Premium beauty products used to be defined by longevity, brand, price, exclusivity and status. But according to Hannah Symons, research manager, Beauty & Fashion, Euromonitor International, several megatrends are shaping new premium attributes beyond just the price point.
Symons explained to in-cosmetics Global 2019 attendees that efficacy, ethical practices, personalization, accessibility and time-saving products are what consumers are seeking when exploring the premium beauty segment.
According to Symons:
- Sixty-seven percent of consumers are looking for ways to simplify their life;
- Sixty-four percent of consumers try to have a positive impact on their environment; and
- Forty-six percent of consumers were willing to spend money to save time in 2018.
Results-driven products are reportedly setting the bar for premium beauty products. Skin care consumers will pay a price for efficacy, but less so for a so-called "premium formulation," Symons stated.
- Fifty percent prefer proven efficacy over 19% who prefer a lower price.
- Thirty-seven percent prefer a premium formulation compared to 27% who prefer a lower price.
Likewise, natural formulations justify a higher price, but only if efficacious. Skin care consumers said they will pay a price for natural if it offers efficacious solutions.
- Thirty-nine percent prefer natural/organic over 26% who prefer a lower price.
- Thirty-seven percent prefer proven efficacy over 26% who prefer natural and organic products.
Symons went on to say that the color cosmetics segment is more influenced by traditional priorities.
The Top 5 Desired Product Features in Color Cosmetics
- Like the color
- Value for money
- Matched my skin tone
- Low price
- Like the feel of the product
The Top 5 Desired Product Features in Skin Care
- Value for money
- High quality
- Function and/or benefits
- Low Price
- Natural or organic