Consumers Scenario 2021 – Beauty Perspective
Nowadays the future has never been more analyzed and discussed by everyone. Experts end up having a greater challenge in translating and detailing the consumption behaviors that are being developed. As the scenario changes consumption patterns abruptly and instabilities continue, it is difficult to understand and adjust strategies at the moment.
Trend specialists are always very important as their experience works as safer beacons to indicate opportunities to follow or challenges to avoid. The theme of this year’s Mintel report is “2021 Global Consumer Trends – The now, next, and future global consumer”.
According to the consultancy, the objective is to understand the moment in a general market perspective – “How consumers are responding and changing now and what that will mean for the future.” The report presents 7 Trend Drivers and their supporting pillars, with very interesting and well-explained perspectives.
An interesting thing about the Mintel 2021 report is that in this report the trend analysis, insights, and recommendations are centered around the ‘now’ (the next 12 months), the ‘next’ (18+ months), and the ‘future’ ( 5+ years) of consumer behavior. However, this report is specifically a “snapshot of the‘ now ’research” – a definition described by the consultancy itself.
I particularly love Mintel’s reports. His behavioral perspective are sensitive and their layout makes reading super fast and light. This report is excellent and I recommend reading it in full.
Here we will mention three of these trends, which we think will have a greater impact on the beauty market and how companies can take advantage of it by helping to make this moment better.
RELEVANT TRENDS IN THE BEAUTY MARKET
WELLBEING – The first trend brought by Mintel is “WELLBEING – Seeking physical and mental wellness.”. For the beauty market this is a very important trend and a topic that is already being widely commented on in the sector.
Beauty and well-being have been together for some years, however the pandemic accelerated this approach and led to a trend towards new approaches. The main one is that beauty came to see more from the perspective of how we feel and less of how we see ourselves – appearance.
Another aspect about Wellbeing is the perception of health associated with beauty, especially from a holistic point of view. There are great opportunities for brands to expand their positioning, offering in addition to the original functions of their products, other associated functions such as stress reduction, relaxation rituals making their products multifunctional and more interesting to consumers’ interests.
An awareness of well-being is at the forefront of consumers ’minds, but a playbook doesn’t exist. Brands have a responsibility and an opportunity to set new rules. ” Mintel
Regarding the aspect of the Mintel report, the view is that there is no manual already written on WELLBEING – “Health Undefined”. In this way, they call attention to the opportunity and responsibility of the moment for brands and consumers to write this story.
VALUE – The next trend in the Mintel report that we will address is “VALUE – Finding tangible and measurable benefits from investments.”. This is a very important topic in general and in the beauty market as well. Since the beginning of the pandemic, we have observed that consumers have shown great concern about the origins of the ingredients, their health and their expenses.
The crisis also caused some consumer spending to be revised, sometimes leading to replacing several products with a single one with more functions. The sense of practicality and meaning is rising, guided by the limited budget.
The mintel report addresses this issue from the perspective that consumers have started to review their consumption and return to the essentials. There is a general reflection on the consumption and the way of using the products; reflecting whether they generally need to be owners or just users of the products.
Consumers are seeking a return to the essentials, with a focus on flexible possessions and a reframing of what ownership actually means. ” Mintel
In the beauty market, what we have already observed is that the superfluous and consumerism have been stopped by the moment and by the economic limitation. On the other hand, there is room for quality and more premium or luxury products to position themselves in the masstige – with a more accessible and possible version for most consumers to buy.
EXPERIENCES – This will be our third and last trend, in which we will make an association with the beauty market. ”EXPERIENCES – Seeking and discovering stimulation.”
The search for new experiences in general was brought by the challenges of restrictions and isolation caused by the pandemic. In the beauty market, this trend was well noticed in the growth of DIY activities – Do it Yourself; at first as a need to maintain beauty routines with the closing of salons.
In a second moment, the new experiences were sought as a kind of leisure and escape from restrictions and limitations. Economic challenges have also led consumers to invest in digital to make sure their choices are right. In the beauty market there was a growth in applications to help choose colors and interpret needs, making the shopping journey also safer.
The most interesting aspect of this trend, which we observed for the beauty market, was the growth of the gaming platform as a space for product sales, in which the entertainment experience is related to consumption. Many brands must see this opportunity as a new sales channel and adapt to the virtual sales opportunity. Another perceived aspect related to this trend was the great growth of online courses and beauty brand events to connect consumers, making digital a space for meeting, knowledge and new experiences.
Physical separation due to the pandemic, increased need for escapism, and improved technology are driving consumers towards digital experiences. ” Mintel
In addition to these three trends mentioned, the MINTEL report brings four others such as RIGHTS, IDENTITY, SURROUNDINGS and TECHNOLOGY, which are worth checking out. The beauty market is very resilient and adapts quickly, so despite the challenges, many beauty brands have managed to survive and even show signs of growth in some sectors. Undoubtedly, the year 2020 was devastating for all sectors, but the secret to making 2021 a year of overcoming is to foresee movements, reduce possible costs and reinvent itself.