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Key Trends to Watch in the Beauty Market
The cosmetic and personal care industry is huge, but it is also rapidly evolving. Revolutionary products are developed every day, and new medical studies come out, while consumer needs and desires change constantly. However, this year will be characterized by a shift in consciousness in the public, and a whole different view and approach towards beauty products in general. Let’s take a look at a few key trends to watch in the beauty market in 2020.
A Growing International Market
While the biggest years of growth in the beauty and personal care sector in the West are behind us, new markets are emerging. European and American women are spending about as much as they always did, though the products they choose are still changing. The fastest growth is in developing areas like Latin America and Asia. This is due to their population growth as well as their increasing disposable income.
Beauty industry manufacturers are responding by creating more country-branded products. For example, Korean, Scandinavian, Japanese and Australian branded beauty products stand out relative to international brands in that part of the world. Yet, they may appeal to those who want to try an exotic product, though not too exotic. This is why you might find Americans buying Scandinavian or K-beauty skincare products.
The Shift to Preventative Care
The entire population is now putting a premium on health and wellness over luxury, and this can be observed among virtually all demographics. This shift also reflects the increasing appreciation of preventative healthcare and related beauty products.
This is why consumers will pay more for blush and eyeshadow that prevents sun damage and wrinkles instead of using a combination of basic products and wrinkle creams. We’re also seeing a double-digit growth in toners, face masks and cleansers, while color cosmetic sales have fallen.
It also means the skincare industry is seeing growth in an otherwise flat market, thanks to products like hydrating serums that have hyaluronic acid. They hydrate the skin, promote healing, and also soothe fine lines. Hyaluronic acid is naturally produced by the body, though the production reduces as we age, and its main function is to retain moisture in the skin tissue. Products containing hyaluronic help reduce the signs of aging in older women while reducing issues like irritation and redness in younger women.
The Changing Definition of Premium
When customers say they want to have a premium product today, they are less likely to focus on luxury. Instead, their decisions will be more influenced by beliefs and principles, and they will be ready to pay more for products that align with these beliefs. For example, they’ll pay more for ethically sourced and all-natural products over exotic products. Natural ingredients also have the added benefit of being positioned as a healthier choice.
The New Emphasis on Men
Women account for around ninety percent of personal care products. However, men’s grooming products are expected to increase worldwide. This is why beauty products are being rolled out to cater to this demographic. This increase can largely be attributed to changing attitudes in the general public towards male grooming and beauty products in general.
The Rise of Beauty Tech
Beauty tech refers to every device, digital or physical, that is tied to the beauty industry. We’re seeing apps that allow you to virtually try on makeup color schemes. We’re also seeing apps that help you choose the best skincare products based on your skin type and health conditions. Companies are using behavioral data analysis of shoppers and AI-powered brand management, and we’re seeing a number of physical devices tied to beauty and health emerge.
For example, it is now possible to track sun damage and skin pH levels via wearable sensors. Other companies use sensors to read the person’s current condition and deliver a personalized skincare regimen for that day. Beauty services are separating from spas and salons since consultants can connect with customers via online chats and apps.
The beauty industry is subject to a number of broad cultural shifts. Companies that can capitalize on this knowledge will profit from it. The others will lose out in the crowded beauty and personal care market.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.