Beauty's Innovation Slowdown is Poised to Drastically Reverse

Emerging AI technologies will allow small brands to operate leaner teams than in previous indie beauty eras; at the same time, the rapid gathering of customer insights can help brands quickly migrate from direct-to-consumer to wholesale/physical retail.
Emerging AI technologies will allow small brands to operate leaner teams than in previous indie beauty eras; at the same time, the rapid gathering of customer insights can help brands quickly migrate from direct-to-consumer to wholesale/physical retail.
Chanelle Malambo/peopleimages.com

"Prestige beauty—namely hair, fragrance and skin care ... rounded out the top [sales] performers" for the four weeks ending August 31, 2024, according to a recent Circana report on the U.S. back-to-school shopping season, "making it clear that innovations in design, functionality and marketing are key to attracting consumers to spend outside their immediate need considerations." While innovation is key to winning in a market dominated by shoppers focused on value and needs-based decision-making, beauty is actually in an innovation slump, per a recent Mintel report. Here's why that's happening and why everything may be about to change.

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