Sharren Tjokro

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According to a research study conducted by Statista (2023), it is discovered that the worldwide cosmetic market is projected to reach a value of $625.5 billion by the end of 2023. Current trends indicate that the cosmetic industry has the potential for further growth, with an anticipated annual growth rate of 3.32% if consumers were to continue to increase their expenditures (Statista, 2023). Among all sectors in the beauty segment, skincare emerge as the predominant sector, acquiring a significant market share of 42% (Statista, 2023). This is influenced by the increasing awareness in beauty and self-care among global consumers which led to the growing value in skincare sectors. Consumers are actively pursuing skincare goods with the aim of attaining healthy skin, youthful appearance, and addressing specific skin concerns. 

Despite the current substantial growth cosmetic industries has been experiencing, many of them had expierieinced a serious downfall during the uncertain economic period of COVID-19. The use of makeup and fragrance become less important due to remote working, physical distancing protocols, and the obligatory use of face mask. Global sales of color cosmetics declined by 22 percent, whereas sales of the overall beauty products had a reduction of 15 percent (Marchessou and Spagnuolo, 2021). In response to this, many businesses transitioned towards digital platforms in order to effectively attract the attention of current and potential customers. Additionally, lockdown measures allowed people to have the opportunity to prioritize and dedicate attention to their skincare routine. As a result, consumers are increasingly shifting their preferences towards skincare products, resulting in a decrease in demand for color cosmetics (Sewell, 2020). Consequently, business had to reassess their retail offerings and modify their products to cater the needs and wants of customers. 

In order to compete within the dynamic and highly competitive market, it is essential for beauty industries to incorporate creative strategies. This requires a creative director that is capable of comprehending the brand’s visual identity and aligning with the preferences of current customers and the business perspective of management (Mitterfellner, 2023). In 2017, Chanel created pop up stores in several cities such including Tokyo, Toronto, Shanghai, and SIngapore as a part of their promotional campaign for the release of the new Rouge Coco Gloss. This marketing strategy has the potential to generate significant brand visibility within a limited timeframe, therefore enhancing the brand’s value and subsequently driving sales growth.

Chanel’s Coco Cafe Pop Up Store (Go—PopUp Magazine, 2017)

Reference List 

Marchessou, S. and Spagnuolo, E. (2021). Taking a good look at the beauty industry | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/industries/retail/our-insights/taking-a-good-look-at-the-beauty-industry.

Mitterfellner, O. (2019) Fashion Marketing and Communication: Theory and Practice Across the Fashion Industry, Taylor & Francis Group, Milton.

Statista (2023). Beauty & Personal Care – Worldwide | Statista Market Forecast. [online] Statista. Available at: https://www.statista.com/outlook/cmo/beauty-personal-care/worldwide.

Sewell, I. (2020). Covid-19 and the beauty industry Where are we now, and what comes next? [online] Available at: https://www.thembsgroup.co.uk/wp-content/uploads/2020/07/Covid-19-and-the-beauty-industry_.pdf.

Image Reference List 

Go—PopUp Magazine. (2017). Welcome to the Coco Café. [online] Available at: https://magazine.gopopup.com/en/welcome-to-the-coco-cafe/.

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People

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In this current era, businesses will need to implement different adjustments across various aspects in order to adapt to emerging trends and effectively align with the preferences and values of today’s generation (Mitterfellner, 2023). Generation Z, in particular, exhibits certain characteristics that set them apart from preceding generations of consumers. Notably, they represent the first generation to have been raised as digital natives, having been constantly immersed in technology and the internet during their entire lives (Moran, 2022). Hence, Gen Zers exhibit a significant dependence on technology as a means of doing product research, pricing comparison, and decision-making processes, mostly through the utilization of online platforms. The constant access to internet and social media has also increased the awareness of generation Z towards global concerns. Consequently, they have a higher degree of environmental and social awareness, resulting in a notable preference towards goods and services that are in accordance with their principles (McKinsey, 2023). 

