The latest trends in the beauty market
Amparo Morales, Business Development Manager at Montibello, explains how the market has evolved and shares with us the keys to the latest beauty trends.
If there’s anything that defines the concept of beauty, it’s its capacity for change and constant movement. The standard of beauty has always been linked to different cultures, their historical events and, above all, the movements that have emerged in those societies.
Today, we’re witnessing the beginning of a new change – perhaps the most disruptive one seen to date. And it involves bringing back values from the past such as authenticity, creativity and the importance of boosting people’s wellbeing and happiness. Nevertheless, it has yielded new demands that defend what’s imperfect, what’s undefined, what’s immediate, the pleasure of symbolic play, diversity, commitment, responsibility, collective awareness, self-care, and also global care.
And this new definition is the seed for a series of profound changes that will change the way in which consumers and manufacturers relate to each other in the future. A future that’s already here.
Consumers wait for no one
Consumers are evolving in a world driven by the uncertainty that recent events brought on: pandemics, personal crises, economic and job insecurity, climate warnings and the absolute belief that we are depleting the resources of the planet we live in.
They started mobilising in favour of sustainability, recycling, more natural ingredients and eco-friendly packaging, as well as more global aspirations such as the protection of water, air, animals, forests and diversity, with a clear understanding of the impact that these matters have on the wellbeing of people and the planet.
This new awareness is giving rise to a drastic change in their consumption patterns, implementing the philosophy of “less is more” in their purchase decisions. What’s more, consumers are developing critical thinking towards the industry and its impacts and have ended up discovering that they carry enough weight to promote change in the way companies are run.
Additionally, the shift to online shopping – brought about by the pandemic – has increased the need for brands in general to customise and improve the shopping experience for users. This is a shift that has rapidly spread to the world of beauty and fashion. It has been a quantum leap in just a couple of years.
Technological advancements have paved the way for the creation of virtual identities, avatar brand ambassadors, smart interactive programmes and a parallel space (metaverse) where consumers can create different versions of themselves, enjoying, relating, interacting with the brands and bringing to life their different personalities within a safe space. There’s already talk that true identity will be the sum of our physical self and our different virtual selves.
Speed, the new watchword for manufacturers
The challenges facing the industry are great. Tried-and-tested formulas are no longer enough; the companies’ history is just a starting point to build momentum.
The companies have to regain their customers’ trust by showing proactivity in ticking the boxes of a new list of requirements. The race is at breakneck speed. Time is the enemy of brands that are fighting to stay in the game or be relegated to oblivion in the minds of new consumers.
This calls for working in many different directions at the same time. We’re talking about changes that range from the reformulation of products, the approach to packaging, the care of supply chains to ensure their transparency, fair treatment of their producers, the redesign of more sustainable production processes, the development of people inside and outside the organisations and the capacity to make an effort to not have a negative impact on the environment.
Brands have wholeheartedly joined the drive towards sustainability, providing solutions that not only minimise waste but also avoid misuse and help to use resources in a more responsible way.
The second step the industry is taking is improving consumer wellbeing by making their beauty routines easier, simplifying their lives and reducing their stress. This is where hybrid products, dual treatments and the experiential world come into play.
The third will be to show care for the rest of the stakeholders (employees, suppliers, community, etc.).
Metaverse: the future is now
Lastly, new ways will have to be found to connect and communicate with consumers in all their diversity and in their real and virtual communities. This is why brands are starting to experiment in the metaverse, creating their own digital ecosystems with avatars, virtual products and experimental spaces that allow them to test and use their products in a creative way. They reflect the personality of their brand and make interaction as easy as possible. This is all aimed at enabling consumers to experience and learn in the metaverse in order to develop solutions in the real world.
In a nutshell, new times, new challenges, a breakneck pace and a fascinating future for a sector that is redefining itself and adapting to the evolution of increasingly demanding consumers who do their research and seek to consolidate their identity in a global, diverse and supportive environment.