and consumer profiling,” the firm explains.
“Consumer preferences are changing on multiple levels: as people age, their hair and skin changes, their spending power changes, and as they become aware of new trends and products their beauty routines and attitudes evolve.”
Targeting premium buyers
According to the firm’s report, premium buyers tend to have four key features to set them apart from other consumer groups in beauty. They have:
- more extensive beauty routines than non-premium buyers
- stronger digital influence on their purchasing decisions
- higher expectations of tangible results, and for them, good value for money is equally important
- more interest in natural ingredients and ethical brand quality than non-premium buyers.
“Premium beauty brands’ most attractive target consumers are Generations Y and X, with over half of them expressing premium preferences across all three categories,” the firm reveals.
Refining naturals’ beauty strategies
Across all three product categories - skin care, hair care and colour cosmetics - naturals is consistently chosen by consumers across the globe as a top five feature for products.
“Green features are secondary only to efficacy, suitability, and a quality-price balance in consumers’ decision-making for beauty products, and are actually more salient in purchasing deliberations than low prices and strong brand names,” the firm states.
“The market is going green, and smart companies will be greening right along with it, giving consumers the beauty products that they want.”
Beauty routines by generations
Euromonitor pulls out four key findings across the generations from their beauty survey results. These are:
- Extensive beauty routines are most typical for under-40s
- Millennials are the most frequent users of hair care products
- The slightly older group, Generation X, is the most focused on skin care.
- Desired hair care product features show subtle differences across generations.
Furthermore, across consumer groups, personalisation in beauty is a key demand, and according to Euromonitor, catering to this will be a high priority in the future.
“The next generation of beauty innovations are going to be aligned better with trends of customisation to identified consumer base’s characteristics and expectations with strong focus on product experience.”