10.31.23
Mintel has announced three key trends set to impact the global beauty and personal care industry in 2024.
From beauty consumers placing more significance on value, to AI-driven innovations, next year’s trends include:
Mintel’s trends are backed by robust data and expert opinions, ensuring that what you read here is meaningful and actionable, the company claims.
Practices such as psychodermatology (exploring the relationship between psychological well-being and skin health) and neurocosmetics (which focuses on the mind-skin connection) will gain traction.
Meanwhile, wearable devices will provide real-time feedback on stress levels and skin health, strengthening the mind-skin connection.
“Advanced data analytics, DNA testing and personalized algorithms will enable brands to innovate customized beauty products and regimens tailored to individual mental and physical needs,” says Mintel.
By analyzing data, learning patterns and generating insights, AI is addressing ethical concerns and speeding up new product development.
Mintel says brands should leverage information, like customer feedback on social media, to identify gaps and create innovative products tailored to specific needs.
Going forward, expect to see AI enabling highly tailored beauty experiences based on individual preferences, genetics, environments and lifestyles as well as assisting with precise skin analysis, personalized product recommendations and real-time wellness monitoring.
Today’s consumers are looking for transparency; they are more inclined to seek justification for premium pricing based on tangible results rather than superficial factors. Research, clinical studies or certifications to substantiate their claims of effectiveness will gain credibility and trust.
“We are seeing a new wave of 'new-age minimalism' and 'coded luxury’ as consumer focus shifts away from amassing an extensive collection of products to curating a carefully selected range of high-quality essentials,” Mintel says. “Brands that focus on innovation, expansion and eco-conscious practices are set to achieve growth. Expect to see companies invest in advanced formulations, cutting-edge ingredients and technologies for targeted solutions.”
From beauty consumers placing more significance on value, to AI-driven innovations, next year’s trends include:
- NeuroGlow: The next chapter of wellness will be mind-body beauty, where mental well-being and physical appearance are interconnected.
- Beaut-AI: Artificial intelligence will transform the beauty industry by making it more personalized, efficient and effective, but governance and transparency will be critical to growth.
- Sophisticated Simplicity: The beauty industry will experience a paradigm shift as consumers demand effective, high-quality products.
How The Trends Were Developed
Mintel’s living, growing prediction model “adapts to the unforeseen.” Centered around the seven Mintel Trend Drivers—Wellbeing, Surroundings, Technology, Rights, Identity, Value, and Experiences— the model supports the fluid acceleration or deceleration of a trend according to the reality of individual markets. This allows it to be more adaptive and reactive to change and to continue to focus on the future.Mintel’s trends are backed by robust data and expert opinions, ensuring that what you read here is meaningful and actionable, the company claims.
1. NeuroGlow
The mind-body connection is critical in elevating beauty's role in overall wellbeing. As our understanding of this connection deepens, Mintel predicts that brands will look to offer a comprehensive approach to beauty, improving external appearances and enhancing mental and emotional well-being through technology integration, partnerships, inclusivity and personalization.Practices such as psychodermatology (exploring the relationship between psychological well-being and skin health) and neurocosmetics (which focuses on the mind-skin connection) will gain traction.
Meanwhile, wearable devices will provide real-time feedback on stress levels and skin health, strengthening the mind-skin connection.
“Advanced data analytics, DNA testing and personalized algorithms will enable brands to innovate customized beauty products and regimens tailored to individual mental and physical needs,” says Mintel.
2. Beaut-AI
“AI is revolutionizing the beauty industry, accelerating product development and promoting inclusivity,” explains Mintel.By analyzing data, learning patterns and generating insights, AI is addressing ethical concerns and speeding up new product development.
Mintel says brands should leverage information, like customer feedback on social media, to identify gaps and create innovative products tailored to specific needs.
Going forward, expect to see AI enabling highly tailored beauty experiences based on individual preferences, genetics, environments and lifestyles as well as assisting with precise skin analysis, personalized product recommendations and real-time wellness monitoring.
3. Sophisticated Simplicity
Consumers are increasingly seeking products that prioritize efficacy and functionality over extravagant packaging and flashy marketing campaigns, Mintel observes.Today’s consumers are looking for transparency; they are more inclined to seek justification for premium pricing based on tangible results rather than superficial factors. Research, clinical studies or certifications to substantiate their claims of effectiveness will gain credibility and trust.
“We are seeing a new wave of 'new-age minimalism' and 'coded luxury’ as consumer focus shifts away from amassing an extensive collection of products to curating a carefully selected range of high-quality essentials,” Mintel says. “Brands that focus on innovation, expansion and eco-conscious practices are set to achieve growth. Expect to see companies invest in advanced formulations, cutting-edge ingredients and technologies for targeted solutions.”
