Our take: Cosmetics Design goes in-depth on how reverse consumerism and a shift from traditional marketing prove challenging for the luxury beauty industry... | ---------------
While the luxury end of the market remains robust, it is likely to be threatened by socio-economic factors in the longer-term. Those that consume luxury products are not only changing their purchasing patterns, but also retreating, making them harder for marketers to reach.
One thing is sure, younger high-income consumers in both Europe, North America, and increasingly in Asia, are behaving very differently from previous generations.
Whereas conspicuous wealth was previously celebrated – think of the gaudy demonstrations of consumerism that the yuppies of the 80s aspired to – now quite the reverse is starting to happen.
thumbnail courtesy of cosmeticsdesign.com