‘Beautiful Mind’, ‘Beauty Re(Valued)’, ‘Channel Changers’, and ‘Beauty Eco-lution’ are likely to strongly influence the beauty sector, according to global market research company, Mintel.
In terms of ‘Beautiful Mind’, Mintel maintains that brands have an opportunity to build normality in uncertain times through routines using products that protect, bring value and rebuild trusting relationships.
Says Andrew McDougall, Mintel’s associate director of Global Beauty and Personal Care: “Brands that successfully highlight the use of beauty routines as a way to combat stress and anxiety and bring normality during uncertain times will drive long-term value for consumers. Furthermore, brands will need to create strategies for third-party experts to validate and educate consumers about the future of holistic wellness, with self-care that touches on the mind-body-spirit connection.”
Mintel defines ‘Beauty Re(Valued) as: ‘Because spending is coming under scrutiny, product functionality and purpose will drive usage. Value will be measured in quality, convenience, and impact, rather than currency’.
McDougall adds: “Experiences will become more valuable than tangible products as many consumers re-evaluate what is essential to survival. Brands wishing to encourage consumers to trade-up will need to redefine value, beyond just cost, but through the impact of purchase as well as convenience, with an emphasis on quality.”
Unpacking the ‘Channel Changers’ trend, Mintel explains that robust ecommerce strategies will allow brands to win with a true omnichannel approach that pushes the boundaries, engages all of the senses, and offers new layers of digital experience.
According to McDougall, over the next 12 months, loyalty and lifetime customer value will be driven through multiple, sophisticated and personalised digital touchpoints that focus on capturing individual lifestyle needs.
Lastly, as consumers emerge from COVID-19 confinement, they will re-evaluate priorities with eco-ethical considerations driving more purchases, giving way to the ‘Beauty Eco-lution’ trend.
“Brands will continue to collaborate with and support local businesses that have an authentic and long-term strategy, as many consumers shop local with less focus on price. The next evolution of ‘clean’ will be created by marrying ethics with safety to cater to the conscious and careful beauty consumer focused on avoiding undue risk inside and outside the box,” concludes McDougall.