Digital Living is among the largest megatrends driving consumer behaviour, second behind only Convenience. To quantify the impact of Digital Living and other megatrends on consumers, Euromonitor International has created a quantification model to assess the impact of these long-term trends.
The beauty and personal care industry outperformed expectations for 2023, driven by both mass and premium segments, steady growth in key beauty-centric categories, premiumisation in personal care categories, and growing consumer confidence. Euromonitor International takes a deeper look at four key trends that are adding value for consumers and impacting beauty consumption.
After re-evaluating their priorities during the pandemic, consumers continue to invest in taking care of themselves; both their bodies and minds. This impacts the way they consume and the products they use, opening new opportunities for brands that innovate and release products and services promoting body positivity, sustainability and simplicity that create a feeling of comfort and enhance the mood.
Technology breakthrough especially in AI, lifestyle changes after the pandemic, and the rise of Gen Z have been driving Digital Living, Shopper Reinvented and Personalisation in Asia Pacific. Euromonitor has identified these megatrends as the top three influential ones transforming the region’s future towards 2032. Truly engaging, customised and responsible customer relationships and shopping experience should be prioritised by businesses in order to grow.
Premiumisation continues to be highly sought after by consumers seeking to enhance their wellbeing who are willing to pay more for premium products and services. In response, companies have leveraged on consumers’ desires and wants, through innovation and active marketing.
More Middle Eastern consumers are looking for brands that align with their values, for example local sourcing and sustainability. In an age of social media, consumers are looking beyond pricing when making drink brand choices, and seeking those brands that resonate more with their values.