Beauty Store Business

AUG 2014

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12 August 2014 | beautystorebusiness.com Marc Birenbaum Executive Editor mbirenbaum@creativeage.com Editor's Note THIS YEAR'S GRADUATING STUDENTS in the Fashion Institute of Technology's Cosmetics and Fragrance Marketing and Management Master of Professional Studies Program focused their capstone research on "The Changing Face of the Beauty Con- sumer" in three areas. 1. "Accessible Beauty" introduces a new name for a growing consumer group: Pro- gressive Rationalists. This group regularly trades up and down, necessitating a different approach for reaching them. Some Findings: By 2030, there will be a 50% decline in global poverty, lead- ing to strong middle-class consumerism. Global migration will increase. Some Recommendations: The industry should adopt a new model called Pro- gressive Consumption Equation: [function + higher order need] + performance = purchase. Brands must focus on: Convenience. Brands need to be hyper accessible by empowering local consumers to become points of dis- tribution, utilizing the franchise method of "buying in"; Clarity. Brands need to leverage radical transparency; Cash. Brands must help consumers save money by developing the next generation of private-label products. 2. "Engaging the New Beauty Consumer" presents a new strategy that moves beyond the traditional segmentation model of race, sex, age and geography. Some Findings: By 2030, race will transform into cultural values. The range of gender identities will significantly broaden. Age will evolve into cross-generational passions. Geographic borders will no longer limit the definition of community. Some Recommendations: Brands must implement: Exchange. Establish a cultural exchange between brand values and con- sumer values; Individual Reality. Connect with consumers' key personal moments throughout the year; Connectivity. Become part of a consumer's unique community by leveraging technology and data to deliver a real and personalized experience; Organizational Framework. Ensure that all marketing and sales teams have access to and responsibility for consumer insights. 3. "Men's Beauty and Grooming" states that the industry is at a tipping point where external drivers are altering men's wants, needs and aspirations. Some Findings: Changing Roles. Three out of four men agree that men and women no longer need to conform to traditional roles and behaviors; Changing Views. Seventy-six percent of men agree that males are under more pressure than past generations to present a polished image; Changing Faces. Population growth for the older male seg- ment, combined with millennial men being more accepting of women's grooming prod- ucts and routines, will positively impact product adoption and usage. Some Recommendations: Ignite. Identify authentic needs and genuine con- sequences by introducing credible, simple solutions; Steer. Leverage key influencers and focus on ease, accessibility and trust; Fuel. Utilize imagery and communications reflective of the dynamic state of mas- culinity; Accelerate. Focus on one hero product at a time, building momentum, sophistication, trust and loyalty over time. Full research white papers along with white papers for past presentations are at fitnyc.edu/5518.asp. Kudos to the graduates! Thank you! Good luck! ■ Full research white papers along with white papers for past presentations are at fitnyc. edu/5518.asp. Dramatic Shifts in Beauty Predicted E d i t o r ' s N o t e 0 8 1 4 . i n d d 1 2 Editor's Note 0814.indd 12 6 / 2 7 / 1 4 1 0 : 0 6 A M 6/27/14 10:06 AM

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