Cosmetic brands are quickly adapting to emerging needs amidst the COVID-19 pandemic
Trend - As consumers continue following stay-at-home orders, the cosmetic industry is shifting to adapt to emerging needs. Whether selling products and donating to COVID-19 relief, or offering virtual versions of their services, these brands are showcasing how non-essential industries are remaining relevant in the midst of this crisis.
Insight - With consumers now spending the majority of their time at-home, the forms of escapism they used in the past, like self-care, remain relevant. If anything, people are more likely to take part in the routines that make them feel more confident--as taking care of their health and even appearance offers comfort for those who do so. Knowing this, brands in this space are adapting to the new normal by offering consumers adaptable, at-home versions of these services, or by aiding those who rely on them for their incomes.
Insight - With consumers now spending the majority of their time at-home, the forms of escapism they used in the past, like self-care, remain relevant. If anything, people are more likely to take part in the routines that make them feel more confident--as taking care of their health and even appearance offers comfort for those who do so. Knowing this, brands in this space are adapting to the new normal by offering consumers adaptable, at-home versions of these services, or by aiding those who rely on them for their incomes.
Workshop Question - How is your brand adapting to the COVID-19 crisis?
Trend Themes
1. At-home Virtual Services - Cosmetic brands are adapting their offerings to provide virtual and at-home services during COVID-19 to meet the consumer's need for escapism while being limited to their homes.
2. Donation and Giving Trends - More cosmetic companies are giving back and donating their profits, products, and services to COVID-19 relief efforts.
3. Influencer Marketing for Beauty Professionals - Lookfantastic is opening its influencer marketing program to struggling freelance beauty professionals as a way to support their sources of income.
Industry Implications
1. Cosmetic Industry - The cosmetic industry is adapting its offerings to serve consumers' personal care needs during the pandemic and sustain revenues through virtual and donation trends.
2. Healthcare Industry - Cosmetic brands are giving back to healthcare workers and institutions by donating products and profits to COVID-19 relief efforts.
3. Marketing Industry - The opening of Lookfantastic's influencer program to freelance beauty professionals marks new opportunities for influencer marketing in the industry to support struggling professionals.
