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Future Beauty Industry Leaders Forecast Beauty in 2020
Posted: May 27, 2010
What will the beauty industry be like 10 years from now? The graduating class of the Master of Professional Studies (MPS) degree program in Cosmetics and Fragrance Marketing and Management at the Fashion Institute of Technology (FIT) forecasted beauty in 2020 when they showcased their final projects at the 10th Anniversary Capstone presentation and reception, May 19, 2010.
The graduating class began its research on “Beauty 2020: The Future of Beauty” by working with IDEO, a global innovation and design firm, at sessions in New York and Shanghai to give the class a global perspective.
“After studying the global post-recession consumer in 2009, the next logical step seemed a study of how our industry needs to adjust to a new reality," said Stephan Kanlian, chair, Cosmetics and Fragrance Marketing and Management, FIT. "How should we be changing business models that are no longer relevant? Are brands as necessary as they used to be and, most importantly, what is the consumer psyche we will be dealing with and how do we motivate consumers to buy our products? These are crucial questions.”
Capstone groups were also paired with industry leaders who acted as mentor partners on the following topics:
The Future of Retail (industry partner—Erin Armendinger, managing director, Jay H. Baker Retailing Initiative, The Wharton School) What will shopping look like 10 years from now in all beauty categories? How will retail need to change? The challenge will be to understand the consumer mindset, how her shopping habits have shifted, and what motivates her to buy now. What developments and concepts might exist in other cultures and industries that could be applicable to U.S. beauty?