8 Megatrends Impacting International Cosmetics
1. Sustainability and ethical conduct
Both indie and multinational cosmetics names are reaping the benefits of giving back through their sustainability initiatives.
Consumers seeking cruelty-free, fairtrade and complete transparency over the supply chain and raw materials are driving the rise in social and environmental responsibility.
Utilising local suppliers, adopting a resource scarcity attitude and building trust with beauty buyers is dominating how brands can leverage their commitment to sustainability and ethics.
2. Individual expression
Increasingly, in recent years, mass consumerism has fought to keep up with the rise of premiumisation. As consumers expect more from a higher price tag, brands have carved out innovative formulations that enable personalisation, customisation and product specificity.
Marketing and advertising messages have complemented the R&D and manufacturing achievements by promoting individuality, self-reliance and self-branding.
As we become hyper-connected, and as our understanding of specific target demographics, beauty brands can leverage developing and emerging trends such as gender specificity, image consciousness and blurring gender boundaries to appeal to consumers.
3. Health and wellness
The overlap between beauty and health has grown tremendously in recent years as we shift towards looking at the inside to influence the outside.
Personalisation and customisation have reached how we look at our mental and physical health, spurring personalised health solutions. With ageing populations, consumers shift to guided answers from cosmetics names on health, disease management and personalisation.
Natural and organic brands promote the fresh and pure integrity of their selected ingredients. This comes as consumers opt for formulations that help them achieve wellbeing, vitality and balance through efficient personal care products with strong efficacy.
4. Smart and connected
As we live in a hyper-connected world, our lifestyles and consumption of all things digital influence our brand preferences and decision-making skills.
Not only are we looking for efficiency and effectiveness, but we are also seeking on-the-go convenience and next-generation shopping that supports an ethical and smart way of life.
5. Evolution and the wider environment
The wider world is impacting our exposure to beauty and personal care brands, and how we engage and ultimately select these names. Our loyalty towards beauty names and associated brand advocacy is influenced by a number of situational factors.
Socio-economic and socio-demographic changes largely dictate our cosmetics choices. In the rapid industry space, developing influences and widening inequalities are creating more demographics, and with it, more choice.
Understanding how the wider environment provides both opportunities and threats to how beauty brands can best tap into their audiences is vital to capture the needs of different audiences, including ageing populations and single lifestyles.
6. Easy to use and affordability
The battle between mass and premium beauty continues as consumers ask for on-the-go convenience and value, along with efficiency, effectiveness and simplicity.
Informed and next-generation shopping prevails in the beauty retail environment. The evolution of private labels presents buyers with more options, and so with more brands at their disposal, consumers have the option of bargain hunting or selecting out-of-home products due to time scarcity.
7. Experiential and sensory engagement
Brand stories are all about authenticity and provenance, and for good reason — the experience economy and desire for experimentation are proving a fundamental part of shopping for global cosmetics consumers.
Unique and novel products that focus on premiumisation, indulgence, connoisseurship and luxury beauty embedded with ethics are spearheading consumer purchasing choices.
Experiential shopping is well and truly here, and as brands integrate this landscape with sensory fusion that provides added functionality, we can expect to see this area develop.
8. Comfort and safety
Today, consumers are looking for simplicity and risk-averse products. Contract manufacturers, for example, are seeing this as companies are calling for fewer ingredients in their products.
Our cautious approach to what we use on our skin, hair and body is leading brands to increase their focus on providing full disclosure and proof regarding the heritage of their product portfolios.
As we expect all of these trends to progress and heavily influence consumer preferences and buying decisions, we will be exploring each of these in upcoming articles throughout the year.