In the NPD Group presented its vision of the future of premium cosmetics
Larissa Jensen, Vice President, beauty industry at the NPD Group, shared his predictions for industry development in 2020-ies.
MS Jensen said: “by Observing the beauty industry for over 20 years, I witnessed completely opposite approaches to how products are promoted and sold. But what remains the same enthusiasm of consumers in terms of beauty that she hadn’t meant for them at any time. Despite the fact that the industry continues to evolve and consumers continue to stimulate change, beauty will always depend on how it makes us feel. Emotions are the basis of the identity of the beauty industry. It’s what fuels her since the beginning of time, and that will be promoted in the next decade and beyond.”
The expert also identified four major trends that, in her opinion, will influence the cosmetics market in the past ten years. In particular, Ms. Jensen is sure that decorative cosmetics never “die” and if, in 2017, sales of makeup product, began to decline, then by 2021 everything has to change. She also notes that the industry is characterized by such changes in categories of care and decorative cosmetics every five years. However, due to the active promotion of social networking, consumers will be interested in makeup, which allows you to create a more natural look.
The growth of the natural’s skin care will slow down. While growth and consumer interest in this category remains strong, natural skin care has become one of the largest segments in the field of prestige skin care. However, significant prospects for the development of natural cosmetics remain in the perfume industry and in the manufacture of makeup product in which this trend has manifested itself not as extensively as in body care products.
Sustainable development will be the fundamental basis of industry. Jensen predicts that the net products will be the center of attention, as the expectations of consumers encourage companies to create a more secure formula for skin and the environment. Despite the fact that the cost of implementing sustainable practices is significant in the long-term costs of failure to do so is even more significant.
Larissa Jensen also says that the next decade will be radically different from its end. Given the speed of change today, we can even go through several iterations over the next decade. Therefore, to predict what exactly will change or appear in the industry is impossible. For example, if we go back ten years ago (Instagram was in its infancy in 2010, and the iPhone was only three years old), we could easily determine our current situation? This gives grounds to say that the 2020’s will bring the industry the many innovations and achievements.