The beauty industry with its demand is valued at $532 billion and is expected to attain $800 billion by 2025. Even when a layperson goes to purchase cosmetics, she reads the details on the label or buys it after ensuring from friends it is safe for the skin. The research is undertaken so that its viability is understood as a beauty product or maintaining brand prestige and the brand knows about the needs of the target market. The consumers’ behaviour and feedback are understood.
Another benefit of skincare research on the beauty market is to understand the inclination of consumers. Their budget is different demographically, the companies explore new markets and gain insight into existing brands. The companies research primary information such as surveys and interviews. The secondary research reports are also useful in coming to a decision.
The pandemic changed the emphasis of the client. Because of shut down, most people stayed at home. The trend changed from make-up to skincare. The lips were hidden behind the mask and lipstick showed a rapid decline but the demand for mascara went upwards. The beauty industry is well established and economically vital, but not immune to change caused because of pandemics.
The primary market research comprises of communicating with existing consumers and borderline prospective consumers. The company will perform market segmentation. The consumer base is broken into smaller precise or unique markets. Some companies conduct primary research themselves while others outsource it. The method involved is through online surveys, interviews face-to-face or by phone, the focus group is contacted, field research, distributing the product for user testing and communication with consumer research panels.
Secondary market research means obtaining data from a published source, statistic websites, trade shows, websites of the beauty industry, beauty magazines, SEO websites and competitors’ websites. The data given is interpreted. Then the company knows regions to be explored after primary research is undertaken. The primary market research helps to get insight into the target market and competitors’ input.
Competition among beauty brands is cut-throat and consumer expectations are high. Companies inspect the scenario to thrive and survive. To understand consumer behaviour companies, conduct online surveys. The online survey platforms help in brainstorming, creating customize to reach the target audience. The companies give very specific information. There is a section of the consumers who detest shopping will be happy to get cosmetics at home once they know what they want. Companies need to stay profitable. The manufacturer or distributor is legally responsible for ensuring that the ingredients used in the manufacturing is safe and has no side effect. Label of ingredients is needed for information. Safety data is best published in scientific journals.
Colour additives have different rules. It should be passed by FDA for the specific use before permission is allowed. Hair dye uses coal tar. Cosmetic is not required to be sterile, but it mustn’t contain harmful microbes and the concentration of aerobic microorganisms per gram should below a certain level. Cosmetic get contaminated if the consumer dips dirty fingers in the jar. Guidance companies can engage consultants to get the best advice. Organic or natural is no guarantee that the cosmetic is safe for use.