Students at the Fashion Institute of Technology (FIT) set out to answer this question and reported their findings in a presentation at Cosmoprof 2015. They started by accessing a study done from January to June 2015 by the Boston Consulting Group who conducted interviews with 1000 consumers in China, Korea, and Japan on luxury beauty.
They found 5 key themes:
- There remains an intrinsic value in luxury goods of quality, exclusivity and craftsmanship.
- Consumers increasingly prefer luxury experience over luxury purchase, experiencing the brand and feeling different as a result of the interaction.
- Consumers are now ready to buy luxury online and have it shipped.
- Word-of-mouth is the most powerful buying influence.
- Sample boxes continue to grow as a means of experiencing luxury brands.
Through FIT’s work they concluded that the new luxury consumer values fun, convenience, health, transparency, comfort, organic, quality, and technology.
In order for beauty brands to gain the attention of luxury buyers it is critical to understand the drastically shifting landscape of the market and how tight the message must be in order to capture the consumer’s attention. Polymorphic conditions exist that see beauty brands shifting the standard demographic groups they have marketed to in the past. These groups have fragmented into several forms independent of the familiar variations of age, sex, and ethnic sub groups customarily addressed with marketing messages. Adding to that is this fascinating fact: 50% of Americans are now single and our collective attention span has dropped from 12 to 8 seconds.
Here’s a question for beauty brands:
How do we create connection in an environment where our target is fluid, ever changing and with a shorter attention span?
At American Made Beauty, we have some ideas.
Start by understanding that every day we experience over 20,0000 different moments and we are exposed to over 500 separate experiences. Emotionally charged experiences are the ones that have the longest lasting connection in our memory. They are created in two ways:
- Strong memory connection is developed by engaging as many of our five senses in an experience as possible
- Human nature loves the thrill of a hunt, an emotional journey through delayed gratification, disruption and surprise.
We love a twist in the stories. Successful brands will find ways to engage the senses and include as many of these facets as possible; fun, convenience, health, transparency, comfort, organic, quality, technology.
Another idea: americanmadebeauty.com. Any beauty brand that signs up between now and October 1 will receive a $25 discount for each directory listing and brand page. Sign up now.