ANALYSIS
23
Asia Focus: a wealth of innovation and opportunity
Richard Scott – Editor, Personal Care
Asia is a vast and diverse region and is the world’s largest continent with a population of over 4 billion. Naturally, with such an enormous geographical area, Asia’s countries have a wide range of climates and cultures, which in turn develop different cosmetic preferences and trends. Asia is recognised as vital to the development of innovative personal care formulations which have regularly become global phenomena, with countries such as Korea and Japan becoming by-words for trend-setting cosmetics. In this article we will attempt to present
a snapshot of the Asian cosmetics market and highlight the respective characteristics of some of the key Asian countries. To begin with, we spoke to Sneha Varghese, who heads the Consumer Product division at Future Market Insights (FMI), an ESOMAR- certified market research and consulting firm, to get an idea of the Asian cosmetics market as a whole: “Probably, you have heard of the term ‘glass skin’, the seven-step skin care routine and wondered how obsessed are women with their looks in Korea? Well, welcome to the personal care market in Asia, where you will find extreme trends followed by women to give a new definition to ‘Beauty is only skin deep’! Men are fast- catching up with the appearance-conscious trends too and are relying on skin care products.” As we will discover later on in this article, social media and digital technology is having a huge impact, with many Asian countries providing inspirational advances for brands worldwide. “It is the strong influence of the social media platforms in general and photo- sharing platforms in particular that are driving the populace towards making high investments in the personal care market to buy flawless beauty,” added Sneha Varghese.
How are digital consumer trends developing in the Asian beauty market? Personal Care spoke to Nicole Fall, Founder and Head of Trends at trend forecasting and innovation consultancy, Asian Consumer Intelligence, to help get a picture of how these digital consumer trends are impacting the beauty products and how this innovative region is leading the way for the global industry.
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PERSONAL CARE: Has the pandemic had a major impact on the way trends in Asian cosmetics and personal care have been developing? NICOLE FALL: With some customers still uncomfortable about visiting brick-and- mortar beauty outlets and digital technology now serving as the “key touchpoint” for consumers (accounting for an estimated 80% of revenue growth for most big beauty legacy corporations), APAC brands have not only adapted to the new normal but have diversified their marketing strategies, online interactions and e-commerce approaches to tailor fit to consumers in each country and culture. One of the most notable leaps in digital
acceleration was made by Lancôme this year, when they opened the doors to their smart store in Seoul, Korea. Virtual try-ons enabled by magic mirrors and iPads, QR code technology, contactless payment transactions with electronic price tags, personal mobile shopping carts and other “phygital” solutions were all part of the company’s effort to revolutionise the travel retail experience of customers in the Lotte Duty Free Shop in Myeongdong, a category of retail that has been walloped in 2020. Overall, the beauty industry was fast
becoming one of the most digitally-forward categories in the world anyway, but the pandemic has accelerated this shift. Apart
from retail chains which were often seen as physical places to try on samples, mobile first is continuing its path to dominance.
PC: What other major themes can you see influencing new product development in 2021? NF: In India, the term “contactless” now also refers to product use, and more brands are offering hands-free applications. Evolving formats range from cleansers with built-in brush heads made by local brand Raj, and other handy applicator developments such as sprays, sticks and roll-ons. We’ll see this continue across markets because consumers are probably happier to have more hygienic products at their disposal as well as concepts that allow them to touch up or apply their cosmetics and products more efficiently. There are similar trends happening in Japan too.
PC: How is digital device technology increasing the level of personalisation in cosmetics in Asia? NF: With advancements in skin science and technology and the effects of social distancing, customisation has now transcended mere quizzes and product variations and crossed into the digital realm of AI robotics and powerful imaging solutions – useful tools for consumers who are expecting more tailor-fit product to suit them perfectly. Skinceuticals by L’Oréal Group launched
January 2021 PERSONAL CARE
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