Marie Redding, Senior Editor06.24.21
The Fashion Institute of Technology (FIT) and the graduates of its Cosmetics and Fragrance Marketing and Management (CFMM) master's program held a virtual presentation—'Beauty's Think Tank'—The Future of Consumerism.
Dr. Joyce Brown, president of FIT, opened the presentation, and Professor Stephan Kanlian, who moderated the presentation and created the CFMM program. Awards were also announced—and the winners, who are all beauty industry executives, are featured here in the news story, FIT Grads Present 'The Future of Consumerism'
The graduates' Future of Consumerism Study consists of two parts—The Future of Global Consumption and The Chameleon Consumer.
Research reveals a shift from shareholder-led capitalism to consumer-led capitalism. In addition, consumer's values are evolving in the US, and their emotional relationship to purchasing is changing.
The study spanned 16 countries and examines how Covid-19 triggered shifts in consumer mindsets. It also identifies its ensuing impact on brands and retailers in a post-pandemic world.
Here are several of the key takeaways the study revealed, the future market opportunities for beauty brands identified by the graduates, and useful marketing tools they developed.
Scroll down to watch the entire presentation.
Market Opportunities for Beauty Brands
Tap Into a Circular Model
Brands should be more value-driven. Replace the cycle of "take, consume, and dispose"—with "make, use, return, and repeat," which some beauty brands are beginning to do with refillable packaging.This is an opportunity that most brands are missing—only 9% of the global economy is circular. The opportunity for brands to profit from the untapped 91% will be valued at $4.5 trillion by 2030, according to Accenture.
Mirror Consumers' Values
- 66% of global consumers align themselves with brands that mirror their values. (FIT Lifestyle Survey, 2021)
- 88% of global consumers want brands to help them make a difference. (Forbes, 2019)
- 71% of global consumers are willing to pay a premium for brands that provide traceability. (IBM Institute of Business Value, 2020)
Understand the Post-Covid Consumer
Identify which of the following CFMM-coined values is driving your consumer's purchasing decisions—- "For Me" values: introverted and self-serving
- "Fulfillment" values: rewarding and community-building
- "Fundamental" values: logical and practical
Consumers are "Chameleons"
Today's consumer is like a chameleon, constantly changing their purchasing behavior based on mood, situation, and core values.- 75% of U.S. consumers believe their purchasing decisions shift based on the circumstance they are in. (FIT Lifestyle Survey, 2021)
Grads Develop New Marketing Tools
Research revealed that brands should value consumers and their values more, and understand their changing needs.This year's graduates of FIT's master's program in Cosmetic and Fragrance Marketing Management created the following two solutions for brand marketers.
Personal Impact Index (PII), An Indexing Tool
The PII tool is for both consumers and brands. Consumers can use it to track every purchase to see how it aligns with their social values, including transparency and sustainability.Brands can leverage PII data to predict future purchasing behavior and marketing opportunities.
The 'Chameleon Credo,' A Brand Survival Guide
The CFMM students developed a brand survival guide, the "Chameleon Credo," advising brands to follow it to future-proof their businesses.Key takeaways:
- Deliver newness that's intentional when it comes to communication, innovation, and buying channels.
- Predict the shift by understanding what a consumer values the most at a particular moment, such as flexibility, quality, wellness, time and convenience, price, or community
- Transform the experience by offering interactivity from the comfort of the consumer's home.
