Mintel forecasts beautiful year for makeup sales
Global sales of colour cosmetics are expected to reach a $48.3bn in 2018, up 6% from $45.5bn in 2017, according to new research fromÂ Mintel.
Indeed, across the globe the top five colour cosmetics markets in 2018 are forecast to be: the US ($12.1bn), Japan ($6.4bn), China ($5.1bn), the UK ($2.7bn) and South Korea ($2.2bn).
The forecasts were released during this week'sÂ in-cosmetics Global, the worldâ€™s leading exhibition for personal care ingredients, where Mintelâ€™s Global Colour Cosmetics Analyst Charlotte LibbyÂ presented the very latest trends in colour cosmetics.
Libby identified the hottest macro-trends in the category: social media, sustainability, transparency, andÂ hybridisation.
Vlog me beautiful
According to Libby, 41% of Chinese colour cosmetics users are influenced by celebrity beauty bloggers and vloggers to buy products; 31% of German make-up users aged 16-24 wear make-up to feel trendy; and 66% of UK women aged 16-24 say it's easy to learn new beauty techniques from the internet.
â€œThe success of influencers has shown that people buy the personality, and not simply the products. It has become more important for brands to have a personality, to showcase their founders, and tell their story to be relatable for consumers. Social media gives brands a way to give customers behind-the-scenes access to their culture," she said.
Focus on sustainability
Libby reported that 66% of UK female beauty buyers aged 16-24 want retailers to give them more information about which beauty products are environmentally-friendly and24% of Italian women have bought natural and organic make-up in the past year. â€œThe beauty industry's shift towards natural and organic products will have a unique impact on colour cosmetics, leading to increased attention on product origin and quality of ingredients. Brands will be expected to demonstrate their ethical policies and consideration of resources and alternatives. For instance, many glitters found in colour cosmetics contain non-biodegradable microplastics. As consumer awareness around the negatives of microplastics grows, glitter in make-up will be subject to more scrutiny," she said.
Millennials seek transparency
Over 30%Â Â of Brazilian Millennials aged 19-35 say they prefer to buy from brands that support social causes, whileÂ 39% of US women aged 18-34 think brands that support charities are trying to make themselves look better. â€œAs global politics becomes more divisive, consumers want to be sure the companies and brands they buy from align with their personal views. As a result, an increasing number of brands are making their political views known and embarking on more action-led initiatives, such as charitable donations. This trend is expected to become more prevalent in 2018. Rather than just offering products, brands need to offer a way to support the world," Libby explained.
â€œWhile younger audiences are most likely to seek out brands that align with their beliefs and values, they can also be the most cynical, fearing charitable brands are disingenuous. Consumers need confirmation that this is a genuine positioning. Hence, a strategy involving charitable donations needs to be long term and treated appropriately, becoming part of the core business of the company.â€Â
Make-up meets skincare
In China, 67% of women want to minimise make-up steps and in the USÂ 41% of female beauty buyers would be interested in multi-purpose beauty products. â€œAs consumer demand for make-up with skincare benefits increases, there is more opportunity for brands to develop hybridisation between categories," highlighted Libby. "As part of growing concerns around pollution, face make-up can act as another layer of protection. Hence, it is important that colour cosmetics incorporate skincare benefits such as hydration and UV protection. Probiotics also have a chance to grow; a prominent trend in skincare, connecting good bacteria to healthy skin, they are increasingly being used in colour cosmetics too.â€