Euromonitor reveals innovation trends for 2013
One of the defining consumer trends of 2013 has been a shift in what the average consumer defines as value, which according to senior beauty and personal care analyst Nicole Tyrimou, has seen people willing to pay more for an experience, rather than just looking for value for money.
“More and more companies are focusing on how consumers experience their brands and services. This new profile can be likened to that of beauty consumers, with the trend having moved into the beauty arena,” Tyrimou said.
Significant changes in the hair care segment
In particular this has led to some marked changes in the hair care segment, where consumers are said to be looking for ways to make them feel good, together with shortening visits to the hair salon.
Consumers want products that nourish and protect their hair, and according to Tyrimou, this has led to a big rise in the global demand for conditioners in 2012, a trend that is expected to remain strong this year.
This has led to the marketing of multi-step products, similar to the way skin care products are marketed, pre-treatments, over-night treatments, hair masks, scalp treatments and anti-ageing products – a significant evolution from the traditional two-step shampoo and conditioner approach to home hair care.
Desire to save time and money leads to holistic approach
However, despite this increasingly sophisticated approach, Tyrimou also emphaises the fact that consumers also want to save time and money, factors that are pushing brand owners towards taking a more holistic approach to product development.
“This has resulted in an array of one-size-fits-all products in categories from colour cosmetics and skin care to sun care,” said Tyrimou.
The most obvious example of this has been the rapid evolution of the BB cream category. These multifunctional creams, which combine make-up with a number of other functional properties, have continued to evolve into an increasingly diversified product line up that now include everything from BB concealers and lip glosses to bronzers and even hair care products.
Likewise, BB creams have given way to CC (colour correction) creams, and even DD creams, which have even more functionality, and have evolved with a less defined product specification, targeting everything from facial to body and even foot care categories.
Consumers looking to establish identity and personal status
Another significant trend is the fact that consumers are increasingly looking to establish their own identity and personal status, something that has manifested itself in demand for super premium fragrances in Western Europe and the evolution of the skin care category into areas such as devices as and diagnostic – trends that have taken off particularly in Asia.
Likewise, the skin care category has also evolved into increasingly targeted product offerings, including serums and bespoke services tailored to consumers specific needs, and also tailored towards different age ranges, including tweens and teens, as well as women in their 30s or 50s.
Affordable luxury will remain big in 2013
Affordable luxury is also likely to remain a big trend this year. Last year saw the rise and rise of nail varnish, and this trend is expected to continue to grow throughout 2013, as consumers look to enjoy an inexpensive treat.
This trend is being built around a high level of innovation, that includes nail art, as well as anti-ageing and water washable formulas, which have all helped it to flourish.
“Nail polishes, with their accessible price platform as well as their feel-good element, have become the affordable luxury of choice for many consumers in developed nations,” said Tyrimou.
