Who doesn’t love a bit of luxury? Whether you get your fix from prestige handbags, shoes, designer clothes, wine with an exclusive terroir, or the incredible skin feel of a premium beauty product. At Oleon Health and Beauty, it is all about making the experience count!
The luxury skincare market is one of the fastest developing sectors in the beauty industry, and Euromonitor estimates that it will see 6% growth in 2023. Tellingly, this is the third year in a row that this segment will be outperforming its mass market counterparts.1
But the industry is seeing some dramatic changes too and driving this shift is a new generation of younger luxury shoppers with distinct preferences. These consumers are vocal in their requirements for sustainable ingredients and products, and quick to tailor their consumption habits to reflect their values.
For brands that prioritize sustainability initiatives, the good news is that up to 67% of these Gen Z and Millennial shoppers are factoring sustainability practices into their purchasing decisions.2
Innovate, innovate, innovate
When it comes to beauty and personal care product development, stagnation is the enemy with an overwhelming majority of high-end shoppers (78%) that put a high premium on a brand’s commitment to innovation.3
These consumers will support brands that bring a new energy and vision to luxury skincare NPD while not losing sight of key performance requirements, including visible improvements in skin texture, hydration, elasticity and the use of advanced technology and science-backed ingredients.
Critically, these consumers also understand that a hefty price tag doesn’t necessarily mean that a product will perform and deliver the unique and extraordinary sensory experience they require.
Are super premium ingredients worth the hype?
A quick online search reveals that traditional luxury brands are pushing the bar when it comes to sourcing rare and expensive specialist ingredients.
Some examples include Caviar – touted for its antioxidant properties and high fatty acid content, while Gold Silk Sericin (sourced from silkworms) is another unusual product, offering a stellar composition of amino acids and polypeptides to combat wrinkles and boost radiance. But two of the most premium ingredients must surely be platinum, which is used in nanoparticle format, and saffron, the most expensive natural substance on earth.4
While no-one is disputing the science-backed efficacy of these ‘hero’ ingredients, it will certainly push the price point for even the most affluent consumers. It also begs a broader question of just how sustainable it is to use these super premium ingredients in new product developments.
NPD for a changing luxury market
At Oleon Health and Beauty we ‘horizon dip’ to predict the next chapter in high quality formulations that answer to the product requirement of Gen Z and Millennial consumers in the search for luxurious, but sustainably produced products.
We understand that it is time to rethink the market for traditional luxury beauty creams and serums by moving towards more sustainable formulations that target issues such as sensitive skin, while combating aging, dryness, loss of firmness, uneven texture, and dark spots.
When it comes to modern luxury, our extensive ingredient and product portfolio offers a range of products that can meet efficacy and sensorial requirements, positively impacting on the skin barrier and keeping its natural oil and lipid balance in balance.
Our premium skincare ingredients are produced in line with our focus on greener chemistry, including our bio-based ingredients produced through enzymatic esterification.
To stay relevant as opposed to just exclusive, the luxury skincare segment must evolve and take the requirements of a new and more sustainably focused luxury consumer into consideration.
Prestige skin care products are no longer just a vanity addition to bathroom shelves. As the market for luxury skincare evolves it must be able to tell a more positive story and provide measurable evidence of its ingredient’s backstory, history, and provenance, and most importantly, its manufacturing footprint.
For more information on our products and ingredients, contact the Oleon Health and Beauty team today: firstname.lastname@example.org