THE WHAT? A new report by Beauty Pie has discovered that the cost-of-living crisis is driving an era of financially inclusive beauty.
THE DETAILS The Beauty Futures 2025: Beauty, Beautility and the Rise of the ‘Question Everything’ Economy report, released in partnership with The Future Laboratory, states that, ‘a period of financial uncertainty, increased free time during the pandemic and greater access to information has created a generation of hyper-knowledgeable consumers expecting brands to provide more honesty about their products – from efficacy to supply chain.’
Other findings include that the cost-of-living crisis is driving a demand for radical fairness and financial inclusion in the beauty industry, consumers expect greater clarity on ingredients and product efficacy and consumers, are more likely to listen to their community than a CEO.
Marcia Kilgore, Founder, Beauty Pie, says “Why is it still an industry that does things the ‘traditional’ way? Why perpetuate the myth that people want to buy into the mystique of beauty; the smoke and mirrors, rather than the glorious revelations of the ingredients, technology and artistry? Why is it okay still to be paying crazy retailer markups, and not even know that the stuff you’re actually paying for – might only cost a tenth of the price to make and manufacture?”
THE WHY? Kilgore continued, “We commissioned this report to explore the evolving attitudes to luxury and fairness, and the growing consumer instinct to be part of something bigger – and to see if our instinct that overpaying is officially over is correct.
“The Beauty Futures 2025: Beauty, Beautility and the Rise of the ‘Question Everything’ Economy report shows how this will create new challenges for future facing brands, but also exciting opportunities to create a more honest, open and fair industry.”