Research by Euromonitor International predicts negative sales in the global beauty market in 2020, due to the impact of COVID-19, with the premium segment witnessing the sharpest declines.
Yet, according to a recent webinar ‘Health and Beauty in the Coronavirus Era’, the global health crisis has accelerated the wellness movement and all related micro trends, as consumers have shifted their attitudes and consumption habits towards products and services focusing on health, ‘clean’ propositions and emotional well-being. For example, demand for immunity and prevention has driven sales growth of immunity-positioned supplements by 14% so far this year.
Irina Barbalova, global head of health and beauty, at Euromonitor International commented: “Health and beauty continue to merge as ‘wellness beauty’, benefiting not only from high-priority hygiene essentials, such as hand soap and sanitisers, but also the ‘clean to conscious’ movement in which safety, sustainable sourcing and ingredient transparency will be even more sought after”.
In 2020, 65% of global consumers consider mental wellbeing as a key factor in the perception of health, according to Euromonitor’s ‘Global Health and Nutrition Survey’.
“Every health and beauty brand should be mindful of mental and emotional health coming to the frontline within the wellness segment,” said Matthew Oster, global head of consumer health at Euromonitor International. “Cultivating the notion of inner calm, balance and emotional support through product and service formats, digital applications, ingredient formulations, as well as community-driven platforms will become a core manifesto for many brands.”