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Consumer Attitudes & Beauty Trends [SCS RGNorth]

Canadean are a market research company looking at beauty market value and trends.  The Western European market is worth 69.2 bn, with 0.3 % forecast growth (2014 – 2019). The growth is slow, almost stagnating due to brands being established; it is a saturated market. 

Emerging markets, in particular Asia and Middle East, differ in their attitudes to beauty. 

  • LOOKS MATTER. 3/4 of people in the world believe their looks are important, being a part of a visual culture. This belief is higher in the emerging compared to the mature markets. Culturally, they connect personal appearance with professional and personal success.
  • IN FOCUS. Digital culture is exacerbating the pressure on people to “look good” – digitising the society means we no longer have to be in the same room to make a judgement. There is a pressure to “look your best all the time”. Smart phones, apps, tablets – technology facilitates digital engagement and supports this trend.
  • ASPIRATIONS & SELF-IMAGE. Emerging consumers are highly aspirational and 41 % believe their disposable income is increasing. They are likely to be spending more money on buying better quality beauty products within the next 12 months.
  • WEALTH & STATUS. The quest for status is growing, 73 % agree that enhancing social recognition and status is important in creating a feeling of wellbeing. They feel their status is elevated by purchasing high-end skincare.
  • IMPORTED LUXURY. 39 % of consUmers in emerging markets believe it is important for luxury brands to be imported.

Primarily young consumers are highly influential, the median age being younger in the emerging markets i.e. 30 + (43 in Western Europe, 40 in North America). It is known that 18 – 34 age old consumers are more appearance conscious, more engaged with social media and digital culture, more interested in global brands, more willing to trade up in beauty products. They don’t remember time without internet..

The three KEY INNOVATION THEMES in emerging markets are:

1. Right for me. 2. Luxury & premium 3. The natural approach

  • Right for me. Skincare products that are marketed for a specific skin type, age group and climate are proving popular. Personalisation – at least to a degree – is essential.
  • Luxury & premium. Personal care products at the higher end of the price range due to – technology – packaging and exclusivity in retail – ingredients e.g. gem powder.
  • The natural approach. Consumers believe – 80 % vs. 58 % in emerging vs. developing markets – that health and beauty products with natural ingredients are better for them, .

Last but not least, sophisticated male grooming is on the rise – 4 in 5 men believe their general looks and appearance are important to wellbeing. They are concerned about looking old, bags under eyes, dark circles, oily skin..

Asia and the Middle East in particular are the largest market by forecast growth and value. The consumers have high aspirations and a high-end skincare purchases offer a way to show off their social status and wealth. Millennials are key target audience for beauty products that should be designed to specific climate & physiological nuances, offer premium ingredients/technology (and packaging) and as well as utilise traditionally used natural ingredients. Working with UKTI on exporting innovation & knowledge will prove essential.

@jamie_canadean

Source: jamie.mills@progressivedigitalmedia.com

 

 

 

 

 

 

By |2016-12-07T09:57:00+00:00February 25th, 2016|Skincare Shopping, Society of Cosmetic Scientists, Wellbeing|Comments Off on Consumer Attitudes & Beauty Trends [SCS RGNorth]
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