1. Key actionable trends to note for brands and manufacturers
Despite the global economic turbulence, supply issues, etc., consumer budgets are stretched. However, the innovation of personal care continues, and prestige brands must refocus on benefits and transparency as the key to success.
Health is of high importance!
Consumers today prioritise their health, including their mental health. Since 2020, there has been a growing awareness of the importance of mental and emotional well-being and physical health to maintain an overall sense of wellness.
This trend reflects the growing demand for products, services, and partnerships in the personal care industry that promote mental health and well-being, such as meditation apps, therapy services, and stress-relieving products like aromatherapy-inspired products, weighted blankets, and even consumable beauty. According to Global Data, there is a 142% growth in partnerships and brand collaborations.
Further opportunities for beauty brands
Wellness beauty experiencing growth of 70%, according to BEAUTYSTREAMS. Skincare brands should note that the skinification trend highlights consumer appetite for more stimulating textures – foams, balms and gels.
Individualism continues to appeal to consumers and is a great opportunity for indie brands. It is important to offer testing first, personalisation combined with product subscription comes after. Especially AI tools are popping up to aid product suitability for different needs or aid the brand product development.
Digitisation, e-commerce and metaverse will continue to grow online sales, with 68.8% of consumers already shopping online (Global Data).
To sum up, brands can benefit from the opportunities, just remember that product efficacy is top of mind when it comes to winning consumers.