As experienced recruiters in Beauty and Cosmetics Executive Search, as well as Consumer Goods Executive Search, Connect is looking at the top trends the resilient beauty sector is adopting to begin the fight back towards growth, with experts recently suggesting the global beauty and cosmetics market could decline by up to 35% as a result of the pandemic.
Research shows that 80% of today’s consumers are more likely to make a purchase if the company offers a personalized experience. 58% of shoppers say they are more likely to buy from a business that offers an online quiz to recommend specific beauty products for them. And 45% of respondents say they are more likely to purchase from a business that offers a virtual reality / AI experience that allows them to try out products online. Beauty brands are implementing these personalized experiences in high-tech ways.
For example, haircare company Prose invites customers to take a 25-question quiz and then analyses over 80 factors to create custom formulas for shampoo, conditioner, and other hair care products. The tech company Revieve has created several interactive modules as part of their Digital Health-Beauty-Wellness Platform. They offer AI-powered recommendations to customers interested in skincare, makeup, sun protection, and nutrition. The technology is already being used by No7, Ulta Beauty, and Schwan Cosmetics.
As a Global Search Firm, Connect understands the global market value for natural beauty and cosmetics is poised to grow more than $12 billion in the next five years.
According to the Environmental Working Group, the average person applies nine personal care products to their body daily. In those nine products, there’s an average of 126 unique ingredients. A recent report from nosto said that 68% of people are looking for products described as “clean” and 59% of people are influenced by products that are described as “natural and organic.” In 2022 and beyond, more and more women are questioning what exactly those chemicals are and what they mean for their bodies.
Men’s Beauty Products
The market for men’s skincare products was worth $12.3 billion last year and is forecasted to grow to $18.9 billion by 2027, with thousands of new Beauty and Cosmetics jobs at executive leadership and C suite level to be created. The men’s segment of global beauty and fashion products has reportedly grown faster than the women’s segment for the last decade, search interest in “men’s skincare” is up 57% in 5 years.
Data shows that sales of multicultural beauty products are growing at a rate that’s double the conventional beauty market. In fact, it’s estimated that black women spend 80% more on beauty products than their non-black counterparts.
Diversity & Inclusion
One of the best-known multicultural makeup lines is Fenty Beauty. The brand now features 50 shades to offer nearly every woman the chance to have her makeup match her complexion.
The beauty sector will evolve and innovate in these and many other ways. It will also continue to be driven by customer demand for brands to provide clarity that their values truly align with their sustainability approach and that marketing claims are underpinned by proof.
If you would like to find out more about the latest beauty and cosmetics trends, or Beauty and Cosmetics Executive Search, get in touch with Connect Search and one of our team will be happy to help.