Beauty businesses are advised to meet customers’ new needs and priorities with intelligent solutions that deliver value on multiple levels as the cost of living crisis is already causing them to re-evaluate their beauty and personal care purchases, according to trend forecaster WGSN.
“Anxiety about the cost of living day-to-day is increasing, causing people to cut back on nonessential items or make intelligent swaps that deliver value on multiple levels,” Clare Varga, director of beauty at WGSN, said in a report.
Varga said value will be defined by efficiency and smart choices as much as cost and ‘affordable indulgences’ will need to balance pampering with practicality.
She said having the option to make smart purchasing decisions and swaps will be vital.
“With saving money at the forefront of their minds, shoppers will adopt a ‘dupe mindset’, trading their beauty staples for cheaper alternatives with comparative results,” she added.
The WGSN report said the dupe culture has surged in recent months, as consumers are forced to rethink their purchasing and make more economical choices.
“Beauty brands will need to ‘lean in’ to dupe culture and engage with this way of thinking. Whether beauty shoppers are being cautious and swapping prestige for masstige, or urgently seeking value basics, to retain their business brands will need to help shoppers make informed decisions or offer alternative solutions,” it said.
The report said value-minded consumers do their research as they do not want to sacrifice safety or performance while wanting to spend less.
“Amp up messaging around product efficacy and include cost per usage data and shelf life info alongside results, before-and-after photos and community reviews,” it added. “Providing a full list of ingredients and active percentages will speed up informed decision-making and improve product visibility on comparison sites.”
Varga also underscored the need to adopt a ‘dupe mindset’ in range building to help combat hygiene poverty.
“Many of those worst affected by the cost of living crisis do not have the time or the resources to search dupe sites and compare ingredient lists to find affordable alternatives, and brands will need to provide ‘dupes’ for them. Take a ‘good, better, best’ approach, adding affordable lines and alternatives to product assortments,” she added.