Health and Beauty Market Report Overview
The medical and sweetness market size is $511.88 billion in 2023. High inflation across the globe is impeding medical and beauty industry’s path towards further growth this season. Moreover, a protracted conflict between Russia and Ukraine continuously impact global growth and consumer demand in the years upto 2026. Manufacturers will continue to pass the heightened costs onto consumers through price rises to offset inflation.
Medical and wonder survey report explores how brands can tap into the five key trends, namely Easy & Affordable, Health & Wellness, Sustainability & Ethics, Individualism & Expression, and Digitalization. Many individuals are now buying fewer health products to economize considering the cost-of-living crisis, highlighting a need for brands to deeply resonate with consumers and utilize relevant trends to capture their attention.
Health and Beauty Market Trends
Ease & Affordability: Millennials and Generation Z individuals are most worried about their personal financial predicament. This will make the easy & affordable theme very influential. Hence, greater efforts from brands to provide affordability will therefore be appreciated with that demographic. Taking into consideration the rising cost of living, most rrndividuals are staying loyal to the brands they generally buy, they are buying either fewer products or smaller packs, or are shopping less often. Loyalty schemes are therefore important for brands and retailers to reward this behavior and be sure it continues. However, older consumers are the smallest amount of planning to switch and they are least willing to change their shopping habits. Accepting price increases is preferred over purchasing fewer products through the same brands.
Health & Wellness: Consumers today comprehend the role so good mental wellness diet can enjoy in improving appearance internally. Millennials are equally concerned about their fitness and health and mental well-being, while Generation Z is a lot more interested in the second. Products with stress-relieving and calming claims are now being designed to address these concerns. Health-conscious people are also highly alert to products’ formulation. The strong influence from the health & wellness theme is impacting the claims that buyers find appealing in personal care products when making an investment. The ‘organic’ claim is appealing to most consumers, with Generation X and Y the ones living in South and central america or Asia and Australasia being most interested.
Sustainability & Ethics: Since consumers have a very complete comprehension of sustainability nowadays, they seek out brands building a concerted effort to mitigate their environmental impact over the logistics.
Most consumers agree actually more faithful to brands that support ‘green’/environmental matters, creating a reason for brands to align with sustainable principles to attract and retain a loyal consumer base. Beauty manufacturers will appeal most to environmentally aware consumers by ensuring goods are easy to dump, recycle, and are zero-wastage. Emerging claims like ‘reduced water footprint’ resonate most with Generation Y consumers, whereas lightweight and plastic-free products resonate most with Forty somethings and beyond.
Health Market -Take Outs
Brands must deliver value-for-money offerings to cash-strapped consumers, and reward consumer loyalty to ensure it continues, particularly among younger consumers. Smaller pack sizes, multifunctional products, and inexpensive ‘dupes’ of trending beauty and health products are irresistible to consumers.
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