Stephen Covey, the late author of The 7 Habits of Highly Effective People, once said, “Trust is the glue of life. It’s the most essential ingredient in effective communication. It’s the foundational principle that holds all relationships.” It’s increasingly clear that this glue is beginning to come unstuck on a societal scale.
According to Gallup poll data, Americans’ trust in banks fell from 49% in 2006 to 27% in 2016.a Trust in newspapers dropped from 51% in 1979 to 20% in 2016. The conclusion: trust in basic institutions is collapsing. Anyone who saw last November’s U.S. election results already understands this.
But this movement isn’t limited to the United States, and the beauty industry is far from immune.
The rise of natural and organic alternatives to conventional products, independent brands, ingredient blacklists and disclosures, social media influencers, wellness, and sustainability and corporate responsibility programs are all a direct response to this macro trend. The message is clear: consumers are skeptical of, or even hostile to, the status quo.
That’s why, in addition to exploring key trends shaping the future of the industry, including speed-to-market, we’re looking at the impact of consumer trust issues, including label claims, the self-care movement, emerging brands built on new supply chain and distribution models and the effects of Gen Z on legacy brands.
While the beauty industry is poised to grow, the ways in which it engages with consumers will continue to reflect the ongoing challenge to traditional norms.
One final note: This is our final regular issue of the year; next month we’ll present our annual supplier directory. So, I would like to take a moment now to thank all of you for reading, watching and listening this year. It continues to be a delight and a privilege to serve this amazing, dynamic industry. Thank you. And may you have a successful, peaceful 2018.