The Asia-Pacific region justified forecasts Mintel
Company Mintel, which is engaged in marketing research, has announced the release of the analytical study “The Beauty and Personal Care Landscape: Asia Pacific”, which confirms the forecasts of experts of the organization in relation to the development of the market of beauty industry in the Asia-Pacific region (APR).
Angelia teo, research Manager Mintel Beauty & Personal Care in Asia Pacific, said: “beauty and personal care products in Asia has become a center of innovation, reaching the international level but Western markets are now looking for inspiration in the East. In this study our experts on beauty in Asia has highlighted the changing trends affecting consumer behaviour. These include how the aging population of the region affects the beauty industry. We also examined how, given the growth of individualism, which implies also households of one person will dominate in the near future – in turn, creating opportunities for innovation in the field of beauty.”
According to analysts Mintel, the beauty industry in Asia has endless possibilities for providing consumers of all ages with the means to prevent or solve the problem of aging. Consumers are beginning to use anti-aging products from the age of 20, hoping to prolong youth and delay the signs of aging. For example, 32% of Chinese women cosmetologists in age from 25 to 29 years old interested in cosmetics with rejuvenating effect. While the rest of Asia interested in skin aging, Indian consumers, on the other hand, much more concerned about the aging of their hair, while 21% of Indian consumers aged 18 years and older use dye hair to eliminate gray hair. Looking to the future, dealing with the problem of aging, cosmetic companies will no longer be limited to topical products for skin care intended for local use.
The world economy recognizes the growing individualism of consumers and the purchasing power which it possesses. For Asia this is a brand new trend of consumption, because it is opposed to the traditional approach to social group.
Beauty becomes a means of self-gratification, going into a phase of self-realization, especially for single consumers who want to be perceived as growth over social norms and pressure. In fact, 75% of single urban Indonesian consumers tend to take better care of their appearance (e.g., clothing, personal care). It is extremely important that cosmetic company, brands and manufacturers took that into account when servicing each consumer.