sets out a vision of the modern consumer
Beauty buyers club, Beauty Pie, has always been at the forefront of demystifying the beauty industry. After all, Founder Marcia Kilgore says: ‘Why is it still an industry that does things the ‘traditional’ way? Why perpetuate the myth that people want to buy into the mystique of beauty; the smoke and mirrors, rather than the glorious revelations of the ingredients, technology and artistry?’
That’s why, the brand set out on a mission with The Future Laboratory to build a vision of the hyper-aware future consumer. The White Paper explores the consequences of the cost of living crisis, increased customer knowledge and the growth of beauty communities and how these are set to effect beauty businesses.
In short, it states that we are all about to enter ‘an era of financially inclusive beauty’. Here’s why:
The cost-of-living crisis is driving a demand for radical fairness and financial inclusion in the beauty industry
In the report, CEO of the British Beauty Council, Millie Kendall says: ‘Promisingly, the beauty industry is usually buoyant during an economic crisis,’ pointing to the economic-phenom ‘the lipstick effect’.
However, as the consumer becomes increasingly knowledgeable, they will be more conscious of beauty cost structures and come to realise that products come with inflated markups on the same three base ingredients.
The report reads: ‘This shift will fundamentally change associations of higher price being linked to quality, placing more pressure on brands to prioritise shared values and demonstrate fairness and functionality.’
A new generation of hyper-knowledgeable consumers expect greater clarity on ingredients and product efficacy
Consumers have been becoming increasingly savvy when it comes to ingredients for some time now. This is mostly down to their increased expenditure on skincare, coupled with pandemic-driven down time over the last two years.
That’s why, ‘consumers are no longer looking to be ‘sold’ a product, but are instead demanding the facts – namely ingredients and proof of product effectiveness – speak for themselves.’
Customers are more likely to listen to their community than a CEO
With more people using TikTok as their everyday search engine, it’s no wonder that digital communities are garnering more influence than CEOs. So, it’s time to harness them!
The White Paper reads: ‘Whilst just 49% of people currently report a high level of trust in CEOs, more than 62% look to people in their community, forcing brands to consider how they can build more meaningful connections with their customers and provide more value.’
Read the full report .
