More and more consumers aspire to a balanced lifestyle in which they feel good. And to help the general public in this quest, the beauty industry is rethinking its codes. In The Future Laboratory’s latest report, the foresight consultancy looks at the ways in which the cosmetics industry is evolving to offer not just skincare products, but experiences in their own right.
“As consumers become increasingly sensitive to longevity and quality of life, luxury is being reshaped to meet these new priorities. More and more people are looking to optimize their health, extend their lifespan and improve their overall well-being, leading to a shift in the way beauty, health and hospitality brands approach their offerings,” explains The Future Laboratory. “Luxury is moving from a transactional model to a holistic ecosystem of engagement. Today’s affluent consumers demand immersive experiences that actively engage their senses, emotions and intellect.” 77% of consumers buy a product or service simply to be part of a brand’s community. The possession of goods is no longer the only purchase factor.
In concrete terms, the forward-looking consultancy is inviting brands to reflect on the notion of value. 57% of consumers say they will spend more on a brand that personalizes its offering. What’s more, 71% expect individualized interactions with brands, and three quarters of them would turn to a competitor if their expectations were not met.
76% of buyers want brands to help them feel and experience more intense emotions.
Thinking outside the box
To succeed in becoming a more holistic brand, The Future Laboratory advises going …
