Looking ahead, Mintel has identified three upcoming trends in consumer behaviour, product innovation and marketing tactics that will impact the future of the beauty industry in 2023 and beyond.
Beauty Rx. The medicalisation of beauty is leading to more demand for proof behind claims, creating value through ingredient-led products and driving the market for synthetic natural ingredients.
“As the hunger for more efficient and potent products and treatments grows, consumers will look further to find proof that their money is being well-spent,” says Andrew McDougal, Director, Mintel Beauty & Personal Care.
Potential developments from beauty brands could come from the emergence of genetic sequencing and advances in diagnostics and electronic wearable devices. In this context, the beauty industry should tap into emerging technologies to develop new products and processes, improve existing ones and reduce costs to remain competitive in the future.
Evolved Self-Care. Beauty is intended to be uplifting and can contribute to a post-pandemic sense of self-care that includes sexual wellness, the hormone journey and wellness for every life stage.
“It’s critical to ensure that all consumers feel seen and spoken to. No longer will a singular approach to wellness be acceptable,” highlights Andrew McDougal.
Thus, global beauty companies are likely to focus on holistic habits and products that support everything from sleep to blood circulation and their connection to beauty.
New Rules of Engagement. Brands should embrace disruption in the category to create new rules for engagement and building communities, allowing for more playfulness, experimentation and DIY.
“Experimentation drives engagement and technology will usher in the next generation of experience, whether in the store or the home. As online and offline formats continue to merge, technology will allow for the replication of experiences across channels with simple approaches, from RFID to digital avatars and the metaverse. Looking ahead, the development of VR (virtual reality) technology, hardware and content will become convenient and practical enough for consumers to use every day. This will enable brands to use these technologies strategically to create ‘phygital’ (physical and digital) experiences that will dominate the way consumers discover, shop and connect with brands,” says McDougal.
Full report available here.
