In terms of the latter, this means consumers are making fewer trips to doctors and beauty salons and more trips to the store. For what? Products that will help them achieve their health and beauty goals now and well into the future.
Companies like Borba have answered the call (see story on page 13). It recently partnered with Walgreens to bring its line of beauty products to everyday women. Founder Scott Vincent Borba said the main reason he partnered with Walgreens was the economy. “People are a lot more cost-conscious these days and looking to save money wherever they can.” He said the ultimate goal was to create health and beauty products that are affordable for every woman.
As the economy continues to follow a very unpredictable trajectory, many consumers feel they have no choice but to rely on themselves—enter the do-it-yourself (DIY) revolution. As such, they continue to adjust their habits and buying patterns in the event the economic malaise lasts a bit longer than predicted. Consequently, a lot of the changes being made now will likely remain permanent if and when the economy is back at full strength.
According to SymphonyIRI, which authored this issue’s article, “Today’s 360° Approach to Health & Beauty” (page 18), consumers today demand more from the products they buy—value-added features are not necessarily a bonus, but more an expectation. Further, the market research firm said 73% of consumers believe leading a healthy lifestyle makes one more beautiful.
As consumers spend less time at the spa and more time at home pampering themselves, consumer product companies need to be there to meet their needs. “Thanks to technology and ongoing development in ingredient performance, CPG manufacturers have been able to provide professional-grade products that deliver results—i.e., quality at a value compared to spa services and medical treatments,” SymphonyIRI said.
At the same time, DIY health has also become a lasting trend. To avoid doctors’ offices, SymphonyIRI contends consumers are opting instead to treat themselves at home with dietary supplements and in some cases foods and beverages, such as yogurt and tea. “Consumer research has shown many to believe there is a direct correlation to eating healthier and being healthier—as well as potentially wealthier, thanks to fewer medical costs.”
The good news is the DIY health and beauty trend continues to touch all demographics, which need the tools (i.e., products) to help them stay beautiful and healthy in the years to come. And SymphonyIRI believes brand marketers and manufacturers that focus on health and well-being and deliver products that perform thanks to added ingredients and features are well suited to ride out the rest of this wild economic era.