Speaker Series Spotlight: The Future of Beauty
Due to the pandemic’s lasting impact, the importance of ethics, the changing role of identity and technology is set to greatly influence the future of the beauty industry.
KinShen Chan, Mintel’s Senior Beauty & Personal Care Analyst, says consumers want to see companies broadcast measurable sustainable efforts, embrace self-expression through digital identities and highlight authentic beauty.
Based in Singapore, this year KinShen was one more than 30 speakers presenting on a wide range of business topics at the 2022 Naturally Good Expo.
KinShen elaborated further in his presentation – The Future of Beauty – and highlighted what matters most to consumers.
Ethics and sustainability – a growing trend
Ethics and sustainability will merge as an important trend. The Mintel Global Consumer survey of 1,000 internet users shows 60 per cent of New Zealand consumers are prepared to boycott companies who behave unethically. Meanwhile, more than 65 per cent of Australians say they try to act in a way that’s not harmful to the environment. This is even more evident amongst Gen-Z.
We are starting to see companies put effort behind ethical sustainability movements, such as the launch of EcoBeautyScore Consortium. This is made up of 36 major cosmetic and beauty companies around the world, aiming to develop an industry-wide environmental impact assessment and scoring system for cosmetics products.
Authentic beauty as a trend
The second big trend is authentic beauty. Consumers continue to push back against the rules of beauty or what ‘being beautiful’ really is. Consumers want authenticity without perfection. Brands moving forward need to put emotions and brand community high on the agenda.
They can no longer treat diversity and inclusion as a marketing ploy but instead need to really understand consumer barriers and pain points faced by diverse communities and reflect this in the product design process.
Beauty trends for the next five to 1- years and the digital world
The future is digital. With 65 per cent of Australian consumers valuing experiences over material possessions, brands can leverage digital platforms like the Metaverse to create new digital experiences and further engage with the consumer.
One of the problems is that engagement often starts and stops at the counter with beauty consultants. Brands can look to further enhance this experience by providing new information or experiences in the digital world.
Demand for inclusive products will grow
Close to 60 per cent of Australian consumers care about using brands and products that align with their personal values. Beauty brands will strive to reflect the changing expectations of consumers who exhibit growing interest and demand for inclusive products that are customized to individual needs.
Being future-ready will require brands to stay relevant to younger audiences by empowering them with the freedom of choice and equal representation. In the Mintel Trend The Body Beautiful, we highlighted how future brands will cease to position themselves as aspirational and embrace diversity and authenticity by speaking to consumers as they are, and not how society thinks they should be.
Thanks to our speakers for being part of the 2022 Naturally Good Speaker Series. If you would like to read more key take-aways from our Speaker Series sessions, subscribe here for regular updates.