Beauty from the Inside Out – Purpose Driven Products Pave Future of Beauty Industry
When it comes to beauty and personal care products, consumers are more educated than ever before as technological advancements have improved beauty products and access to information at the click of a button. As a result, the beauty industry is at the dawn of a new era – one where trust is a key ingredient not up for negotiation.
According to Mintel’s beauty and personal care market research, “Trust is the new value and beauty must move beyond selling on brand names — this no longer reflects how consumers buy or trade up. The ‘who’ factor does not play out as strongly as the ‘how’, ‘what’ and the ‘why’ – how is this product made, what is the purpose and value and why should I buy it?”
In the coming years, we can expect brand loyalty to be driven by brand values as consumers are looking for beauty products with purpose and brands whose customers and communities are at the forefront. From ingredient lists to efficacy, beauty brands are forced to step out from behind the smoke and mirrors of pretty products, packaging, and photoshop, revealing whether their beauty begins from within or is truly only skin deep.
From natural and organic ingredients to eco-friendly packaging, consumers will embrace transparency among environmentally ethical brands. In fact, Mintel predicts that the clean beauty industry will be the beauty industry in the next ten years.
With an annual compounded growth rate of 4.75% worldwide, the beauty industry is projected to exceed $784.6 billion by 2027 (Common Thread Co.) with ecommerce as a catalyst to the industry’s continued growth. In a world where digital is beginning to dominate how companies interface with customers, beauty brands must implement tools and technology to cultivate customer communities and reimagine how shoppers discover and experience products online.
After many years of retouched, unrealistic, and underrepresented depictions of beauty in the media, consumers are holding brands accountable – real people, diverse, unfiltered. Inclusive beauty refers to beauty that caters to all individuals, regardless of their gender, age, religion, skin tone, skin type, etc. From inclusive product lines that feature a diverse shade range to breaking down gender norms or supporting minority-owned businesses, consumers will be increasingly aware of brands’ commitments to inclusive beauty initiatives, according to CB Insights.