In the highly contested cosmetics and skin care global market valued at over 163 billion dollars this year, we take a look at how the market continues to grow and some of the changing trends that we observed in our latest survey.
Big brands like SK-II previously launched marketing campaigns directed towards natural looking beauty. The hashtag #nomakeup challenge had became a trend all over social media, even big-time celebrities like Lady Gaga, Jennifer Aniston and Selena Gomez took part with their own makeup-less selfies.
Among our mostly female respondents aged between adolescents to 50 year olds, the consensus was clear; not only do cosmetic products improve self-image but skin care products play a very important role for maintaining beautiful and healthy skin.
Our findings suggested that respondents were taking an active role, searching for ways to take care of their self-image. 67% of our respondents claimed to search online for new cosmetic products. While at the same time an equal number also reported that they have been influenced by social media to purchase a skin care or cosmetic product in the past.
This points towards a conscious and aware market where information is highly sought after. Although reaching this audience has become a challenge as traditional forms of media are declining in popularity, for example only 33% of respondents claimed to rely on magazines for this information, which once used to be the standard of the beauty industry.
The types of products demanded:
Our data appears to support the shift from make-up towards natural skin beauty, an overwhelming majority of respondents reported to regularly use facial cleanser (78%), serums (67%), moisturizers (56%) and treatments (44%) while compared to only 22% claiming to regularly wear make-up.
We speculate the factors that prompted this shift, like changing standards of beauty and the natural look trend, less social events and mask wearing could be responsible.
Being a recognized brand is important:
With thousands of options to choose from, fierce competition requires top brands to stand apart to dominate a loyal user base.
78% of our respondents agreed that the brand name played a very important role when considering to make their purchase.
With over half of our respondents spending up to $50 dollars a month on skincare and cosmetics monthly, the market is certainly still growing. Currently the affordable product range provided at pharmacies is the majority of where our respondents choose to shop at (56%) while only 33% are visiting department stores for more mid- to high ranged products.
To learn more about consumer behaviour and trends reach out to us.