The beauty industry is rapidly evolving to cater to several needs of consumers around the world. From diverse deliverables to diverse values, there is a lot that the brands need to cater to today. Let’s view the current status and future beauty trends in the industry.
Recently, NIQ released the Global Beauty Innovation Report. The report provides a deep insight into the state of innovation and future trends in the beauty industry across 14 markets. As awareness around various aspects of the beauty industry grows with growing disposable incomes, consumers are now more cautious of everything that they buy, including beauty products. As new technologies, ingredient bases, and eco-friendly sentiments rise, the consumers of this age know what they want. Thus, shaping beauty trends the industry that encourage innovation.
In view of the same, let’s have a look at some of the prominent trends that are accelerating innovation.
Clean and Sustainable
Consumer sentiments towards clean and sustainable products are rising every day, globally. People want products that are natural, ethically sourced, come in eco-friendly packaging, and have low carbon footprints. As a result, many brands are now launching ranges with either more natural ingredients or eco-friendly packing and refills.
In South Korea, clean beauty is now a lifestyle choice. Natural ingredients are largely preferred by the users. Beauty manufacturers are also focusing on producing eco-friendly packaging and adopting sustainable production practices.
Ingredient Focus
The ingredient list is no longer an imprint on your label, people are now reading it with attention. With a rise in awareness, consumers are more adept at understanding various ingredients and their efficacy. As a result, people are shopping with an ‘ingredients first’ mindset.
Consumers of today really want to know the ingredients that are included in the product and also the ones that are not. UK consumers lay heavy emphasis on results and efficacy than on brand names.
Trusted Advisor
With the advent of social media, celebrities and influencers are majorly influencing purchasing decisions. Not just so, even improved access to dermatologists has changed the way people shop.
In China, there are over 20 million Key Opinion Leaders (KOLs) and the numbers are growing rapidly. Further, it’s interesting to note that 7% KOLs drive 80% of sales.
Personalisation and Inclusivity
No one wants to follow a herd mentality anymore. Consumers are now looking for brands that can address their individual concerns and needs. This is leading to brands catering to tailored experiences. This can include virtual tryouts, AI assistance, various hair and skin quizzes. This helps brands suggest or curate products that suit the consumer’s hair/skin type and concern.
Afro-consumption is the hottest personalisation and inclusivity topic in Brazil. Women are now embracing their natural hair, looking for products that help them maintain it. Also, as a result, they are opting out of hair straightening products.
Wellness Focused
Holistic wellness is a mantra for many to lead their lives. Consumers need products that support mental, physical as well as emotional health. Beauty is now skin deep and includes a wider arena of well-being.
For instance, France is leveraging neuroscience to target the body as well as the mind. Many luxury brands are offering products that improve skin appearance and emotional well-being.
Convenience and Accessibility
As an aftermath of COVID-19, direct–to–consumer products and at-home treatments have become popular. Subsequently, people are looking for products that can help them achieve salon-grade results in the comfort of their homes.
Luxury for All
One of the current beauty trends, it highlights the increasing accessibility of premium products at more affordable prices. The democratisation of luxury is fuelled by innovative brands delivering exceptional items that compete with high-end options.
In Saudi Arabia, consumers prioritise high-quality ingredients and are often ready to pay extra, especially for personal care and beauty products. For a beauty brand to thrive, success lies in the combination of a strong concept and a solid product. Nearly one-third of new launches fail within their first year due to insufficient backing.