Growing DIY culture suggests big opportunity for beauty trends
The act of making time for yourself using varied techniques to take care of your mental and physical wellbeing has become a major opportunity for brands. And a rather expensive one to say the least.
From skin care products to yoga memberships, these self-care healthy lifestyles quickly add up over time. But are these beauty and wellbeing trends worth it?
Due to the expensive nature of self-care, DIY culture has been on the rise. DIY culture is defined as the process of doing things yourself for a fraction of the cost, and has begun disrupting the industry.
When comparing DIY searches under the health category, the Google Trend results speak for themselves.
DIY for better wellbeing
In search of further insights, our team of data scientists tested this hypothesis to see if the self-care industry was ripe for disruption. In a survey with just over 9,800 responses, 39% of survey respondents agreed that they feel the self-care industry will be impacted by DIY culture.
Younger generations most likely to disrupt the industry
Millennial and Gen Z females aren’t too keen on spending money when it comes to their self-care. These generations over-indexed in agreeing that DIY culture will impact the self-care industry.
East is the best test market for your new self-care DIY product
Out of all survey results, Millennial females living in Nova Scotia seem to pose the biggest opportunity to the self-care industry.
There may be no better place to develop some self-care DIY products than Nova Scotia. Hardened by brutal winters, peaceful surroundings, and often stormy waters, the millennial females of Nova Scotia seem to be always on the lookout for new ways to treat themselves to some self-care. Perhaps this DIY culture in itself is self-care.
How can you jump on this opportunity?
While self-care encompasses both the physical and mental wellbeing, a quick search on the interwebs seems to indicate that the skin-care segment is most at risk due to the pricey nature of these products. Both Google, YouTube and Pinterest highlight frugal ways to make DIY skin-care products for a fraction of the cost.
In a positive light, these ‘risks’ can actually be seen as opportunities. Further insights we collect from our rapid research through crowdsourced surveys, we can help pinpoint exact consumer pain points which industry leaders can target.
Opportunities most ideal for beauty brands
Frankly there just isn’t enough insight to suggest where disruption is most likely to target in the self-care industry. But it might be beneficial to create a product line that tends to the frugal shopper for starters.
A recent report by CB Insights found that traditional self-care brands might want to invest in indie brands and innovative technology.
What’s in store for 2020
Despite what the factors may be, 2020 has the opportunity to disrupt many industries and create a whole new area of opportunity. Some trends you might expect to see throughout the year could be:
- More incubator projects from Fortune 500 companies like P&G, J&J and L’Oréal,
- More packaged DIY projects,
- Increased alignment with social responsibility and environmentally friendly customer experiences