The beauty landscape 

Globally, the beauty category’s value outpaced total FMCG sales in Q4, but intentions for future beauty spending vary.  

European consumers are tightening their belts the most, with a projected decrease in beauty spending². This trend is mirrored by data from NIQ’s European panel, indicating a 4.0% decrease in volume per buyer³. In contrast, consumers in the Middle East and Africa are gearing up to invest more in personal care and beauty, with 35% and 28% respectively planning to up their spend in 2024². 

The beauty marketplace

Navigating the beauty marketplace requires a keen understanding of where and how to connect with shoppers. Europe is witnessing e-commerce growth at a pace 2.1 times faster than offline sales⁴, a trend echoed in both established and emerging e-commerce markets across APAC and LATAM. However, venturing into online sales isn’t a one-size-fits-all decision. Grasping the unique dynamics—from Amazon and DTC to TikTok Shop—is crucial for success regardless of geography.

The beauty consumer

There are multiple consumer trends driving growth within the global beauty industry and we could write a full blog post about each one (watch out for the next article in our series where we’ll discuss trends driving innovation within the beauty category).

Shoppers stated that “functionality” was their #1 reason for choosing a brand, and we are currently witnessing an increase of +50% in electric cosmetic devices_¹. In particular, those that increase the efficacy of skin care products are a big hit with beauty lovers.

Health and wellness is important for global consumers. Think everything from mental health, vitamins and minerals, better sleep quality to weight management and there are endless possibilities to tap in and connect with consumers here.

Sustainability has been on the agenda of beauty brands for some time now, and it’s not going anywhere. In fact, 70% of global consumers said sustainability is more important to them now than it was 2 years ago².

What’s next in global beauty trends

There is no doubt that the path to success within the global beauty industry is through insightful understanding and capitalizing on the trends defining the market.

Ready to elevate your strategy by diving deeper into global beauty trends? Our Global Beauty Trends report is your compass. Sculpt your strategy by understanding the insights and embracing trends that will set you ahead of the competition.

Sources

¹NielsenIQ Global QBN Q4 2023 vs Q4 2022 

²NielsenIQ Consumer Outlook 2024  

³NielsenIQ Consumer Panel EU7 (Italy, Germany, France, Spain, United Kingdom, Switzerland, Portugal). 

⁴NielsenIQ Omnisales | France, Germany, Span, Italy – WE 25.02.24 

⁵GfK Consumer Life 2023 | NielsenIQ The Balancing Act 2022  

⁶GfK Market Intelligence Sales Tracking Period : Jan-Dec 2023 Countries:  Global ex North America