NEW BEAUTY AND FASHION CONSUMPTION HABITS REVEALED IN EUROMONITOR WEBINAR

LONDON, Sept 21 (Bernama-BUSINESS WIRE) -- Global market research company Euromonitor International announced a new webinar, ‘New Consumerism’s Impact on the Beauty and Fashion Industries’, highlighting how sharing has fundamentally changed the way shoppers view ownership of goods and how rising demand for experiences has changed the way fashion and beauty industries engage with their customers.

New consumerism is a fundamental shift in the economy, demographics, household formation and environmental attitudes enabling technological leaps and driving change in consumption habits. “This New Consumerism avoids the conspicuous consumption of the past and instead sees consumers re-evaluating their priorities and re-assessing their values. People are asking themselves what really matters to them, and, conversely, what is ultimately not important,” says Michelle Grant, head of retailing research at Euromonitor International. Experientialism is also gradually replacing materialism as the new status quo. The experience trend is impacting many sectors, and fashion and beauty companies are trying to build an emotional connection with shoppers by offering experiences with their brands. “Instead of purchasing new products to own, consumers are increasingly buying used products, and renting instead of buying. There is a limit on what consumers can ‘reuse’ in the beauty world but that doesn’t mean that brands aren’t working hard to provide a recyclable quality to their products,” comments beauty and personal care analyst at Euromonitor International Hannah Symons.

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