{This article is a part of our Around The Internet Series featuring articles from key news sources. Originally published June 2014, Fashion Institute of Technology Capstone Project: Excerpt Only. }

On the last day of the 44th World Economic Forum Annual Meeting, leading financial experts offered a “cautiously optimistic” outlook on the global economy. One expert, Laurence Fink, Chairman and Chief Executive Officer, Blackrock, USA said, “The U.S. economy is going to be fine;” however he warned that the world will exist in a state of significant volatility, adding, “This doesn’t mean we will end up in a bad place. But there will be a lot of disruptions” (World Economic Forum, 2014). These disruptions stem from a variety of global changes that will come together to create a new global landscape in 2030.

Global and domestic shifts in economics, changes in demographics, and rapidly evolving technological advancements will place the beauty consumer of 2030 in a vastly different reality than the one that brand marketers are familiar with today. To evolve, brands must challenge industry conventions, just as Subway, Everlane, and Warby Parker have done.

Brands that leverage the Progressive Consumption Equation will connect with Progressive Rationalists and speak to their higher order needs. Hyper Accessibility allows brands to meet the consumer locally, innovate outside of the boardroom, and provide a new level of convenience. Providing radical transparency will give consumers clarity around brand sustainability, price points, and social commitments, minimizing the risk of competitive spin. Finally, brands that enter private label will position themselves to be available when the consumer trades up and trades down.

The path to purchase has changed and brands must incorporate higher order needs into their business strategy in order to create the value that the consumer demands.

{Authors: Jessica Dudley (L’Oréal) group leader; Heather Cunningham (Shiseido Group USA) co-leader; Natalia Espejo (Unilever); Jennifer Lacenera (IT Cosmetics); Dudley Williams (L’Oréal)}

 

 

{Image:chantalrondeau.com}

1938 is the online magazine blog for Well-Kept Beauty, formally entitled Primer.

One Comment on “ATI: Accessible Beauty

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