![]() ![]() Meanwhile, consumers are increasingly shopping across price points and report that both online and offline stores influence their shopping behavior. ![]() In line with the trend-driven dynamics in the market, 42 percent of respondents to McKinsey’s 2023 survey of consumers across China, France, Germany, Italy, the United Kingdom, and the United States say they enjoy trying new brands. Intensifying competition will prompt incumbent brands and retailers to change as well. Overall, beauty is expected to be characterized by “premiumization,” with the premium beauty tier projected to grow at an annual rate of 8 percent (compared with 5 percent in mass beauty) between 20, as consumers trade up and increase their spending, especially in fragrance and makeup.Īt the same time, we expect the landscape to become even more competitive, as a range of independent brands that successfully came to market over the past decade seek to scale and as new challengers emerge. Consumers, particularly younger generations, will spur this shift, as their own definitions of beauty morph while their perceptions of everything-from the meaning of sustainability and the role of influencers and key opinion leaders to the importance of self-care-evolve. This article is a collaborative effort by Imran Amed, representing views from the Business of Fashion, and Achim Berg, Sara Hudson, Kristi Klitsch Weaver, and Megan Lesko Pacchia, representing views from McKinsey’s Consumer Packaged Goods and Retail Practices.Ī dynamic segment that is ripe for disruption, the beauty industry will have reshaped itself around an expanding array of products, channels, and markets before this decade is over. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |