Priyanka Bagde, Euromonitor06.07.18
The beauty and personal care industry is rapidly evolving due to continuous innovation and new product developments. Because of this, there is an increased need for gap assessment and consumer profiling to better understand consumers and their purchasing behavior. Moreover, consumer preferences are changing on multiple levels and challenging companies to keep up with current trends.
As discussed in Euromonitor International’s Beauty Survey 2017: Key Insights and System Update white paper, the aging global population, new demands in skin- and hair care, shifts in spending power and increased consumer awareness of product formulation and ingredients are reflected in evolving beauty routines and attitudes of global consumers.
Health Alignment in Beauty While lifestyle pressures, environmental factors and dietary habits are taking a toll on the health of today’s consumers, there is also mounting pressure to look good, which crosses gender and age. The dual pursuit of health and timeless beauty offers new opportunities for beauty and personal care companies to appeal to consumers with unique product benefits and claims; however, it also presents risks for those that lag behind the trend and lose positioning among demanding shoppers.
In particular, today’s time-crunched consumers seek products that offer quick fixes to specific skin and hair health concerns, with measured and proven benefits. Men and women across all age groups claim to have a variety of skin and hair health concerns due to changing and stressful lifestyles, poor diet and pollution, all which aggravate existing problems.
These consumers are increasingly vocal about their concerns and actively seek product formulations that address their specific needs and concerns.
Close Link Between Sought-after Benefits and Purchase Motivations
Results from Euromonitor International’s Beauty Survey 2017 confirm that consumers’ skin and hair care purchase motivations are largely governed by high expectations of product benefits that will suit their skin needs, address specific concerns and perfect their skin’s look and feel. Indeed, consumer expectations of skincare products are growing alongside rising societal beauty standards. Customers now demand solutions that will provide flawless, healthy and youthful skin and hair.
Hair care product selection decisions are closely tied to health-related issues. Over one-fifth of consumers purchase hair care products to address their hair or scalp concerns, according to Euromonitor International’s Beauty Survey 2017, mirroring the key benefits they seek to improve their hair health.
Similarly, skincare products are sought after to offer clear, healthy skin by addressing specific health concerns. Consumers look for skincare products that are both moisturizing and gentle for sensitive skin, while also providing added vitamins and SPF to improve texture and halt the aging process.
Generational Segmentation in Skincare
As the global population approaches 8 billion, demographic shifts, such as urbanization, longer life expectancy and falling birth rates, are reshaping lifestyles and purchasing decisions. Monitoring the differences and similarities in values between generations is becoming a priority for more aligned products and routes to market development.
Increasingly, targeted customization remains one of the key avenues to adding premium value in skincare. Customization is strongly driven by growing individuality and the fragmentation of demand, via multiple factors from lifestyle choices and values, to age.
For additional insights, download Euromonitor International’s Beauty Survey 2017: Key Insights and System Update white paper.
