Three key beauty business trends for 2024

Mintel has launched it 2024 Global Beauty and Personal Care Trends report, which focuses on three trends it considers particularly relevant for the year ahead.

The key trends are NeuroGlow, Beaut-AI and Sophisticated Simplicity.

“It’s been a year of change but aren’t they all?” says Andrew McDougall, director, beauty and personal care research, EMEA at Mintel and one of the report’s co-authors.

“With the lingering effects of the Covid-19 pandemic, fluctuating economic instability, increasing political unrest and artificial intelligence (AI) around every corner, many consumers feel overwhelmed and distracted, resulting in behaviour shifts.

“Consumers are placing more significance on value, driving the importance of quality and proven ingredients. They are also prioritising wellness and accelerate the power of the mind-body connection.”

1. Mind-body beauty and sophisticated simplicity

Mintel predicts the next chapter of wellness will be centred around mind-body beauty, where mental wellbeing and physical appearance are interconnected.

The report states that artificial intelligence will transform the beauty industry by making it more personalised, efficient and effective, but governance and transparency will be critical to growth.

Lastly it champions sophisticated simplicity, predicting that the beauty industry will experience a paradigm shift as consumers demand effective, high-quality products.

2. NeuroGlow and the era of mind-body beauty

“The mind-body connection is critical in elevating beauty’s role in overall wellbeing,” explains Sarah Jindal, senior director, beauty, personal care and household research at Mintel.

“As our understanding of this connection deepens, brands will look to offer a comprehensive approach to wellness. As well as improving external appearances and enhancing mental and emotional wellbeing, they will look to integrate technology and develop personalisation.”

Mintel predicts practices such as psychodermatology – exploring the relationship between psychological wellbeing and skin health – and neurocosmetics – focusing on the mind-skin connection – will gain traction.

The report also suggests wearable devices will be used provide real-time feedback on stress levels and skin health.

Advanced data analytics, DNA testing and personalised algorithms will enable brands to innovate customised beauty products and regimens tailored to individual mental and physical needs.

Function over form

“Consumers are increasingly seeking products that prioritise efficacy and functionality over extravagant packaging and flashy marketing,” says Jindal.

“Today’s consumers are looking for transparency. They are more inclined to seek justification for premium pricing based on tangible results rather than superficial factors.”

The report suggests research and clinical studies to substantiate product claims of effectiveness will be increasingly required to gain consumer trust.

Expect to see companies invest in advanced formulations, cutting-edge ingredients and technologies for targeted solutions.

“Brands that focus on innovation, expansion and eco-conscious practices are set to achieve growth,” says Jindal.

“We are seeing a wave of ‘new-age minimalism’ and ‘coded luxury’. Consumer focus is shifting from amassing an extensive collection of products to curating a carefully selected range of high-quality essentials.”

The seven trend drivers

Mintel’s annual trend predictions are centred around seven trend drivers – wellbeing, surroundings, technology, rights, identity, value and experiences.

This model allows Montel to be adaptive and reactive to change and accurately recommend how beauty and wellness brands can grow from shifts in consumer attitudes and behaviours.

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