Beauty has become increasingly fragmented due to market saturation and increasingly diverse consumer expectations. This British Beauty Week, we brought together leading experts from across the sector to share their strategies for cutting through
It’s hard to predict the future, but our panel of beauty experts did a stellar job this British Beauty Week. The session, ‘Predicting Tomorrow’s Beauty, Today’, explored the key trends set to shape spending habits for years to come. Supported by Boots and No7 Beauty Company, the session unlocked tips for success today and in the future.
Sonia Haria, Beauty Director of The Telegraph, picked the brains of Grace Vernon, Head of Global Foresight, Trends & Boots Ignite at Boots & No7 Beauty Company; Venetia Archer, CEO of Ruuby; Jamie Heath, VP of Business Development at Clearpay, and Aimee Connolly, CEO and Founder of Sculpted by Aimee.
Charting wellness, tech, fragrance, personalisation, spending, and more, the panel explored all four corners of beauty. Below are the top takeaways (the full video can be viewed at the bottom of this article):
Spending is a sliding scale
There’s no shying away from it – shoppers are tightening their purse strings. Although this is driving spending on budget beauty, it is also propelling a shift to luxury, less often.
Vernon sets the scene, saying: ‘We are seeing both ends of the spectrum in beauty really surge. People are really investing in their beauty routine, whether that’s through aesthetic treatments, premium beauty, and fragrance. But, we also see value being super important, and expectations of value are higher than ever.’
These behaviours are translating to treatments and other services too. ‘Our customers are booking less regularly, but their average order value is going up. So, when they are booking, they are booking the longer treatment or the more luxurious treatment,’ explains Archer.
Clearpay is also witnessing shifts in spending, with people opting for mini over full-size products – not only do these come in at a lower price point, but the trend also proves that exploration remains key for beauty buyers. Heath believes this is also driving growth in beauty boxes and advent calendars: ‘The younger generation are savvy about where they are spending their money, they are thinking about budget and buying trial products to figure out what brands work for them… We have seen a 31% increase in advent calendars and beauty boxes since 2021. Consumers are using these as entries in.’
Connolly shares some final words of wisdom here – ‘If you can prove the value, the customer is there with you’. So, if you invest in R&D, care about your community, up your efficacy, and explore innovative formats, your customer will willingly spend.
Global beauty is driving demand
As the world has become increasingly globalised, so has beauty – we have quite literally gone worldwide. People can find out about the next best brand in time zones hundreds of miles away within seconds – and they want to be able to shop from them.
Vernon calls this URL/IRL. ‘Beauty is without borders,’ she starts before sharing the impact of new Australian and Korean brands on Boots’ product offering. She says: ‘People are on their phones and able to see trends globally… (they can now come to the store) try out the brands in real life and meet the founders, that’s what is driving beauty.’
Connolly’s feeling the global influence too, with consumers learning more and selling out products within seconds as a result. Referencing the viral Cream Cushion Foundation launch earlier this year, she says: ‘We thought there would be more education needed around the product and format, but the uptake was instantaneous… It’s been phenomenal and one of our biggest successes to date.’
It’s clear, with customers able to understand how to apply products that are novel in the UK market with one scroll, innovation is moving increasingly quickly.
Wellness has longevity – literally
‘What’s the point in living longer if you aren’t living well?’ asks Vernon, and that’s exactly what is driving the wellness boom, a focus on longevity and making life better for longer.
Archer chimes in with the hard hitting treatments on this – lymphatic drainage, personalised IV drips, and microneedling are all seeing huge growth. She explains: as consumers are becoming increasingly educated, they are seeking for added value when it comes to treatments. She points to a move from traditional blowdrys, manicures, and lash lifts towards treatments that put wellness first.
The experts also point towards the rise of hybrid products as a result of this trend. ‘75% of Gen Zs are investing in hybrid products,’ explains Heath, proving the purchasing power in this area. Young people want products that not only make them look good, but also make them feel great.
You can watch the full video here:
Are you interested in finding out more about British Beauty Week? You can visit the website here or email the team at bbw@britishbeautycouncil.com.
