As beauty brands and retailers plan for 2024, Numerator’s analysis suggests focusing on three core actions:
- Adopt a Gen Z-first mindset: Gen Z beauty is different from other generations and is significantly influencing beauty industry trends, from ingredient awareness to sensorial experiences.
- Emphasize sun protection: Incorporating SPF into beauty products is increasingly important, and brands that innovate in this area will benefit.
- Balance the pricing portfolio: While premiumization continues, there is still a strong demand for value. Brands should ensure they cater to both segments to avoid alienating value-seeking consumers.