According to Pollard (2021), the purchasing power of Generation Z has experienced a significant increase, rising from $143 billion to $360 billion over a span of four years, and is expected to constantly grow over the next few decades. Hence, it is essential for brands to monitor them closely. In order to effectively engage with the highly technological generation of customers, businesses must comprehend and adapt to the dynamic landscape of technology. This can be achieved by making investments in technological advancements to enhance customer service and optimizing shopping experience. A prestige beauty company, Shiseido, for instance, has implemented an artificial intelligence makeup advisor which enables customers to virtually test out products prior to making a purchase (Douglass, 2022). 

Figure 1. Generative AI implemented by Shiseido which acts as a makeup advisor for customers (Global Cosmetic Industry, 2022). 

In addition, it is important for businesses to prioritize sustainability in their business plans by including sustainable materials and adopting environmentally-friendly manufacturing techniques. This is particularly crucial due to the growing eco-consciousness of Gen Z, who have high expectations for brands to have an active part in addressing environmental concerns (Shaw, 2023). Inclusivity is another aspect to be considered in a business strategy. This can be achieved by developing products that address the specific needs and preferences of a wide range of customers. Fenty, for instance, launched 40 different shades of foundation that address a variety of light to dark complexion tones. Furthermore, it produces specialized shades designed to cater to the unique needs of those with albinism (Shama, 2021). 

 Find your perfect foundation match with these inclusive beauty brands - FashioNZ

Figure 2. 40 different foundation shades produced by Fenty Beauty which supports the company’s “beauty for all” mission (FNZ, 2020).

For a business to achieve success, it is essential to possess interpersonal skills, particularly social interaction and networking abilities. Being able to engage in social interactions will enable a business to get insights into customer preferences, thus facilitating the development and marketing of products that align more effectively with those needs. 

Reference List 

Douglass, R. (2022). Shiseido debuts AI Makeup Advisor in collaboration with Revieve. [online] FashionUnited. Available at: https://fashionunited.com/news/business/shiseido-debuts-ai-makeup-advisor-in-collaboration-with-revieve/2022040746955.

McKinsey (2023). What is Gen Z? | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z#/.

Mitterfellner, O. (2023) Luxury Fashion Brand Management and sustainability: Unifying fashion with sustainability. New York: Routledge.

Moran, G. (2022) Drapers, Gen Z and Millennials 2022 https://www.drapersonline.com/guides/gen-z-and-millennials-2022

Pollard, A. (2021). Gen Z Has $360 Billion to Spend, Trick Is Getting Them to Buy. [online] www.bloomberg.com. Available at: https://www.bloomberg.com/news/articles/2021-11-17/gen-z-has-360-billion-to-spend-trick-is-getting-them-to-buy?leadSource=uverify%20wall.

Shama, A. (2021). Fenty Beauty and 10 other Inclusive Beauty Brands in the World. [online] Prestige Online – Thailand. Available at: https://www.prestigeonline.com/th/style/beauty/fenty-beauty-and-other-inclusive-beauty-brands/.

Shaw, J. (2023). Why Gen Z Values Sustainability: Tips for Marketing to the Eco-Conscious Generation. [online] Kadence. Available at: https://kadence.com/why-gen-z-values-sustainability-tips-for-marketing-to-the-eco-conscious-generation/#:~:text=To%20appeal%20to%20Gen%20Z.

Image References 

FNZ (2020). Find your perfect foundation match with these inclusive beauty brands. [online] FashioNZ. Available at: https://www.fashionz.co.nz/find-your-perfect-foundation-match-with-these-inclusive-beauty-brands/.

Global Cosmetic Industry. (2022). Revieve and Shiseido Release AI Makeup Advisor. [online] Available at: https://www.gcimagazine.com/brands-products/color-cosmetics/news/22159597/revieve-and-shiseido-release-ai-makeup-advisor.

