Mintel report examines 4 trends set to impact beauty by 2025
NEW YORK — In the next 10 years, the beauty category will be responding to macro changes both environmentally and technologically, according to a new report from Mintel, “Trends 2025: Beauty & Personal Care.” The research and market insight firm has identified four big areas that of change in the next 10 years in the category.
The first big change coming will be due to the continuedblurring between human and technology brought on by a desire for consumers to be in control of their needs. In particular when it comes to wearables, Mintel reports that 48% of U.K. suncare users would want an app they could use to track skin or mole changes and 30% of American women say would use a skin care product that comes with built-in diagnostic tools. Mintel predicts that devices will be able to go under the skin by 2025.
“New product development in augmented reality is providing the next step in virtual mirrors and real-time visualization of the effects of beauty products on the skin and hair,” Mintel’s senior innovation and insights analyst Sarah Jindal said. “What’s more, wearables will increasingly become part of the body, from micro patches that monitor skin condition to ingestibles that send information to connected devices from the stomach, tracking the movement and efficacy of beauty supplements. However, as new technology enables consumers to track the impact of beauty products, brands will be under greater pressure to prove efficacy.”
Beyond enhanced wearables, the category will be impacted by a growing shortage of water, according to Mintel. As a result, companies will explore beauty options that don’t require as much water to get the desired results. Consumers are also interested in water sources that don’t strain existing resources.
“The key to beauty brands’ success lies in younger consumers’ adoption of these innovative measures,” Jindal said. “They must appeal to their youthful idealism, passion and desire to change the world with products that clearly state how they are addressing the issue of water shortages. There will also be a greater need for brands to help consumers control their water usage, and transparency will be come to the forefront like never before.”
As life gets more hectic, Mintel says that brands will see pressure from consumers looking for products that can re-invigorate them and return potentially low energy levels. Mintel’s report says that in China, a holistic approach to beauty requires discussion of a healthy lifestyle and the skin care benefits to balanced diets, getting enough sleep and exercise. The company also predicts that new color cosmetics will emerge that can enhance the skin’s energy levels.
“Brands must tangibly illustrate how their products can impact consumer energy levels for the better, thought work on energy-boosting products is already underway, particularly in skincare and hair care products,” Jindal said. “We should expect to see more hair care brands improve the condition and longevity of the hair by stimulating cellular energy.”
Finally, consumers will take their cue from the likes of Lush, purveyor of handmade cosmetics and try to involve themselves in the process of creating their beauty products. The interest in natural beauty is driving an interest in DIY beauty products that can be in a consumer’s home.
“Looking at the decade ahead, we’ll see brands borrow inspiration from the meal kits developed by food companies, propelling the subscription beauty box model to the next level,” Jindal said. “With the ever growing interest in pursuing more natural lifestyles, consumers will find themselves getting involved in the creation process to ensure their beauty and personal care products are more transparent.”
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DSN webinar to explore omnichannel tactics for augmenting retail position in beauty
NEW YORK — To help uncover what omnichannel tactics are being effectively leveraged across print, online, mobile, TV, social media and in the store that will impact the beauty shopper's decision during the pre-planning, planning and in-the-moment purchase phases, Drug Store News is hosting a live, interactive webinar on Dec. 8 beginning at 2:30 p.m. EST.
Moderated by ECRM's VP content Joseph Tarnowski, the Beiersdorf-sponsored session will include presentations by Wakefern Food Corporation, the largest retailer-owned cooperative in the United States, and Market Track, a leading provider of market intelligence solutions based on comprehensive analyses of the advertising and promotional landscape.
“Skin Care is a fast growing category and this webinar is intended to provide a best practices approach to best understand the omnichannel consumer from a retailer/supplier perspective," stated Wayne Bennett, group publisher, Drug Store News Group. "We are excited to have Market Track provide the analytics and Beiersdorf and Wakefern share best practice examples with us.”
The webinar also will examine cross trade class and media type strategy to see who is gaining ground and market share in the therapeutic skin care category.
The presenters include Neetu Aneja, beauty category manager, HBC Division Wakefern, Ryne Misso, director of marketing, Market Track and Leslie Kickham, senior manager public relations, Beiersdorf.
The presentation will be followed by a 15-minute live Q&A during which audience members can submit questions to the panelists. To register, click here.
I waspart of the webinar, but where do I download the report from the webinar?
Survey: Worry about financial future may chill millennial spending
NEW YORK — Marketers are increasingly focusing efforts on millennials to ensure future growth, but a new survey for Radius GMR shows that while millennials represent a significant share of consumers, continued general pessimism about their financial futures is driving conservative purchasing habits.
“Other than in a relatively few high profile industries like tech, millennials are not seeing significant job opportunities or wages increases,” Jamie Myers, Radius GMR's global director client services, said. “This should concern marketers looking for millennials to drive their businesses into the future.”
The majority of millennials (56%) surveyed by Radius Global Market Research are worried about having enough money to pay the bills every month. That worry intensifies among those who are parents, as they are spending significantly more across almost every category.
These financial matters are top of mind when young consumers are spending. Nearly half of millennials rank being financially secure as one of the top two factors considered in their decision to purchase.
The worry about finances at home carries over to their feelings about the financial future of the U.S. with millennial males being the most pessimistic. Nearly half millennial (49%) consumers are pessimistic about the country's financial future. And in millennial groups, males are significantly more pessimistic about the future (nearly 50% more) than females.
“Interestingly, the Radius GMR study showed that millennials on a budget will still spend on themselves as a treat,” Myers added. “Brands that position a product or service as a well earned or frugal splurge may increase engagement with these generally cautious spenders.”
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