The beauty industry is responding and adapting to the COVID-19 pandemic
Trend - Like most other industries, the beauty industry is having to quickly adapt to the abrupt social and economic changes that have taken place around the world due to the COVID-19 pandemic. Brands within the industry are shifting gears to prioritize consumer health, discounted pricing and DIY services that consumers can do at home.
Insight - As consumers face economic challenges, disruptions to their normal routines and restricted movement, they still seek out routines that keep them grounded. Now, aspects of consumers' lives like health and self-care offer not just a means of physical well-being, but a brief escape from some of the stresses they're facing. Consumers who prioritized self-care in their routines pre-disruption, are still doing so in order to retain a sense of normalcy.
Insight - As consumers face economic challenges, disruptions to their normal routines and restricted movement, they still seek out routines that keep them grounded. Now, aspects of consumers' lives like health and self-care offer not just a means of physical well-being, but a brief escape from some of the stresses they're facing. Consumers who prioritized self-care in their routines pre-disruption, are still doing so in order to retain a sense of normalcy.
Workshop Question - How can your brand offer escapism for customers who are facing challenges?
Trend Themes
1. Shifting Priorities in Beauty Industry - As a response to the COVID-19 pandemic, beauty brands have shifted their focus to prioritize health, discounted pricing, and DIY services for consumers to use at home.
2. Adaptive Branding - Brands across various industries have quickly adapted their products and services to meet consumer needs during the pandemic.
3. Virtual Services and Freelancer Opportunities - As social distancing regulations leave freelancers struggling, virtual services and influencer programs offer innovative alternatives for the beauty industry.
Industry Implications
1. Beauty - From packaged bundles to virtual services, the beauty industry is adapting to meet consumer needs during COVID-19.
2. Marketing and Advertising - Products like Lookfantastic's influencer marketing program demonstrate opportunities for creative marketing and advertising during the pandemic.
3. Fitness and Wellness - Virtual exercise platforms like FaceGym's offer innovative ways for people to maintain their physical and mental wellness during lockdown.
