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Economic downturn leads to rise of ‘Beautility’

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A new report by Beauty Pie reveals that product efficacy and meaningful engagement are being favoured by consumers seeking to derive value and personal transformation from every touchpoint.

The report, done in partnership with The Future Laboratory, refers to this trend as ‘Beautility’ and maintains that it stems from the global cost of living crisis. States Beauty Pie: “As financial uncertainty puts continued pressure on household spending, consumers are turning to brands that provide fairness around efficacy and pricing and which create communities. This is leading to an era of financially inclusive beauty.

“Increased free time during the pandemic and greater access to information has created a generation of hyper-knowledgeable consumers who are demanding more openness around supply chain ethics, carbon footprint and financial inclusivity in the growing cost of living and climate crises.”

According to the report, whilst 15 leading beauty brands source products from the same three manufacturers, hyper inflated mark-ups are causing many to pay higher prices for products with the same base ingredients. The Beauty Pie report continues: “As people continue to re-evaluate their spending habits and become more knowledgeable about these varying cost structures, there will be new demand for radical fairness in the industry across everything from price point to product efficacy. This shift will fundamentally change associations of higher price being linked to quality, placing more pressure on brands to prioritise shared values and demonstrate fairness and functionality.

“Armed with a wealth of information, consumers are no longer looking to be 'sold' a product, but are instead demanding the facts – namely ingredients and proof of product effectiveness. As consumers become better educated, they are approaching products with the same eye that they bring to their nutritional choices by focusing on base ingredients, their scientific benefits and where they are sourced. As a result, searches for ingredients climbed by around 229% in 2021.

“The combined impact of influencer saturation and the growth of digital communities through the pandemic has led to an increased focus on community-led beauty, seeing people turn to their peers for recommendations on products.”

You can view the full Beauty Pie report, ‘Beauty Futures 2025: Beauty, Beautility and the Rise of the ‘Question Everything’ Economy’ here: https://www.beautypie.com/blog/posts/beauty-futures-2025

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