Research firm Mintel indicates two trends set to impact the global beauty and personal care market over the next decade:
- The Panorama of Humanity: Consumers will explore the push-pull between nature and science, and each must support the other to expand beauty consumption.
- Identity Traders: While toggling between connection and disconnection, consumers will seek out their tribe, and beauty and personal care brands will serve as a facilitator.
Andrew McDougall, associate director, Mintel Beauty & Personal Care, discusses how these major trends are set to influence the beauty and personal care sector worldwide, including implications for manufacturers, companies, brands, and consumers.
THE PANORAMA OF HUMANITY
“Over the next 10 years, consumers will explore the push-pull between nature and science. Advances in software, hardware, apps, and augmented reality will herald the Fourth Industrial Revolution, significantly changing the way consumers choose, purchase, and interact with beauty and personal care products,” says McDougall.
“As lab-grown products continue to enter the market, consumers’ comfort with biotechnology will increase. At the same time, mistrust of ‘clean’ and ‘green’ labels will see consumers scrutinize ingredient lists and question product efficacy. We’ll see biometrics offer an innovative way for companies to interact more personally with consumers by providing valuable customizations. But success will only be achieved by the brands that offer full transparency and avoid misunderstanding.”
“We predict the next decade will see even greater polarization with consumers fluctuating across a spectrum of behaviour driven by both information and emotion, connection and disconnection. Expect to see remote-control services bring access to the geographically disconnected, village commerce open once unreachable markets, and more consumers ‘switch off’ as they strive to find real-world connections,” says McDougall.
“At the same time, consumers will lose the ability to relate to one another on a human level, while information overload will bring authenticity into question…we’ll see consumers break free of the hold of social media influencers and responsibility will return to the brand. It will become the norm for brands to offer customers not simply a product, but a lifestyle, as well as connect them with the people, places, and things that inspire them.”