According to global market intelligence firm Mintel, the Covid-19 pandemic has changed consumers’ way of life, and the importance of ethics and the changing role of identity and technology are set to greatly influence the future of the beauty industry.
Over the next two years
Ethics and sustainability will merge as an important trend as consumers call for bigger moves on climate change. Mintel Global Consumer research on the holistic consumer, conducted on 1,000 Singaporean internet users aged 18+, shows that 60% of them are prepared to boycott companies that behave unethically while 73% say they try to act in a way that’s not harmful to the environment.
“Consumers are pushing harder and expecting companies to take a stance on social issues like climate change, not just vocalizing it but doing it in a measurable way. It is important for consumers to be able to visualize the roadmap of where companies are going in terms of ethical sustainability and be able to quantify the tangible efforts behind,” said KinShen Chan, Senior Beauty & Personal Care Analyst at Mintel.
Over the next five years and beyond
As digital trends progress, brands must consider a “virtual first” approach in their products and services. Brands are starting to experiment with the metaverse to create new digital experiences and further engage with the consumer. The beauty engagement often starts and stops at the counter, and the metaverse provides a platform to continue this engagement. …
