According to a recent analysis by well known beauty company, cosmetic brands are heavily using keywords like 'multi', 'fragrance', 'custom', 'plants', and 'herbs' in their new and renewed brand communication strategies.
Consumers are showing a strong inclination towards multi-purpose products that can offer various benefits with just one item. For example, it's become a standard for cushions and foundations to include UV protection, lip and eye makeup products incorporate moisturizing and anti-aging properties. The concept of 'multi' as a product that can be used for multiple purposes is also gaining traction, as seen with the multi balm stick in Korea which has gained a lot of popularity due to its versatility and convenience.
In light of the global economic crisis and inflation, consumers are increasingly seeking out products that can offer multiple benefits with minimal use. This has led to the rise of Skinimalism, which emphasizes the minimum necessary skincare routine. As a result, more and more consumers are choosing products based on their ingredients and functions, even when purchasing a single item.
The demand for customized and hyper-personalized products is also on the rise. In particular, younger consumers are showing a strong desire to pursue products that are tailored to their individual needs and preferences. Many beauty brands, including global companies, are leveraging AI technology to offer personalized products and services. By collecting data on customers' requirements and concerns through filming or preliminary surveys, they can provide customized products or services through a database.
However, the high cost and technology required to build devices or systems can be a barrier for small and medium-sized enterprises. To address this issue, the Korea Cosmetics Industry Research Institute is helping diagnose skin conditions through AI-powered facial analysis at Beauty Play in Myeong-dong, and providing consumers with the opportunity to experience products from smaller beauty brands.
As consumers continue to seek out multi-functional and personalized beauty products, brands that can offer these types of products and services will be well-positioned to meet the needs of a new generation of consumers.