5 Emerging Trends in the Beauty Industry 2017
While consumers in the beauty industry are changing, brands are being forced to change as well, according to a report from Euromonitor International. Generation Y and Z are beginning to take over the baby boomers and because of this the industry will start to shift towards their preferences. Premium brands are upping their game to compete with “masstige” (products that are mass produced) by drawing in consumers with health and wellness, authenticity, good ethics, and personalization. Here are 5 emerging trends in the beauty industry as identified Euromonitor International.
- A cross-pollination of the health-based industry and the beauty industry. Health-based brands coming out with products to support skin and hair health are now competing with the beauty care industry. Beauty brands are well-aware that many beauty newcomers are focused on health and wellness. Because of this, some beauty companies are altering their brands to fit the needs of health obsessed consumers. One example is the new trend of probiotic-based beauty products, inspired by probiotic yogurts and supplements.
- A shift towards “green, clean, and sustainable” consumption. More beauty brands are moving their focus towards responsible consumption, such as organic formulas, water-efficient solutions, and reusable packaging. Consumers are beginning to care more about their products being natural, organic, and good for their body, while also considering environmental and ethical factors. Attitudes towards consumption is changing, and consumers want fewer potent ingredients in their products, more sustainable products, and products that are produced ethically. Consumers who want this are willing to spend more money on premium products to get it. One of the next big trends for brands is sustainable, reusable packaging to cut down in wastes and costs.
- With the growth in smart technology standardizing personalized beauty solutions, premium brands are expanding their personalized product solutions. Many luxury brands are becoming more accessible to the average consumer, and are therefore focused on selling personalized products to premium consumers. They are continuing to draw in their premium customers with the use of diagnostic apps, where products adapt to the customer’s skin, mood, and environment.
- With the expansion of personalized beauty products, digital engagement is also increasing. Smart devices and app-based diagnostics are used to track results and help consumers choose the products that best fit their unique needs. Consumers will use apps such as Dermalogica’s Breezeometer Skin Pollution Index and Mili’s Pure Skin Moisture Detector to personalize solutions so they can make autonomous decisions about the skin and beauty products they buy.
- More alternative models of distribution are emerging from e-commerce. Beauty brands are getting more creative with how they operate and distribute online. Social media marketing and subscription boxes are expected to increase in the beauty care industry. An increase in social media use is making it easier for niche brands to get their voice heard and be able to connect with their niche consumers.