Beauty is increasingly about value
DENVER — Another NACDS Marketplace is nearing an end, and as I think about all of the beauty products I’ve seen this year on the show floor, I come away with this thought: Beauty is not just about making women (and men), well, beautiful. But it is increasingly about providing consumers with solutions that will save them time and money, and, perhaps even more importantly, provide value.
Now, I know that I’m not necessarily breaking new ground or telling you something you probably haven’t already heard, but that is my key takeaway as I get ready to board a plane to New York and reflect on my time spent in Denver.
For example, manufacturers increasingly are jumping aboard the at-home gel manicure bandwagon, offering women an at-home solution at a fraction of the cost. Some manufacturers prominently displayed their launches at the show, while others whispered plans of soon coming to market with their own variations.
And what about BB creams? As previously reported, these relatively new, multifunctional products — also referred to as “blemish balms” or “beauty balms” — combine the functionality of primers, SPF and moisturizers with the anti-aging benefits of skin serums.
Then there are such products as Razor Shield, which is designed to extend the life of any razor blade up to four times. That could save a pretty penny, when you think about, because razor blades can get quite costly.
Those manufacturers who are bringing to market products that save consumers time and provide value are on target, as evidenced by the data from SymphonyIRI Group. During Monday morning’s presentation, “Inside the Mind of the Shopper: Understanding the Difference in Motivation by Generations,” Navin Gautam, principal of client services for SymphonyIRI Group, stressed the importance of “delivering truly shopper-centric value.” He also noted that 35% of shoppers reported turning to at-home beauty treatments to curb costs.
Gautam also said that 75% of shoppers described themselves as either “deal hunters” or “budget shoppers.”
And brand loyalty? Well, only about 4% are brand loyalists, Gautam said. That’s not a lot.
So, the bottom line is that there are new value-conscious consumers out there walking the beauty aisles, and those products that deliver value, help them save money and make their lives just a little bit easier stand to win big.