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Informed beauty shoppers are becoming more mindful about their purchases today, be it online or in physical stores; more so when considering a premium product with a high price tag.
Brand names no longer sway the purchase decision for premium beauty products. Consumers examine the packaging for labels, ingredients and benefits they associate with a premium purchase. This shift in consumer preference is especially important for brands in the beauty space as premium sales continue to outperform the mass segment.
Source: Euromonitor International Beauty Survey, 2019.
Majority of the premium beauty consumers cite proven efficacy and benefits to be the most sought-after trait. If given a choice, many consumers today say that the brand name matters less as compared to a product that offers efficacy, natural and premium ingredients.
Therefore, brands aiming to position themselves as premium should tap into natural and premium ingredients. “Hero” ingredients such as collagen, retinol, or hyaluronic acid may be particularly attractive as many consumers already link these with specific benefits and proven effectiveness.
Finally, personalised products are popularly associated with a premium product and rapid developments continue in this space developing the trend further. In the future consumers will expect premium products to have highly tailored products for their specific skin or hair care needs.
For more insights on consumer perceptions of premium beauty and which premium traits command a premium price, download a copy of our white paper: Beauty Survey 2019 Key Insights