Euromonitor International has identified six key consumer habits, values, and disruptors making a difference to beauty businesses worldwide as we head into the new year. Today, CEW shares the 2024 Global Consumer Trends that the market research firm said are gaining traction, covering a spectrum of categories: the role of AI; the desire for mood-boosting distractions; a weariness of “greenwashing”; the expression of social convictions; budget-mindfulness and the popularity of purchases that provide mind and body health benefits.
In terms of growth, Circana reports that the outlook for U.S. beauty is bright, for both mass and prestige brands. With a double-digit dollar increase reported over the past year, prestige beauty is expected to outpace mass in 2024, according to Larissa Jensen, Circana’s SVP and Global Beauty Industry Advisor. “Consumers are not only spending more, they’re also buying more prestige beauty products during a time when they’re being more selective in their purchases overall,” said Jensen. At CEW, we share four reasons why she believes beauty will thrive this year.
In Europe, private equity firm Peninsula Capital has taken a 30% stake in Reforme Sri, owner of Veralab, the Italian beauty company founded by Cristina Fogazzi, the digital entrepreneur known as Estetista Cinica (Cynical Aesthetician). Veralab is one of the most successful beauty brands in Italy, with a large online following and a flagship store in Milan. No financial details have been disclosed, although both parties say they will be focusing on brand development and the international expansion of the range.
Keeping it hush-hush, “silent reviews” are taking over TiKTok beauty. Following the same trend on BookTok, #SilentReview beauty clips are fast becoming the new “get ready with me” videos on the app. These types of reviews call for creators to not speak (for the most part) and review products instead with exaggerated facial expressions and dramatic gestures.
Read more on these and other stories at the links below.
Euromonitor Reveals Six 2024 Global Consumer Trends. The international market research firm reveals six consumer habits, values and disruptors that are moving the needle in beauty. (CEW)
Four Ways Beauty Will Thrive, According To Circana. Larissa Jensen, Circana’s SVP and Global Beauty Industry Advisor, unpacks the four factors that will contribute to growth for both mass and prestige brands in 2024. (CEW)
How Natural Makeup Took Over The Globes. One of the most talked-about beauty looks from the red carpet were the natural, understated looks and nude lips, à la Taylor Swift, Selena Gomez, Skai Jackson, Kristen Wiig and the award-winning Margot Robbie, who eschewed Barbie-pink lip in favour of a softer option. (EVENING STANDARD)
Peninsula Capital Takes 30% Stake in Reform Srl. Reforms Srl is the parent company of Veralab, the Italian beauty company founded by Italian digital entrepreneur, Cristina Fogazzi. (RUETIR)
Shhh: Silent Reviews Are Taking Over Tik-Tok. Silent reviews, inspired by those seen on BookTok, are becoming the new ‘get ready with me’ clips. (WWD)
Cosnova Plans US Expansion in 2024. The German beauty conglomerate which owns Essence and Catrice has reported its biggest growth season since its 2001 launch and plans to expand in the US this year. (GLOSSY)
Ushopal Leads Finance Round for Chinese Perfume Brand. The Chinese luxury retail group is leading a multimillion-dollar financing round for Documents, the Chinese perfume company. (BEAUTY MATTER)
