Global premium beauty and personal care is projected to show faster compound annual growth (CAGR) compared to mass beauty and personal care. Premium beauty and personal care can expect a 4% CAGR during 2018-2023, while mass lies below 2%.[1]
Premium, these days, is not all about pricing or exclusive retailing. Consumers are looking at the ‘premium’ segment in a more complicated way. Consumers want something that can simplify their lives and help build a better version of themselves. Furthermore, in relation to their personal traits and values, a personalised product and conducting thoughtful consumption is valued. With this value, the meaning of ‘beauty’ is no longer limited to external aspects. Embracing beauty in its natural form is becoming an important factor to follow within consumers’ beauty routines.
With such a global mindset among consumers, smaller players are elevating their position in the beauty industry by offering uniquely placed products and experiences. These small brands are referred to as indie brands, start-up brands, or emerging brands. Euromonitor have gathered recognisable indie brands from around the globe and there is a clear connection within each region.
Digging deeper into consumer trends, Euromonitor has discovered the top 10 global consumer trends in 2019, looking at how consumer behaviour is evolving. Consumer research is fundamental when approaching a new market or developing an existing one with a new strategy. These key trends are:
- Age Agnostic
- Back to Basics for Status
- Conscious Consumer
- Digitally Together
- Everyone’s an Expert
- Finding my JOMO (Joy of Missing Out)
- I Can Look After Myself
- I Want a Plastic Free World
- I Want It Now!
- Loner Living
Some are very closely linked with beauty industry and this should be the starting point when studying consumers around the world.
Lisa Hong, Senior Research Analyst- Euromonitor International Korea will lead a session at in-cosmetics Korea on ‘Premium beauty prospect with global consumer trends’ on Thursday 27 June 2019 at 14:00 in the Marketing Trends & Regulations Theatre. The session will provide an industry snapshot of premium beauty and personal care, both with global and regional perspectives, to find out how it relates with global consumer trends and review interesting indie/emerging brands that could relate to the trend.
For more information on the in-cosmetics Korea 2019 education programme, visit: https://korea.in-cosmetics.com/
[1] Percent Euromonitor International, constant terms