As consumer demands grow based on individual preferences, increasingly brands are having to invest more resources and R&D efforts into truly understanding their target customers if they want to grab market share.
"Consumers are now more demanding of products, services and brands than ever before and are using digital tools to articulate and fulfil their needs. They want authenticity in what they buy and expect elements of personalisation in mass produced as well as upscale items," emphasised author, Euromonitor International’s Consumer Trends Editor, Daphne Kasriel-Alexander.
Various consumer retail sectors are now heavily influencing each other: “Consumers are aware that eating habits directly influence quality of life. This is fuelling unprecedented demand for healthier eating options with fitness-promoting attributes sought in supplements, beauty products and even pet food by consumers willing to pay for them,” continued Kasriel-Alexander.
We take a look at the key trends set to influence the cosmetics world in 2017:
- Ageing: A changing narrative
Euromonitor International stated how often, brands have been seen to focus their product development and marketing and advertising aims away from millennials and towards the over-50 population, instead.
“The growing population over 50 represents both a transformative force by itself and a net asset—a fast-growing contingent of active, productive people who are working longer and taking the economy in new directions," social welfare organisation AARP’s The Longevity Economy report outlined.
As healthy life expectancy is longer, beliefs and behaviours towards the older demographic have transformed significantly, with even a new term entering the linguistic sphere: Midorexia refers to middle-aged and older consumers who act younger than their age.
Despite feeling younger, this demographic do, however, seek products and treatments that reverse the signs of ageing and support skin and hair care routines.
Therefore, brands are now looking to adapt or develop specific products for the over-50 segment and increase interest through providing customisation and visual appeal through products and packaging.
This year, it’s all about speeding up the shopping experience, without losing the quality of customer service.
Although, as Euromonitor International reports, consumers are impatient and adopting a “IWWIWWIWI”—“I want what I want when I want it” mentality, consumers still want to be able to have conversations with their brands.
It’s just the face of these conversations that is changing, as consumers now seek real-time virtual conversations, amidst the booming digital culture.
In 2017, we can expect to see more brands modifying their business models to incorporate one-hour delivery times and promoting offers to nearby consumers via beacon technology that gets sent directly to their smartphones.
“Our psyche has changed. It is all about immediacy," explained Sarah Rutson, Vice President for global buying at Net-a-Porter, to the New York Times.
The second part of this article will be published on 1st February 2017.