(MENAFN- News Direct)
New York, NY | June 16, 2022 10:30 AM Eastern Daylight Time
- 41% of respondents expect to make their beauty transactions online in 2022
- 9 out of 10 spent the same or more on skincare in 2022, up from 6 in 10 in 2020
- 44% tried new products because of a promotion or discount
Global professional services firm Alvarez & Marsal’s Consumer Retail Retail Group (A&M CRG) today releases its second annual Beauty report, Beauty in the “No Normal,” which takes a longitudinal measure of consumer changes in the beauty space since the beginning of the pandemic. Based on a survey of almost 1,000 beauty consumers that was conducted in March 2022, the report analyzes changes in online and omnichannel beauty shopping, value and newness, and sustainability priorities, and provides guidance for beauty brands navigating the current environment.
The study finds that online beauty is poised to retain much of the ground it gained during the pandemic. to consumer needs and wants faster than ever before, ”said study co-author Patricia Hong Managing Director at Alvarez & Marsal’s Consumer Retail Group Retailers should focus on providing operational excellence and ensuring an immersive and convenient experience that keeps customers coming back.
The study also found that:
· 6 out of 10 survey respondents shopped Beauty across channels in 2021, while only 1 in 10 shopped digital-only
Proport The proportion of those who tried a new beauty brand because of promotions / discounts increased in 2021 to 44%, from 25% in 2020
· 61% of respondents listed clean / organic ingredients as their top priority in Sustainable Beauty, and 7 in 10 are willing to pay more for these products.
“Beauty brands have expanded their channel mix, blurring the lines between mass and prestige distribution,” he said Manola Soler Senior Director at Alvarez & Marsal’s Consumer Retail Group and report co-author. “Store-in-store concepts are gaining traction, a move that has expanded distribution for prestige brands and driven new traffic for retailers, including the growing area of health-first products.”
The report also provides insights into key focus areas for beauty retailers and brands in the months and years ahead. As detailed in the analysis, physical retail is regaining its importance, but omnichannel investment is still paramount for beauty retailers. Brands should not lose sight of pandemic hygiene and safety or their sustainability agendas.
To download the report, please visit Beauty in the “No Normal” at this link:
A&M CRG’s 2nd annual Beauty survey was conducted in the first week of March 2022, polling almost 1,000 US female beauty consumers across regions through an online panel survey. All participants have purchased makeup and / or skincare products in the last 12 months. Income and age demographics were based on US Census distribution.
The Alvarez and Marsal Consumer and Retail Group (CRG) is a management consulting firm that tackles the most complex challenges and advances its clients, people, and communities towards their maximum potential. CRG combines the best of A&M’s broader firm’s bias toward action and practicality with deep consumer and retail industry experience. CRG partners with businesses across a wide range of categories including Food & Beverage, Beauty & Personal Care, Grocery, Mass Merchandise, and Apparel & Footwear to drive significant performance improvement.
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