Report 40 / 2021-10-05
The future of cosmetic and fragrance businesses is no longer driven by half-yearly superficial trends and fashion shows. Societal changes lead us into the future.
Developments don’t come and go randomly; Society is in a constantly changing process, week by week. Societal changes lead us to the future, the corona pandemic and Black Lives Matter movement have proven as much. Your company is a part of history into the coming future.
We see many developments that affect the cosmetic and fragrance business at their core. Business is no longer driven by half-yearly superficial trends and fashion shows. This means we constantly have to monitor the movements of society, week by week, and most of all: Respond accordingly. Setting up a strategy without having a grip on the future is impossible.
We have all started to understand that less consumption is the most effective solution against polluting our planet. This, along with the sharing economy, digitalization, and spirituality, triggers our society into a mindset of dematerialization. We step away from our materialistic lifestyles, where our identity is mostly related to the wealth and possessions we have.
Dematerialization sounds like a complex issue for an industry that focuses on making products. How can this trend take place in our economy? With our minds in the old way of materialistic thinking we often forget that a transaction can be non-materialistic too. Corona shows us that our immaterial needs for a festival, a concert, or an art exposition has never been greater.
The key question is: How do I connect my product to a non-materialistic demand in the market?
What can the cosmetic and fragrance industry do?
The fragrance industry is better off than you might think. A scent in itself is immaterial, it is invisible. A fragrance can control the senses, and control how we feel directly. In a non-materialistic society we can play into the effect a fragrance has on our mood and wellbeing.
The opportunities for care cosmetics are less obvious, but definitely available. Care cosmetics is not just about how we present ourselves to others, but mainly a component we use to heal our body and soul. Think deep about the core of your product and what possibilities this presents. On a superficial level it might be about preventing wrinkles, but on a deeper level there are many opportunities, even in a non-materialistic society.
For colour cosmetics we have a broad multi-cultural field of inspiration.
All our roots and connections between cultures have largely been ignored by western society for decades. A new social movement means these cultures are in the spotlight. They can be utilized to give a broad new starting point for colour cosmetics.
For concepts that focus on your core business and the future: Ask the Lady in Blu