These trends are driving the billion-dollar beauty industry right now
Vogue Codes 2019 is in full swing. Innovators in the tech space are currently hitting a mix of Australian capital cities, sharing their stories, insights, and predictions on the industry, simultaneously educating and inspiring women of all the ways tech, and its relevant skills, can touch their professional lives.
Today saw the 2019 Melbourne Summit event play out, specifically a beauty-centred panel tackling the topic of ‘the business of beauty in a digital world: trends, data and influencers.’ Comprised of beauty writer and Glow Journal founder Gemma Watts, Ultra Violette sunscreen co-founder Ava Matthews, influencer Lauren Curtis, and corporate digital and social media marketing lead for the Estée Lauder Companies Oceania, Kate Gildea, the panel covered everything, but especially trends currently driving the lucrative business of beauty.
According to the Australian Financial Review, the beauty industry itself is currently worth $6.5 billion dollars, and this figure is only expected to burgeon in coming years. There’s a lot spearheading the huge growth. For one, Instagram – specifically influencers acting as a vehicle for brands to drive their products home to an intended audience.
The concept of influencer marketing, and the bridging of the gap between brands and their consumers, has transformed the beauty industry and the trends that come out of it. There’s been a call for greater transparency, proven formulations, single-product brands, and beauty companies owning their social responsibility.
At today’s Melbourne Summit, the panelists zeroed in on where they see the industry heading in the next few years, and why. If you didn’t have a chance to attend the event, consider this your insight to the best bits.
Sunscreen is king
Sun protection has traditionally been an afterthought in skincare. Matthews, who had previously worked in beauty brand marketing and product development, saw the gap. Alongside her co-founder Bec Jefferd, they launched Ultra Violette; a fun, relatable sunscreen brand with beautiful formulations that positioned sunscreen as the integral step in any women’s routine, and rightly so.
While the brand is still very much in its infancy, the data told them that they were on to a good thing – customers were returning, and within a year of launch, they launched into Adore Beauty, a move that saw the SPF category grow significantly for the e-tailer. It was a leap of faith, but the success of which paints the broader picture that SPF is a category gaining serious traction.
Sustainability and transparency
Gildea from Estee Lauder was honest when she noted that the data available to her stated that sustainability and social responsibility is a huge passion point for beauty consumers. She thinks long-term, we’re going to see a greater emergence of stick and bar product formulas that don’t require packaging, and an even deeper push into natural, sustainable ways of innovating.
On the note of transparency, Curtis revealed that after 10 years in the YouTube and influencing space, she expects that “authentic, long-term, honest brand and influencer partnerships are the way forward”, as opposed to a fleeting reach play. Customers are savvy and can smell the inauthenticity of poorly-aligned sponsored content from a mile away.
Brands doing one thing, and doing it well
Watts made a valid point when she touched on the trend of emerging brands doing one thing, and doing it well. “Brands I see gaining traction are those launching a singular product that complements your existing routine, rather than competing with it.” Her examples were valid: the perennially bronzed Elle Ferguson launching her mousse tanner, Elle Effect; influencer-cum-beauty entrepreneur Marianna Hewitt developing a leave-on ‘jet lag’ face mask, Summer Fridays; and Fiona Stewart turning her love for silk pillowcases into her lucrative business, Slip.
Beauty sleep
Blame it on the self-care zeitgeist, but Gildea predicts that the idea of the nighttime skincare routine is going nowhere but up. Take the brand’s Advanced Night Repair Serum: as its best-selling product, the serum is designed to capitalise on the idea of beauty sleep, promising a brighter, bouncier complexion upon waking. Gildea further explains that ingredients like retinol, and night-specific products will continue to boom. Expect to see sleep masks, relaxation-focused rituals, and overnight treatments infiltrate your beauty cabinet.
For more Vogue Codes 2019 coverage, head to vogue.com.au/vogue-codes.
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