Market intelligence agency, Mintel has recently announced the four key trends set to impact the beauty and personal care industry in 2021.
The four trends are said to be:
- Beautiful Minds;
- Beauty Re(Valued);
- Channel Changers;
- Beauty Eco-lution.
According to Mintel, 2021 will provide brands with an opportunity to build on normality despite the uncertain times we’re facing by using products that protect, bring value and rebuild trusting relationships.
“Going forward, brands that successfully highlight the use of beauty routines as a way to combat stress and anxiety and, bring normality during uncertain times will drive long-term value for consumers,” says Andrew McDougall, Associate Director, Global Beauty and Personal Care.
Mr McDougall adds that in 2021 brands will benefit from educating consumers “about the future of holistic wellness with self-care that touches on the mind-body-spirit connection”.
With the financial uncertainty that came with the Covid-19 pandemic, spending came under scrutiny meaning that in 2021 brands will need to showcase value through product functionality and purpose.
According to Mintel product value will be measured in quality, convenience and impact rather than currency.
“Experiences will become more valuable than tangible products as many consumers re-evaluate what is essential to survival,” says Mr McDougall.
“Brands wishing to encourage consumers to trade-up will need to redefine value, beyond just cost, but through impact of purchase as well as convenience with an emphasis on quality.”
He adds that brands wishing to succeed in 2021 will need to “tune into what really resonates with consumer groups in order to reduce consumer acquisition costs and increase lifetime value”.
Mintel says that brands that push the boundaries and engage all of the senses, offering new layers of digital experience will see success in 2021 – accomplished through strong ecommerce strategies and an omnichannel approach that provides consumers with a fully-integrated shopping experience.
“Over the next 12 months, loyalty and lifetime customer value will be driven through multiple, sophisticated, and personalised digital touchpoints that focus on capturing individual lifestyle needs,” says Mr McDougall.
“Brands will need to develop strategies that drive commerce to own-brand sites that advocate authenticity, as well as challenge big marketplaces that have yet to provide clear supply chain transparency.
“The professional sector should be elevated further to offer an enhanced beauty experience through the use of trained and trusted professionals creating a true omnichannel strategy.”
According to Mintel, as a result of Covid-19 consumers will have re-evaluated their priorities looking to more ethical considerations when making a purchase rather than simply bearing in mind the cost.
Mr McDougall says that as consumers increasingly “shop local with less focus on price”, “the next evolution of ‘clean’ will be created by marrying ethics with safety”.
“As consumers move into and out of big cities and small towns, the products and services they have access to will shift, along with their priorities,” says Mr McDougall.
“In order to encourage repeat purchase, brands should invest in more diverse touchpoints that ensure optimal product discovery.”