New research predicts future of the beauty industry
Emotional drivers, mood-sensing technology and super-bespoke services could be vital for the beauty industry of the future, suggests new research.
Graduating students in the Fashion Institute of Technology’s School of Graduate Studies Cosmetics and Fragrance Marketing and Management Master of Professional Studies program presented the research, called The Future of Luxury, which focuses on the evolution of the luxury beauty sector in the year 2030.
The research revealed several predictions that could prove key for the beauty industry and its consumers. Brand loyalty, it said, is disappearing, so other factors will emerge to drive purchases, such as emotionally charged memories, sensory appeal and delayed gratification, all suggesting that products and treatments need to offer the client much more than ever before and in more innovative ways.
It is already a struggle to connect with consumers and try to grab their attention in a world inundated with information, and so connecting with clients in a meaningful way will be more important than ever by 2030, and will “drive sales in an increasingly time pressed world”, according to the research. Consumers will look to spend their spare time with family, on themselves and focusing on their health and well being, so winning a share of a client’s time will emerge as a key competitive strategy.
Brands will likely ramp up their investment in the development of new consumer products and experiences to match that of innovative technology giants, in order to continue to engage consumers and secure a slice of their precious free time, and money. Futuristic technology such as ‘Mood Metrics’ will use infrared cameras to suss out the way a consumer is feeling upon entering a salon, spa or store in order to assess their desires and needs.
Another key trend that shows signs of growing even more important is bespoke services – key for professional beauty treatments. Personalisation will become unlimited and will link with a client’s mood in new, tech-driven ways.