Individuals that spend over $185 in beauty products per year have an influence that is far beyond their numbers, claims the recent Beauty Shopper Report compiled by market research company IRI.
These shoppers are more likely to purchase products that are part of a skin or hair treatment system, as well as tending towards products that have undergone clinical trials and to test out new products.
In addition, the report claims that they are also more loyal to brands than other consumers, even in difficult financial times.
Power beauty consumers avoid trade down
The past year has seen many consumers trading down to private label products in an attempt to keep bills down. However, IRI’s report suggests that ‘power’ beauty consumers will try to avoid changing brands and moving to private label if at all possible, buying smaller versions of their favourite brands and buying in bulk instead.
According to IRI consulting and innovation partner Timothy Ressmeyer, ‘power’ shoppers represent significant opportunities for marketers and retailers.
“Understanding these shoppers can help manufacturers and retailers drive sales within these categories. Marketers and retailers alike who can deeply understand and connect with this highly sophisticated and valuable segment of the beauty market can win and win big, despite challenging economic times,” he said.
“Power beauty shoppers influence the beauty market far beyond their numbers,” he added.
Importance of brand
The report also noted the importance of brand for the beauty consumer in general.
Over 90 percent of shoppers say brand familiarity is the most important purchasing influencer compared to 73 percent that cite brand as the most important when purchasing consumer packaged goods.
Price was the second most important factor but it trailed significantly behind brand, according to the report.
“The beauty industry is characterized by significantly different dynamics than other CPG market sectors, creating a major opportunity for beauty marketers and retailers that can quickly and effectively leverage the nuances,” said John Deputato, senior vice president, client solutions, IRI.