Beauty products??? Yes, beauty products! You’re going to be amazed! We’ve even got AI+beauty products (read til the end). So put aside your texting, your googling, your gaming, and your Uptown Pokies free spins for a minute and get ready to be blown away!
2023 was a good year for many beauty products and particularly for the more notable beauty brands. Consumers were willing to spend more on their make-up and perfume along with hair and body care products.
For example, according to Kantar, Marketing Data Analysts, in the United Kingdom, yearly sales increased by 8% and volumes by 2% by the year’s ending in October 2023. Matt Maxwell, Kantar’s Strategic Insight Director says “People are buying more packs than they did last year in beauty, which in a cost-of-living crisis is a strong performance.”
However, according to Circana, reporting on consumer behavior, this is not the case in some areas of Europe, and specifically in France and Germany where they note signs of a decline in volume. Perhaps a slowdown should be expected for products that have been at the top of their game for at least two years.
However, beauty is still expected to be high on the consumer’s list and they are seeking products that will meet individual needs according to Rohan Widdison, CEO of cosmetics manufacturer New Laboratories. He says that “In 2024 beauty products will be expected to enhance your health and beauty.”
Beauty brands that are functional and versatile and can demonstrate good results will move ahead of the competition in 2024. Among the trends gaining momentum is the art of contouring, which allows individuals to sculpt and define their facial features, enhancing natural beauty in a subtle yet impactful way. For those looking to master this technique, contour makeup options available at Iconic London offer a range of products designed to suit various skin tones and types, ensuring everyone can achieve their desired look.
Products developed for skin durability are fast becoming the most sought- after beauty products as consumers are eager to find ways to live better and longer and also to remain looking youthful. Skin longevity products are the new panacea.
The skin longevity industry is not a passing trend. The industry has invested hugely in high level research that is producing products that are producing results that are science backed. This is having a dramatic impact on the anti-aging skin care category where we see longevity scientists raising the expectations with their aim to keep skin looking and feeling younger.
Ultra luxury beauty experiences
Those with money to spare are looking for the next best thing in beauty and luxury beauty brands are exploring how they can stand out from the crowd and offer the luxury experience that these consumers are hungry for.
According to the global director of Wunderman Thompson, Emma Chui “More people can afford luxury today, so we are now seeing this next level of ultra-luxe.” This is also echoed by Sienna Piccioni, Head of Beauty at WGSN when she says “There is a growing desire amongst wealthy consumers and exclusive clientele for something truly special. Luxury is now not enough if this sector of consumers is willing to spend over £1000 on their beauty purchases, they want a unique and exclusive complete 360 experience.”
The use of beauty products to change your mindset
One trend that is clearly emerging this year is Generation Z’s use of beauty products not only for self-expression. The trend now is to use them to actually alter your mindset and the way they can make you feel.
Gen Z’s interest in beauty now involves rituals which they can share with friends and family and that can demonstrate how they feel and look after themselves. The CEO of Selfmade, Stephanie Lee says “This is a critical aspect of the new culture of beauty and why self-expression with cosmetics and fragrance isn’t enough anymore.”
The use of Generative AI tools
Last year we saw the introduction of ChatGPT and we saw over one million people quickly signing up within only a few days of it being released. Many industries have now taken the technology on board. This new technology is expected to give a big boost to the beauty industry this year.
According to Chief Growth Officer at Perfect Corp – AI and AR solutions – Wayne Liu “As we look to the future into 2024 and beyond, generative AI will be at the forefront of technology innovation and will continue to enable new and exciting experiences in beauty.”
AI can impact beauty in 4 main ways: it can enhance creativity, make ‘made to order’ recommendations, enhance productivity in terms of marketing and improve try-on tools.
Wellness lines now permeate mass retail
Going into Target you may well bump into Gwyneth Paltrow introducing her new beauty line. Her company, Goop, posted their new less expensive product line ‘Good Clean Goop’ on Instagram recently announcing it availability in their stores and making in available to the mass market.
This shows how mainstream retailers, like Target are choosing to highlight wellness lines this year after experiencing high consumer demand for these products during 2023.