Cost-of-living crisis driving an era of financially inclusive beauty, new report by Beauty Pie shows – PR Newswire

  • Whilst fifteen of the leading beauty brands are sourcing products from the same three manufacturers[1], post-manufacturing markups are leading to wildly varying retail pricing
  • As the economic downturn puts continued pressure on household spending, consumers are turning to brands that provide fairness around efficacy, pricing and create communities
  • Beauty Pie lay bare what products really cost to make versus what customers eventually paid for them
  • A generation of hyper-knowledgeable consumers are demanding more openness around supply chain ethics, carbon footprint and financial inclusivity in the growing cost of living and climate crises
  • We are experiencing the rise of ‘Beautility’, where product efficacy and meaningful engagement are favoured by consumers seeking to derive value and personal transformation from every touchpoint
  • The beauty industry is embracing radical fairness across everything from price points to product efficacy

NEW YORK, Oct. 5, 2022 /PRNewswire/ — The beauty industry will undergo a fundamental shift throughout the cost-of-living crisis as consumers demand fairer pricing, greater product efficacy and more open and honest business models than ever before, reveals a new report by beauty buyers club Beauty Pie. 

15 leading luxury beauty brands source products from the same 3 factories, according to The Beauty Futures 2025: Beauty, Beautility and the Rise of the ‘Question Everything’ Economy report by The Future Laboratory

The Beauty Futures 2025: Beauty, Beautility and the Rise of the ‘Question Everything’ Economy report, released today in partnership with The Future Laboratory, argues 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. 

The cost-of-living crisis is driving a demand for radical fairness and financial inclusion in the beauty industry

Whilst fifteen of the leading beauty brands source products from the same three manufacturers, hyper inflated markups are causing many to pay higher prices for products with the same base ingredients. As people continue to re-evaluate their spending habits and become more knowledgeable about these varying cost structures, there will be new demand for radical fairness in the industry across everything from price point to product efficacy as people become more …….

Source: https://www.prnewswire.com/news-releases/cost-of-living-crisis-driving-an-era-of-financially-inclusive-beauty-new-report-by-beauty-pie-shows-301641557.html

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