April 4, 2024
(press release)
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The concept of luxury has undergone a significant transformation, and affordable luxury is becoming increasingly popular. Many people no longer view luxury as confined to opulence and exclusivity. This is not because they no longer desire luxury cosmetics – rather, they seek authenticity and value for money. Many beauty influencers use social media to educate consumers on making informed purchasing decisions by exposing overpriced luxury brands and suggesting more effective alternatives with similar ingredients and performance. Consumers want affordable high-quality makeup products that are safe for their health and within their budgets. Luxury or affordable beauty dupes? Comparing effective products Dupes, also referred to as "drugstore dupes," are less expensive products that mimic the look, feel, and performance of an existing high-end product. In cosmetics, makeup dupes or drugstore finds that perform similarly to high-end products are trending because they offer more budget-friendly beauty alternatives to everyday consumers. Consumers can now easily find effective products with the use of technology. TikTok and other social media platforms have made it even easier for consumers to find beauty product alternatives and customized packaging. They can choose from a variety of affordable packaging options to achieve their desired aesthetics and refill them with effective beauty products. Additionally, if they are not satisfied with the packaging of a product they are used to, they can change the container according to their preferences. Making luxury cosmetics more affordable with innovative formats A study from BEAUTYSTREAMS, a global beauty industry insights platform, shows that consumers are becoming more pragmatic about their spending due to economic uncertainties. This has led to a focus on essential purchases at a great price point. Many consumers believe that popular brands like Drunk Elephant and similar producers are overpriced. As a result, container dupes have become increasingly popular through viral videos and images showcasing their usage and abilities. For example, some consumers are now purchasing dupes due to social media's influence. They might pair a dollar-priced container dupe with a well-known skincare product like CeraVe Moisturizing Cream to achieve a similar effect to purchasing high-end products with more expensive packaging. Affordability matters: The new face of luxury in beauty In the past, luxury in the beauty and personal care industry was associated with high price tags, exclusive ingredients, and lavish packaging. However, the industry is witnessing a shift towards adjusting luxury, acknowledging that consumers aspire to indulge in high-quality formulations without overspending. Affordability has become the new face of luxury, which resonates strongly in 2024 beauty trends. Consumers are motivated to find "luxury for less" products that offer the same sensorial experience as well as product efficacy. The beauty and personal care industry faces the challenge of making luxury accessible to a wider consumer base. Luxury Redefined is the latest campaign from Univar Solutions that brings innovative, science-backed beauty and personal care solutions forward to help brands make luxury products more affordable. Redefining and reformulating luxurious cosmetics, hair care, and skin care will be a significant topic of discussion in the beauty, cosmetics, and personal care industry in 2024. Formulation challenge: Balancing quality and cost Formulating beauty and personal care products with luxurious ingredients while keeping costs reasonable is a challenging task. The key is to strike a balance between maintaining product efficacy and accessibility to a broader consumer base. In 2024, beauty brands are addressing these challenges by sourcing innovative ingredients, leveraging technology, and adopting sustainable practices. These various approaches allow them to redefine luxury by offering high-quality and affordable makeup products. One of these strategies is smart ingredient selection, where ingredients that convey luxury and offer varied benefits are formulated. Collecting versatile ingredients can make formulations cost-effective without compromising quality. Innovative ingredient solutions: A look into the future of beauty Univar Solutions Beauty and Personal Care ingredient and application development specialists are applying technological advancements to streamline production processes and reduce manufacturing costs in the cosmetics and care industry. We are committed to investing in the future of innovation and technical development, focusing on sustainability and efficacy. Are "drugstore makeup dupes" a sustainable and affordable option? Yes, because consumers can find affordable alternatives from different brands when shopping, allowing them to reduce costs. The best makeup dupes on the market can provide almost undetectable differences in quality and efficacy compared to their more notable and pricey brand counterparts. However, consumers are advised to be careful when purchasing beauty alternatives from non-sustainable brands, as we have seen that many products can be duplicated with harmful ingredients for all skin types. Dupes occur not only in the beauty industry but also in other industries, such as fashion. Clothing and skincare are not interchangeable. While consumers may choose to wear clothing made from non-sustainable materials, it is essential to prioritize sustainability when it comes to skincare products applied directly to the skin. As Univar Solutions continues to expand into artificial intelligence, automation, and data analytics, these innovative tools help optimize effective and affordable formulations. With the help of AI, large amounts of data are analyzed to find the ideal formulation for cosmetic products that address both efficacy and affordability. Our Formulation Finder tool will allow customers to access a vast combination of ingredients and solutions. We are transparent about ingredient lists and formulations, aligning with the growing demand for clean and conscious beauty. Additionally, embracing sustainability is an ethical and strategic choice. Sustainable practices, such as responsibly sourced ingredients and eco-friendly packaging, appeal to environmentally conscious consumers and contribute to cost-effectiveness. Evolution of budget beauty and Luxury Redefined The 2024 redefinition of luxury is inherently consumer-centric. The beauty and personal care industry is responding to consumer demands for quality, efficacy, and indulgence. Understanding a diverse consumer base's evolving needs and aspirations will help formulators navigate challenges for affordable makeup products. Our evolving beauty and personal care industry is making luxury more accessible by addressing affordability challenges in formulations. This commitment to redefining luxury will pave the way for a new era that is inclusive and innovative across a diverse spectrum of beauty consumers. In this transformative journey, encouraging brands to redefine luxury and the relationship between consumers and the products they cherish will help them stay competitive and sustainable.
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