Austerity Chic - Recession-proof Beauty Care
The Global Recession has Triggered a Frugal Austerity-chic Trend
Apr 28, 2009
Leading market research company Mintel’s newly released reforecasting of previously published research reports predicts drug stores and discount retailers should perform well this year despite challenges of the global recession economy. The study shows women will remain brand loyal to mass-market and prestige products alike, but are likely to scale down their products to only a few favorites.
"Beauty products that give budget-savvy shoppers a feeling of control and confidence are best poised to do well in 2009," Taya Tomasello, Mintel Beauty Innovation senior analyst, said.
Differing Trends
The Mintel research, conducted in USA, France and the UK, shows the 'in' trend for 2009 differs somewhat between USA and Europe which has not been in recession as long. One-third of US women surveyed said they had switched to a lower priced brand of skincare, hair care or cosmetics, compared to only 25% in the UK and France.
According to the study, US marketers are launching new products targeting stylish, budget-conscious women who still want to look chic. "Cosmetic companies are quickly responding to the needs of the recessionista," Tomasello said. "Effective and affordable multi-use products and products offering convenience allow women to continue using their favorite brands, but at a reduced cost."
Buying Value
Moreover, the research shows US shoppers are most likely to buy value sized or multi action products. They are also cutting down on their repertoire of beauty treatments. Products which promote multiple benefits or uses in one bottle are becoming best sellers such as Clinique’s Youth Surge SPF 15 Age Decelerating Moisturizer, which claims multiple benefits – slowing the signs of aging, repairing and strengthening skin and providing sun protection – offering both convenience and easy-to-see value.
French women are the most dedicated to their beauty products, 12% of them preferring to cut back on other things to be able to buy their favorite beauty products. By contrast, fewer than one in 10 women in the US and UK do the same. French women are also rated highest in terms of frugality and have the highest percentage stating they would rather to wait until their preferred beauty brands are on sale before they buy.
Austerity Chic
Overall, the research reveals the notion of the 'lipstick effect' – when women buy a lipstick as a 'feel-good' measure in hard times – no longer holds true.
Nica Lewis, Mintel Beauty Innovation head consultant, said: "In this recession, austerity chic – or looking good for less – is replacing the lipstick effect. Beauty is now marketed as a necessity rather than a luxury and women are being creative with their spending to keep up appearances. This means women are investing in moisturizers, body lotion and hair care, rather than lipstick."
Only 3% of women in each country said they purchased a lipstick to make themselves feel better and lip color topped the list of cosmetic products women were most likely to spend less on.
