Catch up on top-of-mind insights from industry experts as they discuss what 2021 will hold for the beauty and personal care industry
As many of us step into 2021 holding our breaths for the arrival of COVID-19 vaccines, beauty trend forecasts comprise a fascinating medley of skin-focused initiatives and do-it-yourself endeavors. Unlike other segments that will face a longer recovery, the beauty industry could be back to 2019 levels by the first quarter of 2021, according to McKinsey.
With this report, 2021 Export Outlook on Beauty, we share actionable knowledge from industry leaders as they talk about key trends that will have a critical impact on the beauty industry in 2021 and onward.
THE REPORT KEY TAKEAWAYS:
Skincare and Wellness Categories Boom
In a consumer trends study conducted by NPD, around 20% of consumers said the pandemic had directly changed their skincare habits and one-third agreed that their skincare spending had increased. Nielsen’s data showed that mass facial skincare grew more than 20% this year, driven by a rise in online sales.
Hair and Scalp Health
Last year, professional haircare brand Kérastase revealed its new personalized haircare diagnostic service. It was developed in collaboration with the “Digital Services Factory” by L’Oréal, a diagnostic tool that helps users receive a personal diagnosis along with a treatment routine that’s customized for their individual hair needs.
Driven by a renewed focus on health and wellness and rising climate anxiety, a values-driven younger generation demands transparency and authenticity. Consumer insistence on sustainability is expected to accelerate post-crisis and companies are planning to consider investments in various eco-initiatives.
The Role of AI/AR Technology in Beauty
According to Sampo Parkkinen, CEO of Revieve, the pandemic has changed how technology is perceived.
“What the pandemic has changed is the perception of technology as an individual, isolated use-case (like a virtual try-on) into something that can fundamentally help drive the entire customer experience and journey through helping consumers not just with a try-on but with education, product discovery and after-purchase loyalty generation,” he said.