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planet

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The problem of sustainability is gaining prominence in contemporary society, impacting not only environmental degradation but also economical and social dimensions (Bom et al., 2019). Cosmetic industries are recognized as one of the major contributors to this problem. Issues within the cosmetic sector such as the usage of excessive packaging, plastic pollution, and the consumption of unsustainable cosmetic resources are resulting in adverse implications towards our planet (Fletcher, 2023). According to statistical data presented by Zero Waste, the global cosmetics industry generates more than 120 billion units of packaging on a yearly basis, in which a significant proportion of this packaging lacks the necessary attributes for recyclability. Considering this fact, cosmetic industries must undergo transformative changes in order to effectively contribute to advancements in sustainability (Moran, 2022).

The concept of the circular economy is currently highly desired as a means to achieve a sustainable future. It is a framework with a closed-loop process that encompasses the whole lifespan of the materials used, from manufacturing to ultimately recycling it (Gwilt, 2020). This approach maximizes the utilization of all available resources associated with the product. Implementing this strategy enables an industry to exhibit minimum to no waste, contribute positively to the climate, and manufacture with reduced environmental impact. Cosmetics firms have the potential to embrace the circular economy solution, in fact a considerable number of them have already adopted this strategy in the production of their goods. Some companies are adopting responsible sourcing techniques, wherein they prioritize organically grown ingredients and materials to craft biodegradable packaging. Some also promote sustainable consumption behaviors, for instance refilling and reusing containers (Sparknews, n.d.). 

Among the 17 sustainable development goals, the 12th SDG is particularly important in response to this issue, that is responsible consumption and production. The concept of sustainability does not only refer to how the product is manufactured, but also applies to how the product is utilized during post production. In order to achieve the 12th SDG, beauty industries must shift towards more eco-friendly practices such as creating green cosmetic formulas or creating biodegradable packaging. As consumers, we can also contribute to sustainability efforts by actively selecting products that are sustainable, such as opting for products that provide refillable rather than single use (United Nations, n.d.). 

Reference List 

Bom, S., Jorge, J., Ribeiro, H.M. and Marto, J. (2019). A step forward on sustainability in the cosmetics industry: A review. Journal of Cleaner Production, 225(0959-6526), pp.270–290. doi:https://doi.org/10.1016/j.jclepro.2019.03.255.

Fletcher, C. (2023). The Environmental and Health Impacts of the Cosmetic Industry. [online] Earth.org. Available at: https://earth.org/environmental-impacts-cosmetic-industry/#:~:text=Plastics%20do%20not%20break%20down.

Gwilt, A. (2020). A Practical Guide to Sustainable Fashion. London: Fairchild Books.

Moran, G. (2022) Drapers, Collaborating for Change: Sustainability Report

Sparknews (n.d.). A Sparknews report in collaboration with Cosmoprof Worldwide Bologna. [online] Available at: https://www.sparknews.com/wp-content/uploads/2020/05/CPBO_CIRCULAR_ECONO

MY_COSMOPROF.pdf.

United Nations (n.d.). Goal 12: Ensure sustainable consumption and production patterns. [online] United Nations Sustainable Development. Available at: https://www.un.org/sustainabledevelopment/sustainable-consumption-production/.

Zero Waste. (n.d.). Zero Waste Home Guide. [online] Available at: https://www.zerowaste.com/zero-waste-home-guide/.

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Favorite Cosmetic Brand

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Clio – A cosmetic brand established

in South Korea that provides a variety range of makeup products including complexions, eye makeups, and lip products. I love how their makeup products looks very natural on me which is perfect for daily use. Not to mention, the prices are very affordable and is definitely worth purchasing considering the quality they provide. One of their products that I would certainly recommend would be their cushions. It gives off a medium to high coverage yet still feels lightweight when applied. Additionally, It gives a glowy effect and is also very long lasting on the skin.

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