Consumers are recognizing the importance of smarter and more connected beauty solutions. These are experiencing a major boom due to the need for tech-validation, alongside the growing desire for more customized beauty offerings that provide unique benefits to each individual consumer, according to GlobalData, a recognized leader in providing business information and analytics.
The company’s latest report states that the growth of social media and sense of a need to look one’s best at all times have created a cycle of perpetual expansion in the beauty and grooming market, with consumers desperate to keep up with the latest trends and cultural zeitgeist.
Jamie Mills, Consumer Analyst for GlobalData, says: “The ability to customize or personalize beauty and grooming products is a significant draw to today’s consumers. How well a product is tailored to one’s needs and personality is the second most influential factor when making choices in this sector, the first being how the product impacts health and wellbeing. Therefore exploring customizable attributes is a key way to engage with this need.”
The concept of co-creation or creating products alongside the brand, while not new, is highly appealing to 61% of consumers globally, significantly more-so than DNA customized solutions which just 44% of consumers find appealing, according to GlobalData’s 2016 research. Although potentially highly effective, the technologically intensive and often costly nature of DNA-based formulations may not necessarily be as accessible or engaging for many consumers on a day-to-day basis.
Mills continues: “By having more control over product formulations, consumers are able to benefit from tailoring products at home on a daily basis depending on their mood, lifestyle, or beauty needs. This can also create a unique experience for consumers in being able to formulate their own bespoke products at home.
“One such example is Kiehl’s Apothecary Preparations launched in the UK. This product allows users to choose two targeted complexes based upon their skin concerns and in-store skin consultation. Customers are then able to “freshly mix” their bespoke formulation at home.”
– Information based on GlobalData’s report: Top Trends in Beauty and Grooming 2017.