The business of beauty is a highly profitable one. Currently, it is estimated to be worth more than $500 billion and it is forecasted to continue growing. It is evident that people are taking personal care more seriously and investing in it.
Growth in the sector has, however, not just been financial. There are many more changes and trends that have been taking place in the cosmetic arena. They will likely play a key role in how the industry develops in the near future.
Here are some of the current consumer and product trends in the cosmetics market.
Ingredient Awareness
For years, the average consumer was not particularly discerning. Most bought cosmetic products on a trial and error basis; they stayed loyal to what worked and abandoned what did not. Others were lured by catchy advertisements that promised them heavenly results if they bought the products.
In a twist of fate, things are changing quite rapidly in the current market. Thanks to information available all over the internet and other media platforms, consumers are making more informed choices. In fact, transparency on the key ingredients used in a product is becoming a major selling point.
It is no longer enough for a brand to say that their product ‘hydrates and moisturizes’. They also have to point out what they have put in it to achieve that. Is it glycerine, shea butter, or hyaluronic acid?
Going Natural
Every other day scientists warn the world of different things being linked to cancer and other life-threatening diseases. It is highly probable that one or more items on your dresser may be putting you at risk in one way or another. Still, the fact remains, we all want to look our best.
In light of this, most consumers of beauty products are choosing to go the natural way. Harmful preservatives and other harsh chemicals are being abandoned for natural oils and fragrances. The naturalista hair movement, for example, has become a force to be reckoned with.
Producing all-natural products is not cheap because the raw materials have to be sourced as opposed to being synthesized. Further, production processes are sometimes more complex in a bid to maintain the integrity of the ingredients. Special equipment such as Ginhong’s laboratory mixer may also be required to achieve the right formulations. Nonetheless, any brand that plans on maintaining its customer base in the future will need to adapt to the changing times.
Influencer Partnerships
Instagram, YouTube, Twitter, and other social media platforms have become very influential lately when it comes to consumer trends. Influencer partnerships capitalize on that phenomenon. When the right personality uses your brand, it increases your visibility and may translate into higher sales as well. On the contrary, if they say or do the wrong thing, it can have a catastrophic effect.
Content creation is the cornerstone of influencing. Recently, organic content is all the rage. Consumers are becoming less receptive to blatant advertising thereby necessitating the use of more subtle marketing. Additionally, unvarnished reviews and critiques are becoming the norm instead of the never-ending praise that influencers were known for.
If nothing else, the one thing that the influencer trend has contributed to the industry is information. Before all the videos and Twitter threads, most consumers may not have known what a humectant does. They have certainly made a great impact in that regard.
Inclusivity
There was a lot of buzz generated by the launch of Fenty Beauty. Some of it can be attributed to the fact that Rihanna is the face and part-owner of the brand. However, for most women of color, the excitement stemmed from finally having a product range made for them.
Many skincare and makeup products were, for the longest time, designed through a general approach. As a result, women of color perpetually had a hard time finding a shade of makeup that actually matched their skin. The shades were often too dark or too light, it seemed as though no proper research had gone into them.
Since the launch of Fenty, industry players are coming alive to the fact that product inclusivity is important. Niche brands are increasingly becoming more popular too where bigger ones have remained slow and unresponsive to certain demographics.
Skin Care Regimens
Different people have different kinds of skin and concerns that they would like to address. Getting an aesthetician to create a personalized skin regimen for you is the in thing. Aestheticians are not new to the beauty scene but people are becoming more aware of the benefits of consulting them.
As opposed to going through half the products at the beauty store, aestheticians curate a list of suitable products for you. The approach saves you money and the risk of damaging your skin by using the wrong products.
Product Launches
Competition in the market is quite stiff with thousands of options for every need a consumer may have. In order to set themselves apart and catch consumers’ attention, companies have taken to hosting elaborate launch parties. Invites to the exclusive shindigs generate buzz and curiosity. Social media hashtags and live streams are employed to give the events even more visibility.
Launch parties are also accompanied by giveaways of merchandise in glamorous elegant packaging. The fear of missing out on such decadence spurs many to buy the products they see. The impact of these launches, when done right, is bigger than any advertising could ever accomplish.
Conclusion
It will be interesting to see what exciting things the future holds for the cosmetic planet. Startups in the sector are proving to be major disruptors and are giving established names a run for their money. Moreover, as consumer tastes become more nuanced and discerning, manufacturers may have to make some changes.
Whichever the case, find the products that are right for you and safe for your health. Trends come and go, your well-being is what matters the most.
