Beauty and health Market Report Overview
The and beauty market size is $511.88 billion in 2023. High inflation around the globe is impeding medical and sweetness industry’s path towards further growth this coming year. Moreover, a prolonged 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 health and beauty researching the market report explores how brands can tap into the five key trends, namely Easy & Affordable, Health & Wellness, Sustainability & Ethics, Individualism & Expression, and Digitalization. Many rrndividuals are now buying fewer health and beauty products to save cash with the cost-of-living crisis, highlighting a need for brands to deeply resonate with consumers and take advantage of relevant trends to capture their attention.
Health Market Trends
Ease & Affordability: Millennials and Generation Z consumers are most concerned about their personal financial predicament. This makes the straightforward & affordable theme very influential. Hence, greater efforts from brands to provide affordability will therefore be appreciated from this demographic. With the the cost of living, most rrndividuals are staying loyal to the brands many of them buy, they are buying either fewer products or smaller packs, or are shopping less often. Loyalty schemes are therefore needed for brands and retailers to reward this behavior and ensure it continues. However, older individuals are the least planning to switch and they are least happy to change their shopping habits. Accepting price increases is preferred over purchasing fewer products in the same brands.
Health & Wellness: Consumers today understand the role that great mental health and diet can play in improving appearance from the inside out. Millennials are equally worried about their fitness and health and mental well-being, while Generation Z is a lot more interested in the second. Products with stress-relieving and calming claims are created to address these concerns. Health-conscious people are also highly conscious of products’ formulation. The strong influence of the health & wellness theme is impacting the claims that consumers find appealing in personal maintenance systems when coming up with a purchase order. The ‘organic’ claim is popular with most consumers, with Generation X and Y and people moving into South and central america or Asia and Australasia being most interested.
Sustainability & Ethics: Since consumers have a complete knowledge of sustainability today, they seek out brands creating a concerted effort to mitigate their environmental impact throughout the supply chain.
Most consumers agree that they are more faithful to brands that support ‘green’/environmental matters, creating a motivation for brands to align with sustainable principles to attract and retain a loyal consumer base. Beauty manufacturers appeals most to environmentally aware consumers by ensuring items are simple to get rid of, recycle, and they 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 and Beauty Market -Take Outs
Brands must deliver value-for-money offerings to cash-strapped consumers, and reward consumer loyalty to ensure it continues, particularly among younger consumers. Smaller pack sizes, multifunctional products, and inexpensive ‘dupes’ of trending health and beauty items are appealing to consumers.
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