Brands can learn a lot from the beauty biz
How consumers define beauty is evolving and COVID-19 is only contributing to this fact in spades. Such paradigm shifts concerning the $20 Billion beauty industry are creating big opportunities. Not surprisingly, these seismic shifts in perspective don’t just apply to the beauty and self-care industry. As you read on, you’ll see there are key learnings concerning consumer expectations that can be applied agnostically to your category or sector too.
To begin with, let’s take a quick look at what beauty and self-care mean to the retail sector as a whole. While the retail sector is suffering an overall decline of 10.5% thanks to COVID-19, health, personal care and beauty product sales are expected to rise almost 7% this year – and increase by over 30% in the eCommerce space. With the beauty industry once thought of as a “try it before you buy it” category, now consumers are demonstrating a greater willingness to try new brands – especially when it comes to health, beauty and self-care.
One of the key drivers of the eCommerce beauty sector boom is a growing consumer focus on quality ingredients. Despite 4 in 10 consumers saying they plan to simplify their beauty and self-care treatments as a result of the pandemic, the downsizing paves the way for a deeper focus on well-being and whole health. Consumers are becoming just as focused on how the products they put on their bodies impact their health, as to how the products they put in their bodies impact their health.
Not surprisingly, growing food trends, which push for clean, simple ingredients are now greatly influencing the beauty and self-care industry. There’s an increased focus and desire for fewer ingredients and for the ingredients that are used to be of high quality. While consumers may be purchasing less beauty regime items, their increased spending is proof in the beauty pudding of their focus on higher quality items – that promote overall health and well-being.
In the face of changing values and definitions around what beauty is, it’s also a good idea to think about various audience segments, regarding how they differ and what their unique needs are. When examining the beauty and self-care category, one generation in particular presents a big opportunity as a result of their invisibility – Generation X.
Despite Gen X’s deep pockets, they don’t see themselves reflected or spoken to within the current beauty biz. Brands are either talking to Gen Z & Millennials via trends and high fashion or focused on Boomers with messages of anti-aging. Gen X defines beauty as being comfortable in their own skin and prefers a natural makeup look. Brands that are winning with Gen X are focusing on their no-nonsense approach to life and strong family focus – whatever their family might look like.
Key takeaways for your brand – regardless of your industry:
- Now is the time for new – Consumers are now more than ever willing to try and buy new brands and products online. Now is the time to introduce compelling, quality product offerings – through the seamless services of your digital channels.
- Quality over quantity – Shoppers are looking for products that are safe, healthy and abide by their focus on holistic wellbeing. Be sure to focus on brand stories that center around your products’ high quality, and how they align with shoppers’ values and beliefs.
- Give Gen X some love – With so many brands focused on one end of the generational spectrum or the other, don’t overlook the generation in the peak of their careers and with cash in their pockets. Aim to establish a consumer-centric approach that speaks to their skepticism and puts a heavy focus on practical and functional benefits tailored to their unique needs and values.
Unbound’s agency model doesn’t tolerate bureaucracy, fluff, or frankly, anything that doesn’t drive results. We operate with a lean team of strategic thinkers that knows how to drill down to strategies that drive your business forward. We’re able to evaluate your product offerings, pinpoint your unique advantages and benefits, then craft a brand story that resonates with your target audience. Through our proprietary analytics tool, Custom Target Connection, we’re able to evaluate and identify your highest value customer, ensuring no generation is overlooked.
Let’s set up 30 minutes today to discuss your marketing offerings and explore some serious optimizations and enhancements for continued success and growth. Give us a call at 816.589.3333.
Sources: eMarketer, Kantar Analytics, Decision Analyst COVID Consumer Report
