A snapshot look at how beauty will evolve over the coming year
Images courtesy of Flannels, NYX, Deciem
On a bad day, there’s always lipstick. An Audrey Hepburn quote that rings particularly true today, as despite all of the economic turmoil, the energy crisis and worry over the cost of living, many consumers are continuing to spend on beauty.
But while the industry is well placed to gain in 2023, shoppers are also growing more selective over their spending.
In the year ahead, brands must deliver high value, through pricing, efficacy, honesty, responsibility and meaningful digital and physical engagement in order to stay relevant and win the most coveted prize of all – loyalty.
Here, Cosmetics Business gives a taster of five of the most important trends that we predict will inspire and evolve beauty industry developments in 2023.
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Trend 1: Hypertasking hybrids
Hybrid beauty products thrive during recessions, but the next breed will take multitasking to a whole new level.
New hybrids will have hyper-performance at the heart of their formulations, whether they are blending make-up with truly functional, proven skin care results, or exploring deeper wellness.
This might include a ‘cycle syncing’ approach as skin care regimes become more closely linked to the management of hormonal fluctuations, to the use of functional fragrances in beauty products to boost mood and provide little moments of self care throughout the day.
Trend 2: A push for proof
In 2023, consumers will have zero tolerance for overinflated price points and claims as we see the end of ‘fauxthenticity’.
Over the coming year and beyond, brands will be expected to prove that their products are worth buying in every respect, ultimately demonstrating beyond doubt that they treat their customers fairly.
Beauty brands must prove their worth to be eligible for purchase, and this trend explores how a focus on hard data and science and in-house expertise, and honesty and openness around everything from pricing to sustainability will be essential.
Trend 3: Physical futures
Bricks-and-mortar beauty shopping is back and thriving.
2022 has seen shoppers return to stores and scores of beauty-specific stores opening, and 2023 offers a huge opportunity for retailers to create unique destination stores that deliver immersive experiences to drive loyalty.
This trend explores how the next iteration of the physical beauty store will offer shoppers the chance to both disconnect from the virtual world, and feel better in the real one.
Trend 4: Top 5 metaverse trends for 2023
The metaverse called, and beauty brands answered. Undoubtedly one of the most defining trends of 2022, luxury and mass brands alike rushed in to stake their claim in the metaverse, and in 2023, there will be a deeper exploration of this new channel and its ability to deepen connection with consumers and communities.
Here, Cosmetics Business gets the lowdown on the next big metaverse trends to influence beauty:
- Co-creation and community
- Hybrid meta-commerce experiences
- Pre-meta: the short term win
- Digital beauty rituals
Trend 5: Local allure
An emerging trend to localise supply chains is helping brands to both mitigate risk and resonate with conscious consumers.
As the beauty industry braces itself for what is expected to be another turbulent year of supply chain disruption, companies will be ramping up efforts to build resilience.
This trend explores not only the shift among more beauty companies to shorten supply chains and refocus manufacturing in their own countries, and using alternative agricultural practices like vertical farming, it also highlights the opportunities to appeal to consumers by producing products this way.