According to the latest Future Forward report from Mintel, consumers now expect more than just efficacious products from beauty brands; they are seeking businesses who have real purpose and help bring about genuine social change.
Consumer research carried out by the research company shows that ‘not using harmful ingredients’ is still the top priority for 48% of consumers, with 15% wanting to see brands be more inclusive, 29% to be more transparent regarding their business practices (29%) and 21% want employees to be paid fairly.
“Whilst brands know that purpose is a path to be taken, there are many that have yet to brave it,” says Jane Henderson, chairman, Mintel Beauty and Wellness. “In the coming years, brands will risk calls of tokenism if they do not plan to be at the forefront. Those that embrace it with courage and creativity will capture more consumer hearts and more sales.
In today’s world, consumers want more than just a product. “They want to put their money where their values are
“Brands must be prepared for consumers to care more than ever about inclusivity, as well as the dignity of employees and the impact of their business around the world, as we see people become increasingly concerned about the greater good. With the younger generations more passionate about wider social change than their older counterparts, it is a trend that is set to keep growing.”
When it comes to the environment, 34% of consumers say they expect brands to follow environmental regulations, while a growing number want them to go further, with 30% saying they should do what’s best for the earth, even at the expense of profits. Half of consumers (48%) want to know the direct impact their purchases have on the environment and 47% want labels to clearly show a product’s environmental impact.
“In today’s world, consumers want more than just a product,” adds Henderson. “They want to put their money where their values are. More people will consciously invest in a brand that is aligned with their values, becoming so invested that they are prepared to build a shared legacy. Expect to see a growing consciousness among consumers of their impact on the world around them and an expectation that companies will absolutely do their part to help.”
