Read our updated report here: 2022 Skincare Industry Trends
There has been a large change recently in the global beauty industry. In the last decade, more consumers have shifted their focus from the appearance of their skin to its health and well-being, creating steady declines in makeup sales while skincare products have been on the uptick. This trend, like many, was exacerbated by the COVID-19 pandemic, which saw consumers increasingly eschewing makeup – leading to an industry first as sales of skincare products surpassed sales in the makeup category. As consumers continue to focus their attention to skincare, the following 5 trends are driving the direction of the industry.
TREND #1: Growing Demand for Personalized Skincare
Gone are the days when skincare experts would recommend a simple routine to everyone. Everyone’s skin is different and so they require a regimen that is more fitting to their needs, rather than what used to be a general approach from over-the-counter products. Skincare experts are now recommending a personalized set of products to consumers and companies are now targeting consumers more personally.
Neutrogena’s Skin360 Face Scanner app identifies over two thousand facial attributes to recommend different products to their customers. Brands such as Vitruvi and The Buff use quizzes to assess a customer’s current conditions and goals for skincare based on a guided self-assessment. Skincare brand Atolla uses a pH skin test to measure moisture level, oil percentages, UV exposure, and humidity levels to assess a client’s need for their products. Skintelli’s approach for personalized skincare offers epigenetic test to analyze the DNA methylation gene.
Skincare brands are seeking a competitive advantage in order to meet this trend effectively for consumers. As many continue to flock online, it will be critical for businesses to optimize the customer’s experience in purchasing their personalized skincare products virtually, ensuring the process is as personal as the product.
A study found that the global market for personalized beauty is expected to increase from $38 Billion to $72 billion from 2019 to 2028.
TREND #2: “Skinfluencers” Take Center Stage
With the increasing use of social media apps such as Facebook, Instagram, TikTok, and YouTube, there has also been a natural progression of skincare advertising on these channels, owed largely to their highly-visual nature.
As influencer marketing as grown in recent years, the skincare segment is particularly well-positioned in this trend. This is perhaps most clearly demonstrated by the explosive, TikTok-generated growth skincare brand CeraVe experienced this year with products selling out on shelves across the country after TikTok skincare influencers touted the brand’s efficacy. Customers follow and trust skincare and beauty influencers because they’re customers too.
In adapting ‘skinfluencers’ to your marketing approach, it’s critical that skincare brands closely pair the right influencers and collaborators to their core brand values and target customers. A large amount of followers may seem appealing but brands are better served partnering with collaborators that have a highly-engaged, dedicated following. Ensure that the content creator’s digital presence is one that complements your brand holistically, not just because they’re in the skincare space.
62% of women say they follow beauty influencer on social media.
Addressing these skincare trends will require a wide array of skills and resources but sitting at the heart of all of it is a deep and intrinsic understanding of the consumer. As the disruption of 2020 has proven, consumer sentiments can shift rapidly, requiring businesses be nimble in their approach to how they operate. As we look forward to 2021, successful skincare brands will keep their consumer at the heart of each and every aspect of their business.
Download the full 2021 Trends in Skincare here.
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Contributions by Suvrat Jhamb.