The next big beauty influence, how the rising cost of living will impact consumer purchasing habits and the future of colour cosmetics and make-up. That and more on today’s episode.
Want to know what’s next? Listen to the show where our experts from around the globe unpack your biggest challenges. This week, WGSN’s President and CEO Carla Buzasi takes us to London and Seoul for the first instalment of our two-part beauty special. Hear from the friendly faces of our Beauty team.
Watch the full episode below or read on for highlights of this episode:
Q: Apart from C-beauty from China, K-beauty from Korea and J-beauty from Japan, which region has a strong influence on the beauty industry?
“With 54 countries in Africa, there’s a lot of variation within the region, boasting biodiverse ingredients and differing approaches to beauty. South Africa acts as one of the continent’s largest contributors, with a projected market value of $16.6bn by 2024. India is also a booming market, with a projected market value of $20bn by 2025. Social media usage in India is growing at a rapid pace and Indian beauty creatives are rising in popularity every day.”
– Megan Bang, Strategist, WGSN Beauty
Q: How will cost of living affect beauty consumers’ purchasing behaviour?
“It’s not that consumers are going to stop spending, they’re just going to be a lot more considered in their approach and their choices. And they’re going to be looking for products that are better rather than cheaper. The cost-of-living crisis will see proof go to the top of a beauty consumer’s priorities and without that, they will not invest in your product.”
– Clare Varga, Director, WGSN Beauty
Q: In the post-pandemic era, what’s the future of colour cosmetics and make-up? Will it return or has skincare irreversibly taken that place?
“Skincare is still here to stay and it’s being carried into make-up. We'll be seeing more multitasking skincare-infused make-up and cosmetics. So products will have to be safe, non-toxic and fused with skincare benefits without falling short of efficacy. [They must be] designed to embrace diversity while encouraging colourful self-expression to resonate with future consumers.”
– Sharon Ahn, Strategist, WGSN Beauty