London-based market research and consulting firm Euromonitor International predicts that people will have a strong desire for retreat and simplicity in the coming year. According to the market analyst, many people feel stressed in the face of global challenges, inflation and constant uncertainty and crises, and are striving for holistic well-being. Consumers will therefore increasingly seek out products that promote inner peace, balance and authenticity. When it comes to body and home care, they are paying more attention to natural ingredients and simple routines. According to Euromonitor, they are more conscious about how they use their resources. "Wellness is becoming professionalised as consumers demand professional solutions for everyday use," predicts the data analysis company.

Authenticity and self-care

Overall, the annual report identified four global trends in consumer behaviour. Consumers expect brands to reflect their identity and tell authentic stories. In addition, demand for scientifically based self-care is growing. Many people are increasingly using apps, wearables and health tests for skin care and nutritional supplements. The willingness to spend more money on premium products is increasing. Personalised solutions are also becoming the norm in the beauty industry. "Future consumer behaviour will be shaped by the desire for comfort, self-fulfilment and innovative wellness solutions, driven by the need for authenticity and simplicity in an increasingly complex world," says Alison Angus, Head of Innovation at Euromonitor International.

Asian trends are driving Europe

Euromonitor highlights the growing power of East Asian companies as another development. Brands from China and other Asian countries in particular are gaining fans and influence globally through a combination of affordability, innovation and digital experiences. Competition in the beauty and personal care market is intensifying due to shopping platforms such as Shein, Temu and the TikTok shop, which closely link social media, entertainment and e-commerce. To remain competitive, European providers must establish distinctive brand profiles, mobile-optimised digital experiences and seamless shopping processes in order to hold their own against growing Asian competition.

Source: Euromonitor International