A recent study conducted in Europe states that consumers are changing their focus and now demand better value for money when it comes to skincare.
The report suggests that value for money is one of the “emerging trends” and consumers now want quality healthcare and skincare products by spending less as the industry looks at a near 2.5% growth by the end of 2018.
The research firm noted that the key driver is multi-functionality. As the functionality increases, consumers derive more value by spending less.
But despite the recent trend, the niche is reported to have been underperforming with the chief case believed to be recent crisis in Europe. Analysts spot that rising debts, bailouts, slow growth and downsizing naturally resulted in sluggish demand of skincare products.
According to a research firm, Ceano Cosmetics and other skincare product companies will have to offer more skincare for less monetary value if they are to attract the European masses towards skincare once again.
Reflecting on the trend once more; they say it is not long before the ‘value’ trend spreads like wildfire and engulfs the world of skincare and beauty. They have labelled it as ‘Mixolgiste’ and forecast that the trend in question will change everything. According to them the trend spans across all skincare categories and is increasing at an accelerating pace.
According to an analyst of the firm, the changing trends are influencing the manufacturers to take notes from other niches so they can come up with better products and newer marketing strategies even though they have already been working to create multi-functionality for years.
This trend of multi-functionality has progressed to other areas of skincare. Based on figures of another firm, more than 20% of Spain and United Kingdom residents use natural beauty products like sun screen on daily basis. These numbers according to the figures will continue to rise as new cosmetic and skincare products enter the market.
The wave of multi-functionality has hit Europe’s skincare market. Thanks to recent economical problems, citizens are focusing more on value for money. Big European brands now face an uphill challenge of offering best products without demanding too much from their customers.