The Cosmetics Industry is Changing

Euro RSCG Worldwide recently published a "White Paper" outlining five major trends affecting the future of the cosmetics industry.

Beauty is no longer just about looking good. It's about feeling good as well, and feeling good about the way you look. In order to achieve this feeling, many have turned to cosmeceuticals. As more and more research is done, new products are being developed that claim to restore skin, keep a youthful appearance and protect the skin from damaging UV rays from the sun.

Two factors are driving the market for these new products: an aging baby boomer generation and increasing levels of prosperity. People these days also believe that with enough money, anything is possible. It's a new race to find the fountain of youth.

A second trend cited in the report is the increased demand for customized products. People like to feel that they are entitled to wear a one-of-a-kind product - something no one else has. Previously, personalized cosmetic products were far too expensive and only available to the elite. Now, companies are finding ways to make this process more affordable. Procter & Gamble, for example, has created a web site, Reflect.com, where visitors can create personalized products for their skin, hair, fragrance and cosmetic needs. Even the packaging is personalized to the individual customer.
The market for products dedicated to men has been growing steadily over the last few years. This trend will continue, as men are taking more time and care with their appearance and well-being. Aramis' Surface skincare line is one example of this trend. An entire line of products from the skin care, hair care, cosmetic and fragrance sectors created for men.

Consumers want products that cost less and do more. This is how the emergence of multifunctional products has evolved. This can be products that are created for use on more than one part of the body, or products that serve two purposes. For example, Pretty Pretty's Face Salve is a sheer color that can be applied to the lips, cheeks, or eyelids, while Elizabeth Arden's Exceptional Lipstick Lip Hooray SPF 15 contains ingredients that fight bad breath.

Times are changing - baby boomers are aging and approaching retirement, and are trying to retain their youthful appearance. As the baby boomers age, the United States becomes more and more integrated with different cultures. Cosmetic manufacturers are now beginning the specifically target those ethnic markets with skincare products formulated specifically for their skin.

Euro RSCG White Paper is a monthly series of reports intended to alert the industry to key consumer trends and developments.