Today, good looks equals good health. The health, nutrition and beauty markets are merging into a single category of consumer – wellcare segments that is growing rapidly due to consumer demand.
The global skincare and beauty products market is projected to continue to grow significantly over the next few years. A report by Technavio predicted that the global skincare cosmetics market will grow by $ 38.03 billion during 2020-2024. During the forecast period, the market growth rate will accelerate as year-on-year growth is sustained. Another Statista report predicts the global cosmetics market is valued at around $ 758.4 billion.
Global trends of the beauty market
Today, consumers are increasingly inclined to view the purchase of cosmetics as entertainment. The client does not just choose cosmetics, this process becomes leisure. The consumer expects the brand to be entertained.
New geographic regions are the sources of beauty market innovations. South Korea is now widely regarded as the most innovative manufacturer of skin care products.
What happens inside the beauty market
For a woman, skincare today means a distraction from the hustle and bustle of everyday life, an opportunity to relax, self-expression and new experiences (according to the results of the WAVE9 global study by IPG Mediabrands). For men, skin care is becoming more than a hygiene need. This is a way to declare yourself and earn respect, to be in trend. Male care for the majority is associated with positive emotions, but 12% of men still feel discomfort in this process.
The question of grooming your appearance goes beyond the private sphere. On average, 63% of women participate in cosmetics discussions. Among men, 70% are interested in this topic and 22% participate in the discussion of care products.
At the moment of searching for and buying cosmetics, a woman feels the anticipation of the pleasure of using the product. The impulse to search for information about cosmetics is the desire to be aware of new products and the opinions of other people.
How digital marketing changed the beauty industry
Google, together with the research company Kantar Media, conducted a study of the impact of modern digital technologies on consumer behavior in the segment of beauty and health products. According to the study, the majority of consumers – 76% – access beauty content through online sources at least once a month.
Health and beauty products have become a lifestyle and exciting hobby, the researchers note. For example, 52% of beauty buyers have become beauty enthusiasts, for whom the beauty industry has become a powerful source of inspiration.
The majority of users (80%) search the Internet for content they need to make a purchasing decision. 72% – data on the prices of goods. In addition to official information from manufacturers, users are interested in independent evaluations of bloggers or other buyers, more than 40% study independent product ratings and recommendations, and 36% collect information about the full line of products.
The main online sources of information about the beauty industry are search engines and YouTube videos. The popularity of video content about beauty and health products is also growing. Also, users follow beauty trends on social networks, their share in Facebook – 36%, in Instagram – 28%.
Search results in the beauty industry
That being said, Google search drives both online and offline purchases. The study says that 41% of users noted that even a list of results in search results already allows them to get the necessary information on the topic of beauty and health, and 15% were able to make a purchase decision based solely on data from the search.
Despite the high role of digital technologies, the majority of purchases – 78% – are still offline.
The main reason for this is that consumers cannot fully understand the properties and quality of beauty products exclusively from online sources, the study said. At the same time, 18% of users cannot make a choice about which particular product or brand meets their needs.
Quality of online content in the beauty industry
According to the survey results, 52% need more detailed descriptions of beauty products and visual content – for example, photos and videos. Also 38% of users would like to have more independent product ratings and quality recommendations at their disposal (37%).
This is why it is important to build the right digital marketing strategy for your beauty or cosmetics business!