New consumerism is a fundamental shift in the economy, demographics, household formation and environmental attitudes enabling technological leaps and driving change in consumption habits. “This New Consumerism avoids the conspicuous consumption of the past and instead sees consumers re-evaluating their priorities and re-assessing their values. People are asking themselves what really matters to them, and, conversely, what is ultimately not important,” says Michelle Grant, head of retailing research at Euromonitor International.

Experientialism is also gradually replacing materialism as the new status quo. The experience trend is impacting many sectors, and fashion and beauty companies are trying to build an emotional connection with shoppers by offering experiences with their brands.

“Instead of purchasing new products to own, consumers are increasingly buying used products, and renting instead of buying. There is a limit on what consumers can ‘reuse’ in the beauty world but that doesn’t mean that brands aren’t working hard to provide a recyclable quality to their products,” comments beauty and personal care analyst at Euromonitor International Hannah Symons.

The fashion and beauty industry is facing a global shift driven by the New Consumerism and its underlying trends. A thorough understanding of the fast-changing consumer profiles, what consumers want and are willing to pay for is key to inform the evolution of brands going forward.

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About Euromonitor International
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.