From 3-in-1 staples to the skinification of beauty, we uncover why we’re all looking for more from our beauty products in 2023...
An extension of the minimalist beauty trend, multifunctional products are the latest buzzword to break the industry. But in a world saturated with over-consumption - be it in our beauty collections to our wardrobes - have we finally reached a breakthrough?
[UP THE GUTTER: ‘The Rise of Multi-Purpose Skin Care Products Understanding Consumer Preferences, Mintel via RevivaLabs, 2023]
“The cost-of-living crisis has definitely affected consumer spend on certain beauty categories,” explains Lisa Payne, head of beauty trends at Stylus. “Instead, we see a savvier attitude towards beauty purchases, whereby ‘value for money’ and ‘quality versus cost’ is inspiring consumers to shop around and choose products that give them more bang for their buck.”
Multifunctional beauty allows us to sharpen up our shopping habits, encouraging us to opt for all-in-one products that don’t compromise on performance.
What’s more? The positive benefits don’t stop at cost efficiency: “Practicality and convenience are among the main benefits of multifunctional products, with on-the-go consumers wanting efficient, time-saving and high-performing formulas that do many things,” confirms Maya Regan, beauty trends researcher. “Multi-functional products [also] minimise the use of natural resources and waste production.”
Multi-benefit beauty can be defined in two ways: “Firstly, formulas [that] are designed to be multifunctional can be used on many different areas of the face, body and hair to cleanse or nourish,” tells Lisa. “Secondly, formulas feature sophisticated ingredient mixes that allow products to boast a range of benefits and functions in one. The biggest trend here is makeup infused with skincare.”
“Beauty consumers are more mindful than ever of overconsumption,” adds Maya. “Sustainability is a pressing topic coming to the forefront of consumer decision making. Alongside this, K-beauty’s ‘skipcare’ trend is spurring consumers to adopt more streamlined routines based on smart multifunctional products, with the purpose of purchasing more sustainably, saving time and decluttering.”
The less is more adage appears more prevalent than ever, driven by busy schedules, economic circumstances, and, as Lisa suggests, an increased desire for cost-effective formulas that go above and beyond: “There is now a cool cachet in owning a curated edit of hardworking pieces than a beauty bag overflowing with inferior product.”
“There is now a cool cachet in owning a curated edit of hardworking pieces than a beauty bag overflowing with inferior product.”
But what’s next for multi-benefit beauty?
“We are most excited about the functional product opportunities across the consumer goods categories,” teases Lisa. “Think: face oils you can drop onto your tongue for a burst of energy, or snack bars infused with skin-boosting collagen, and perfumes for body and space that alter your mood and mental state!”
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