Words by MPDClick’s Future Trends Researcher.
According to CEO of L’Oreal Jean-Paul Agon at the 2012 WWD Beauty CEO Summit in Palm Beach, beauty is at the dawn of a revolutionary new world order.
He continued to explain that as today’s consumers are more demanding than ever before, and pose enormous opportunities for brands as they are also very creative and involved – they have, as a result, “become the best prescriber and the best spokesperson for our brands,” he said.
The event, which saw some 18 speakers from across the globe discuss the future of beauty over three days, concluded the following:
New markets including China, Brazil and Russia will surpass mature markets in size in three years time, opening up a $2 trillion opportunity for the beauty sector.
Latin America (and more specifically Brazil) is being hailed as having one of the biggest and fastest growing beauty industries worldwide. Economic forecasters Global Insights have predicted that in the next five years 35 percent of the growth in beauty and personal care in the U.S. will come from Latinas.
With 78% of all beauty sales being directly influenced by the internet, the beauty industry has a massive opportunity for capturing more consumer base through various innovative and creative engagement campaigns.
The beauty industry needs to pay more attention to consumers’ cultural interests i.e. to create glocal products (global products with localised formulas which are adapted to different cultures).
Traditional retail stores need to get creative with consumer engagement e.g. makeup artistry events, creating beauty playgrounds in-store, cocktail parties and constantly changing visual merchandising.
Image Source: Rex Features