Posted: July 16, 2014
Consumers worldwide spend a considerable amount of time, effort and money on improving their external appearance. According to Euromonitor International data, global sales of the skin care market totaled more than $107 billion in 2013 and the hair care market totaled $77 billion. Euromonitor expects both industries to grow more than 20% between 2014 and 2018, which fuels the argument that consumers are willing to pay for products that help them look their best.
The grooming habits and style of each consumer have a huge impact on the range of beauty and personal care products, apparel and accessories they choose to buy. Therefore, it is important for companies and retailers in those respective industries to understand the attitudes and grooming preferences motivating customers when they visit the shopping mall, drugstore or online retailers.
Earlier in 2014, Euromonitor’s Survey team polled more than 6,600 consumers in over 16 different countries, asking respondents a range of questions related to their attitudes toward style and appearance, grooming habits, purchase frequency and responsibility, and approach to the buying process. Understanding these consumer preferences and behaviors helps companies and brands better identify trends and target key consumer segments, whether determined by gender, region, or even level of effort put into external appearance.
For example, China represents the only market in which respondents favored stylish over practical clothing, according to the survey results. Chinese online consumers are also more likely to shop at luxury boutiques than at discount stores and prefer to wear brand-name clothing and shoes.
“Understanding consumers’ style and their beauty and personal care routines enables companies to develop enticing products that better fulfill buyers’ needs,” explains Euromonitor survey manager Eileen Bevis, “This latest survey also helps companies and brands better understand a customer’s path to purchase, offering opportunities to create strategic marketing plans.”