The future of the beauty industry

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Last week saw The Telegraph publish an extensive and insightful report on the lucrative industry that is wellness, written by none other than the coop’s good friend , Rob Waugh.

 

With the wellness market worth up to “£2.8 trillion worldwide”, according to the Global Wellness Institute, and Global Data claiming “British consumers set to spend a whopping £487 each annually on wellness by 2022”, the industry does not seem to be slowing down. Whilst the word ‘beauty’ may have originally meant lipsticks and anti-ageing creams, it now has connotations of nutrition, retreats, mindfulness and wellbeing. With this in mind (along with our health and beauty clients – LPG, Myzone and adidas Sport eyewear to name a few), we delved into Rob’s piece to navigate where the sector is heading next.

 

 

The future of wellness marketing

From ever-evolving product developments, to the way we shop constantly being turned on its head, 5-year-plans are a thing of the past for beauty brands. Due to the industry’s consumer-led notion, 12-18-month plans have become the norm. Not only does the beauty industry dictate how its consumers look, but its consumers now dictate how the beauty industry looks.

 

 

In an age where, on average, teens are taking more pictures in a day than their parents took in a year, it’s no surprise that social media is  driving this change in marketing. Rewind a few years and these platforms were shaped by perfectly sculpted realty TV stars sipping from personalised water bottles (which we have far too many of in the coop than we would like to admit). However, as a generation who don’t shy away from self-expression become of age, authenticity, is more important than ever before.

 

 

As an exceptionally personal and fragile industry, the wellness market relies on zeitgeist more than any other. For example, Rihanna’s Fenty Beauty introduced a revolutionary diverse 40-shade range of foundation which took Twitter by storm. What happened within a few months? The likes of Revlon and Dior introduced 40 shades as “industry standard”, which you can read all about here.

 

 

 

Fenty Beauty

 

 

Introducing technology to wellness

As technology influences our lives more and more, not only is it bound to impact the way the wellness industry is marketed, but the market itself.

 

 

Dave Wright, CEO of our very own Myzone, commented on the matter: “Customers are increasingly demanding, more intuitive, real-time data that is easy to digest to improve their gym experience. Bespoke targets and gamification are key new ways to encourage and motivate people.”

 

 

For those not in the know, Myzone is a wearable tech, allowing you to track the effort you exert during workouts, create your own profile complete with goals and statuses and get competitive with friends in your digital community. In addition, it offers the opportunity to sync your app to your gym equipment, receiving real-time feedback onscreen. This is a key example of how technology can seamlessly fit into the health and fitness industry, similarly to the way it influences every sector.

 

 

While robotic make-up artists may be something of the future, we can expect technological personalisation in the here and now. For example, Lancôme’s custom-made foundation service at Harrods which offers a machine-operated experience, colour-matching your exact skin tone to produce a bespoke shade.

 

 

Lancome Custom foundation

 

 

A new level of personalisation

Regardless of whether they encompass technology, bespoke experiences are an integral part of success in today’s wellness industry. This isn’t just about being able to have your name printed on a perfume bottle,  it is about personalised experiences.

 

 

This desire for personalisation can be cultivated in the form of consumers having impact on the products they buy. For example, Glossier’s Slack channel, created purely for customer feedback, led to the  introduction of transgender products and natural ingredients. Not only does this feed into today’s thirst for personalisation but the necessity for consumer experiences.

 

 

Developing from this, these experiences must be readily available to wellness enthusiasts. As retreats enter workplaces and Uber-style beauty apps, such as Treatwell and Prettly enter the market, we can and do expect wellness to come to us.

 

 

Glossier

 

 

The necessity for experiences

In the same way that retailers are now expected to bring shoppers in-store  experiences, a great eyeshadow palette or facial is no longer enough to cut it in the beauty world. This case can be proven by the sales of traditional makeup dropping 1.3% in 2016, yet independent brands’ profits rising 42.7%. International marketing and strategy director of our very own LPG endermologie, Nelson Philippe, feels that “salons need to respond by ensuring treatments are delivered in a way which will entice customers.” He also commented: “Treatments and experiences must be quick, convenient and accessible to encourage our audiences to visit bricks-and-mortar locations”.

 

 

Not to blow our own trumpet but our clients are, of course, always ahead of the game. Therefore, LPG endermologie offers tailored treatments to every user, building a profile which can then be accessed from any location worldwide. In today’s busy society, this is a successful approach and great example to other brands looking to succeed.

 

 

LPG endermologie

 

 

Merging industries

Not only must these wellness experiences be readily available for consumers, but they must be offered alongside other lifestyle experiences – making them a one-stop-shop.

 

 

While we’ve seen the likes of hairdressers in shopping malls since before time, brands are beginning to combine wellness with their respective markets due to its profitability. For example, “since 2012, more than 2,000 barbers have opened, and many now offer a full grooming experience with a craft beer, cut throat shave, head massage and more” (Mr Woods, chief executive of VTCT). A prime example of transforming a retreat into a space to socialise.

 

 

Looking at these  creative partnerships from the opposite angle, millennial-focused accessories retailer, Skinnydip London, has lucratively opened the doors to its own nail parlour. Nail Club provides the perfect pastel pink Covent Garden hangout to get a manicure and sip prosecco, while being located below Skinnydip’s store. Very convenient if you ask us.

 

 

Nail Club

 

 

So, we know that the extensive world of wellness is vastly changing. However, what does this mean in PR terms?

 

 

In the same way that beauty has widened to wellness and straight-forward products have evolved into experiences, media features on wellness have also adapted. Whilst there will always be a place in the glossy mags for shopping pages of mascaras and highlighters, we are beginning to see more and more wider features on beauty trends – take Rob’s article, for example.

 

 

Constant analysis of the latest beauty and consumer trends is essential, jumping on the back of news wherever possible but also informing clients of what’s upcoming and what other brands are working on in the wellness space. Generating new trends through clever PR strategies is also enormously important, being ready to adapt to keep ahead of the curve. In the same way experiences are personalised for consumers, PR experiences must offer something different and unique.

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