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Insight of the Day: Future Trends in Beauty Available in new NielsenIQ (NIQ) Global Beauty Innovation Report

Findings

  • Brands embracing innovation are 2.5x more likely to see sales growth.

  • Successful new products can lead to 30% Year 1 volume increase.

  • Effective marketing activation adds a further 20% lift in ad-driven sales.

  • Consumers are less willing to cut back on beauty spending compared to other goods.

  • The beauty industry is experiencing double-digit growth and is projected to grow by $300 billion in the next decade.

Key Takeaway

  • Innovation is key to success in the beauty industry, both in product development and marketing activation. Brands that focus on addressing evolving consumer needs and effectively communicating their value proposition will reap significant rewards.

Trends

  • Clean and Sustainable: Consumers are increasingly looking for ethically sourced, eco-friendly products.

  • Ingredient Focus: Buyers prioritize products based on their ingredients, both included and excluded.

  • Trusted Advisor: Celebrities, dermatologists, and influencers are majorly influencing beauty decisions.

  • Personalization and Inclusivity: Consumers prefer brands that cater to their individual needs.

  • Wellness Focused: Demand for products that support physical, mental, and emotional health is on the rise.

  • Convenience and Accessibility: DTC products and at-home treatments continue to be popular.

  • Luxury for all: High-quality products at accessible price points are gaining traction.

Consumer Motivation

  • Desire for effective, clean, and sustainable products

  • Need for personalized recommendations and solutions

  • Focus on holistic well-being

  • Preference for convenient and accessible beauty options

  • Aspirations for luxury experiences at affordable prices

What's Driving the Trend

  • Shift in consumer values towards health, sustainability, and inclusivity

  • Growing influence of social media and digital platforms

  • Impact of the pandemic on beauty routines and preferences

  • Rising disposable incomes in emerging markets

Target Audience

  • Global beauty consumers across various demographics and regions

Product/Service

  • Beauty and personal care products across various categories and price points

Conclusions:

  • The beauty industry is poised for significant growth driven by consumer demand for innovative, sustainable, and personalized products.

  • Brands that can effectively tap into these trends and offer products that resonate with evolving consumer needs will be successful.

  • Effective marketing and activation are essential for maximizing the impact of product innovation.

Implications

  • For Brands:

    • Invest in innovation and product development.

    • Focus on clean, sustainable, and effective ingredients.

    • Embrace personalization and inclusivity.

    • Leverage the influence of trusted advisors and social media.

    • Offer convenient and accessible beauty solutions.

    • Develop compelling marketing campaigns that highlight product benefits.

  • For Society:

    • Potential for more sustainable and ethical practices in the beauty industry.

    • Increased representation and inclusivity in beauty standards and product offerings.

    • Greater focus on overall well-being and self-care.

  • For Consumers:

    • Access to a wider range of innovative and personalized beauty products.

    • More transparency and information about product ingredients and sustainability practices.

    • Empowerment to make informed choices aligned with their values and needs.

Implication for the Future

  • The beauty industry will continue to evolve and innovate at a rapid pace.

  • Brands that prioritize sustainability, personalization, and inclusivity will be at the forefront.

  • Consumer expectations will continue to rise, demanding more from brands in terms of product efficacy, transparency, and ethical practices.

Consumer Trend:

  • Conscious consumerism and demand for products that align with their values and priorities.

Consumer Sub Trend:

  • Growing interest in personalized beauty solutions and experiences.

Big Social Trend:

  • Shift towards a more holistic approach to health and beauty, encompassing physical, mental, and emotional well-being.

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