Page 68 - EM - EXPORT MAGAZINE PERFUMERY EDITION

Value for All: Democratic

beauty Alternatives

in an Era of Economic

Uncertainty

As the global economy faces challenges and the cost of living continues
to soar, consumers are seeking new, non-traditional ways to maintain
their lifestyle, and stay on trend, without breaking the bank. While
the beauty industry continues to show resilience throughout periods
of crisis, today’s consumers are eager to find cost-effective beauty
alternatives while also being more attentive to long-term health and
ecological effects of their consumption habits. While global inflation is
set to steadily decline to 5.8% in 2024 compared to 6.9% and 8.7% in
2023 and 2022 respectively, according to the International Monetary
Fund, the after-effects of heavy inflation from the past two years are
still very much present in consumers’ attitudes toward spending. The
impact of such economic unrest can be felt throughout industries and
across markets: over 50% of consumers reported opting for lower-
priced goods, and “nonessential” categories like apparel, travel, dining,
and entertainment also saw a decline. Meanwhile, beauty has shown
its resilience and growth through it all. Saved by the “lipstick effect”
— or beauty’s leading economic indicator that explains consumers’
willingness to indulge in small purchases during recessions in search
for emotional uplift — beauty and self-care products have still
been very present in consumers’ baskets. With the idea that a little
indulgence can go a long way, we have witnessed the surge of “dupes,”
the premiumization and rising splurge-worthiness of personal care
and home care products, as well as growing demand for accessibly
priced sustainable alternatives.

Beauty Dupes: A Generational Shift quality is in. As defined by BEAUTYSTREAMS, this consumer
in Consumption Habits mindset is attributed to Pragmatics, or the Consumer Archetype
As the torchbearers of the digital age, Generation Z is rewriting that seeks value for their money, practicality, transparency,
the rules of consumerism, seeking authenticity and value over and democratized accessibility. The dupe trend particularly
brand names. Amid challenging economic times, the younger appeals to Pragmatics who prefer weighing their options,
generations are turning to brands that understand their needs: doing their research, and selecting the best option for their
quality beauty at a reasonable price. While Millennials might financial situation. Today, with over five billion views on TikTok,
have wanted to keep their knockoff beauty products and the #dupe is fast becoming a marketing strategy in its own for
apparel on the down low, buying dupes has become incredibly brands looking to hook Gen Zs and satisfy their hunger for cost-
popular today thanks to a shift in mindset among Gen Zs: brand effective beauty. Brands like e.l.f. cosmetics, Clover by CLOVE
names are out and finding the best deal for the same product + HALLOW, and Brandefy are some of the brands and services

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