Since fast fashion swept the apparel landscape, it has fundamentally changed customer expectations about the clothing they wear and the amount they pay for it. Now experts are beginning to recognize the same phenomenon emerging in the world of beauty products.
In a video interview, Maureen Mullen, co-founder and head of research at L2, cited a couple of big factors that define the “fast beauty” trend. Newer brands like NYX and e.l.f. have a quicker speed-to-market and trend reactivity as compared to bigger, more established brands.
Ms. Mullen also noted those brands’ success at positioning themselves to compete with the big names in cosmetics, and suggested that the established leaders could learn something from how fast beauty brands market themselves.
The market appears to be growing for beauty products in general, and for affordable ones especially. A recent study from Fung Global Retail & Technology, reported by RetailWire, indicated that Generation Z tends to be more concerned with personal appearance than previous generations. The study attributes this to the prevalence of social media and selfies, and concluded that it has led to an increase in sales of cosmetics and other beauty supplies for Generation Zers.
And a focus on beauty products has, in some instances, stood out in otherwise struggling areas of retail like department stores. For instance, J.C. Penney’s relationship with Sephora has been one the most successful ongoing initiatives for the otherwise struggling mall mainstay.
But one wonders if fast beauty could have downsides similar to fast fashion. Fast fashion is sometimes derided for its environmental impact. The clothing is often made so cheaply that the materials are not usable for resale, leading to a huge excess of material to be thrown out.
Fast fashion’s production model has also come under fire, with the demands for quickly-produced clothing sometimes leading to inhumane working conditions for overseas labor.
Fuente: Retail Wire
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