Survival Of The Fittest For Beauty In 2009 As Consumers Go “Austerity Chic”
This article was originally published in The Rose Sheet
Executive Summary
In 2009 the adverse economic climate is likely to trim away beauty brands that do not resonate strongly with consumers, according to market research firm Mintel
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In 2009 the adverse economic climate is likely to trim away beauty brands that do not resonate strongly with consumers, according to market research firm Mintel. "The 21 century has been marked by the introduction of many new beauty companies, all claiming to make us look younger, thinner and more attractive in their own unique way," Mintel notes in a Nov. 14 release. However, in a leaner economy "only the strongest brands [that] can really prove their worth will earn their place in our beauty cabinets," the firm says. Consumers are likely to pare down their beauty regimens, clinging only to trusted brands and products believed to truly deliver value and results, according to Mintel. "Austerity Chic" With "Turbo Beauty" "After an era of indulging our every beauty whim," consumers will make "looking good for less" a priority, Mintel says. Consumers will use products more sparingly and finish them before buying something new, and the most adventurous may even turn to homemade beauty products, the researcher predicts. Products likely to survive consumer cutbacks are those that have demonstrated efficacy. "Mintel expects a pendulum shift toward science-based products that actually do what they say they will," the researcher says. The firm anticipates beauty companies filing for more patents and investing in advanced technology and clinical studies. Stem cell technology, new peptides, cellular longevity and alternatives to parabens are areas in which Mintel expects to see new research. Products that represent less expensive alternatives to cosmetic surgery will continue to succeed with consumers, the firm suggests. Also, a beauty market in which a greater premium is placed on performance backed by costly clinical data could draw in more pharmaceutical companies. Allergan has teamed up with Clinique to create a line of topical skin-care products for use alongside non-surgical cosmetic procedures (1 (Also see "Lauder/Allergan Marriage Delivers Clinique Medical For Cosmetic Procedures" - HBW Insight, 20 Oct, 2008.), p. 4). "Extreme Ethical" The green movement is expected to undergo a similar shift, in that consumers will begin to zero in on the greenest of the green. This year, one in seven new beauty products that launched made one or more organic, all-natural or "ethical" claims, up from roughly one in nine products in 2007, Mintel says. In the U.S., nearly 30 percent of new beauty products fit in the organic/natural/ethical category, up from 23 percent in 2007. The Beauty Innovation component of Mintel's Global New Products Database tracked 57,000 new beauty products launched in 50 countries in 2008, the company says. "As people tire of insincere celebrity culture, we see more manufacturers using pure, natural elements in their products," Nica Lewis, head consultant for Mintel's Beauty Innovation monitoring service, noted in a recent release. However, in 2009 natural ingredients are not going to win over consumers by themselves. More companies will begin touting their ethical side when it comes to fair-trade ingredients, eco-friendly packaging, sustainable production and ties with charitable organizations, Mintel predicts. Companies may even strive to reduce their "water footprint" - that is, their use of water in the manufacturing process - in addition to their carbon footprint, according to Mintel. Also consumers will reserve their dollars for products that not only make claims but have "real evidence of ethical authenticity," the researcher says. The influence of the functional foods trend on the beauty sector is likely to deepen in 2009, with ingredients such as probiotics - bacteria or yeast supplements commonly added to yogurt - making their way into skin care and cosmetics. In the fragrance realm, spicy and woody notes, as well as savory scents taken from festive meals or salty snacks that "conjure up instant connotations of happiness and fulfillment," are likely to be popular in 2009, Mintel projects. - Molly Laas ([email protected]) |