Beauty and health Market Report Overview
Medical and beauty market sizing is $511.88 billion in 2023. High inflation across the globe is impeding the medical and sweetness industry’s path towards further growth this year. Moreover, a protracted conflict between Russia and Ukraine continually impact global growth and consumer demand within the years upto 2026. Manufacturers will continue to pass the heightened costs onto consumers through price rises to offset inflation.
The and wonder survey report explores how brands can tap into the five key trends, namely Easy & Affordable, Health & Wellness, Sustainability & Ethics, Individualism & Expression, and Digitalization. Many individuals are now buying fewer beauty and health products to spend less thinking about the cost-of-living crisis, highlighting an excuse for brands to deeply resonate with consumers and take advantage of relevant trends to capture their attention.
Beauty and health Market Trends
Ease & Affordability: Millennials and Generation Z rrndividuals are most concerned about their personal financial circumstances. This will make be simple & affordable theme very influential. Hence, greater efforts from brands to provide affordable will therefore be appreciated with that demographic. Taking into consideration the rising prices, most people are staying faithful to the brands they generally buy, they purchase either fewer products or smaller packs, or are shopping more infrequently. Loyalty schemes therefore are needed for brands and retailers to reward this behavior and be sure it continues. However, older consumers are minimal prone to switch and so are least happy to change their shopping habits. Accepting price increases is preferred over purchasing fewer products from the same brands.
Health & Wellness: Consumers today understand the role that good mental wellness diet can enjoy in improving appearance from the inside out. Millennials are equally concerned with their fitness and health and mental well-being, while Generation Z is a lot more concerned about aforementioned. Products with stress-relieving and calming claims are being developed to address these concerns. Health-conscious individuals are also highly aware of products’ formulation. The strong influence in the health & wellness theme is impacting the claims that buyers find appealing in personal care products when generating an investment. The ‘organic’ claim is popular with most consumers, with Generation X and Y and the ones surviving in Central and South America or Asia and Australasia being most interested.
Sustainability & Ethics: Since consumers have a very complete knowledge of sustainability currently, they find brands setting up a concerted effort to mitigate their environmental impact throughout the supply chain.
Most consumers agree actually more faithful to brands that support ‘green’/environmental matters, creating a bonus for brands to align with sustainable principles to draw in and retain a loyal consumer base. Beauty manufacturers will appeal most to environment friendly consumers by ensuring items are simple to get rid of, recycle, and are zero-wastage. Emerging claims such as ‘reduced water footprint’ resonate most with Generation Y consumers, whereas lightweight and plastic-free products resonate most with Middle-agers.
Health Market -Take Outs
Brands must deliver value-for-money offerings to cash-strapped consumers, and reward consumer loyalty to make sure it continues, particularly among younger consumers. Smaller pack sizes, multifunctional products, and cost-effective ‘dupes’ of trending beauty and health merchandise is irresistible to consumers.
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