The Marketing Trends presentations at in-cosmetics will discuss key industry issues such as the role of water in the cosmetic industry, beauty products and the environment, new product innovation from Asia, how older consumers are an overlooked demographic and what to expect in future new product development. This article will take a brief look at those key issues, which will be discussed more in-depth at the show.
These days, no conference would be complete without an examination of how the global cosmetics industry is adapting to unstable world economic conditions. Irina Barbalova, head of global beauty and personal care research at Euromonitor International, will provide recommendations to beauty companies gearing up for yet another challenging year of economic uncertainty. She will advise companies how to offer the right mix of quality and value. On the one hand, they should offer upscale targeted solutions with technically advanced formulations, while developing products with a one-size-fits-all approach for more money-conscious consumers.
The theme of this year’s in-focus feature is H20 and includes two round table discussions with leading industry experts from companies including L’Oreal, P&G, Afnor and Quantis. Water has become the indicator to watch for sustainability, meaning that industry players will be driven to engage in a new way of thinking when designing, manufacturing and selling their products. New perspectives in skin care innovation will identify untapped territories in skin biology and identify new innovation routes. An understanding of water bio-dynamics will open exciting new perspectives in skin care innovation.
Mintel will look more closely at the role of water in beauty trends and innovation, reviewing the latest trends, product innovations and market developments. According to Jacques Sebag, owner of Re-Source!, the water used in personal care formulas is usually demineralized, which tends to be dull and insipid. He advocates the use of vital water, such as mineral waters from thermal spas, which some have been using to treat skin conditions such as eczema, psoriasis and burns since the beginning of the 20th century.
Mintel will use examples from global new products databases (GNPD), showing products formulated with interesting water sources, such as glaciers and lagoons, mix-it-yourself products that require the addition of water and the latest beauty drinks and products that promote reduced water consumption.
Innovation in Asia
Florence Bernardin, general manager of Information & Inspiration, is a beauty industry specialist on the Asian cosmetic market. She will draw on her expertise to identify the next big trends to come out of Asia that will inspire markets and brands.
She notes that Japan is a market with a long beauty tradition that sees a speedy renewal cycle of brands every few years, boosted by young consumers asking for novelties. She identifies the trend of water in every form, such as in new textures (e.g. mist, jelly, water, mask) and form (e.g. lotion, mist, booster, massage).
Bernardin will provide examples of traditional Chinese, Korean and Japanese precious ingredients applied to modern skin care and hair care formulations. Beauty drinks are booming in China, Japan and Korea, where scalp care is also becoming the new skin territory. Another key trend to watch is for electro beauty devices aimed at creating perfection and nomadism.
Over 50: An Overlooked Demographic
Mark Beasley, managing director of rhc advantage, has conducted research that shows the over 50 group is now too large to ignore. He is commissioning research specifically for the in-cosmetics 2013 trends presentations that will help to explain the myths and realities of this growing demographic. According to Beasley, marketers should reevaluate their marketing strategy in light of continued demographic change.
His suggestions include:
• Think of individuals, not groups. Do not categorize older people as a single, homogenous segment.
• Do not overtly target older people. They don’t need reminding, so it should be done with subtlety and sensitivity.
• Age is relative. Make sure that your marketing is consumer-driven and not at the mercy of well-meaning younger marketers or agency staff.
• Follow the money. The over 50s demographic accounts for 80% of the UK’s wealth and disproportionately high levels of expenditure. However, this is not evenly distributed and will not be replicated to the same extent by younger age cohorts.
• There are no “golden bullet.” This is a large, diverse and complex group of people, not a small niche group. There should not be “off the shelf” guidelines.
Future Product Development
Identifying future trends in cosmetics is always an important part of the in-cosmetics trends presentations. In 2013, there will be two presentations looking into the future from Emmanuelle Bassmann, managing director of In-Trend Ltd., and Diane Sexhauer, managing partner of SpringPool GmbH.
Bassmann will summarize findings from more than 30 interviews with experts in the scientific field, including biologists, chemists, photobiologists, physicists and other scientists, with implications for the beauty market in 2020.
Sexhauer will focus on bridging the gap between new claims and respective ingredients. Her three key beauty trends for the future are:
• Beauty products designed to work as a substitute or to postpone plastic surgery. These have an effect deep within the skin but take time to use and are expensive. The upside is that the results will be immediate and visible.
• More authentic and simple beauty products that cater to more emotional needs. There will be more natural cosmetics and products made locally or with a personal touch. Products that state their effectiveness and substantiate claims with scientific reasoning and studies will provide consumers with reassurance.
• The BB trend will continue but with more products offering multiple benefits. However, brands must beware of launching other “me-too” products and focus on offering interesting concepts.