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SINGAPORE, Dec. 13, 2022 /PRNewswire/ -- Mintel, the experts in what consumers want and why, has today announced three key consumer trends set to impact the global beauty and personal care industry in 2023, with implications over the next 5+ years:
Looking ahead, KinShen Chan, Senior Beauty and Personal Care Analyst, South APAC, identifies the upcoming trends in consumer behaviour, product innovation and marketing tactics that will impact the future of the beauty industry.
Beauty Rx
"As the hunger for more efficient and potent products and treatments grows, consumers will look further to find proof that their money is being well-spent. Potential developments from beauty brands could come from the emergence of genetic sequencing and advances in diagnostics and wearable devices. Expect to see major opportunities stemming from hormones, health risk and diagnosis, 3D printing, personalised vitamins and supplements, and gene editing. Meanwhile, synthetic biology technologies are finally maturing, offering a way for almost anything to be manufactured competitively and sustainably. The beauty industry must learn to use this technology to develop new products and processes, improve existing ones and reduce costs to remain competitive in the future."
Evolved Self-Care
"While the amount of time consumers have to spend on wellness routines is contracting, when faced with stress and upheaval, they will look for ways to uplift themselves and beauty is the perfect category to support that. But no matter the approach brands and retailers take, it's critical to ensure that all consumers feel seen and spoken to. Looking ahead, the importance of community will continue to grow post-pandemic as people look to reconnect and feel a part of the collective. No longer will a singular approach to wellness be acceptable. The concept of community self-care will gain popularity as people recognise the importance of helping one another as a way to help everyone live better and feel better. In the future, expect to see global beauty companies focus on holistic habits and products that support everything from sleep to blood circulation and their connection to beauty."
New Rules of Engagement
"Experimentation drives engagement and technology will usher in the next generation of experience, whether in the store or the home. As online and offline formats continue to merge, technology will allow for the replication of experiences across channels with simple approaches, from RFID (radio-frequency identification) to digital avatars and the metaverse. Looking ahead, the development of VR (virtual reality) technology, hardware and content will become convenient and practical enough for consumers to use every day. This will enable brands to use these technologies strategically to create 'phygital' (physical and digital) experiences that will dominate the way consumers discover, shop and connect with brands."
Interviews with Mintel's Global Beauty and Personal Care Analyst team are available on request from the Mintel Press Office. Mintel's 2023 Global Beauty and Personal Care Trends are available for free download here.
About Mintel
Mintel is the expert in what consumers want and why. As the world's leading market intelligence agency, our analysis of consumers, markets, product innovation and competitive landscapes provides a unique perspective on global and local economies. Since 1972, our predictive analytics and expert recommendations have enabled our clients to make better business decisions faster. Our purpose is to help businesses and people grow. To find out how we do that, visit www.mintel.com
