Beauty and Personal Care: Exploring Trends Between Premium and Mass Market Products

What Drives the Purchase Intent of Premium Products?

Consumer behavior in the beauty and personal care sector is influenced by an array of psychographic and demographic factors. Value perception is crucial; higher-income consumers often associate premium products with better quality, leading to a willingness to pay a higher price for perceived health and aesthetic benefits. Additionally, socio-cultural factors, such as the influence of celebrities and social media on beauty standards, further propel premium product sales.

What Characterizes Mass Market Consumption?

In contrast, mass market products cater to a larger, more price-sensitive segment. Consumers prioritizing price and accessibility over perceived quality dominate this segment. Economies of scale allow suppliers to offer these goods at lower prices, inviting higher volume sales. Marketing strategies such as celebrity endorsements and discounts are commonly used to enhance product appeal in this market segment.

How are Brands Negotiating the Interplay Between These Segments?

Brands, recognizing these distinct consumer behaviors, often craft hybrid strategies. Targeting luxury at the mass market level, brands are formulating masstige provisions - affordable, yet elevated quality offerings. Adopting such strategies, brands not only cater to the diversity in consumption preferences across different market segments but also benefit from the growing aspiration of mass market consumers to access premium products at an affordable price point.