Beauty Trendspotting at L'Oréal's True Match Event in Toronto
A press event launching a new foundation formulation hints at the future of the $427 billion beauty industry
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TORONTO, CANADA — Last week, I had the chance to attend the relaunch of L'Oréal Paris’ True Match Foundation, and while the new product formulation is great, what I really want to talk about is how different elements of the event hinted at the future of beauty.
According to The Business of Fashion’s recent report on The State of Beauty, the industry is in the midst of a new era of expansion, with global retail sales expected to record a compound annual growth rate of 6% between 2022 and 2027.
Trend #1: Skincare is beauty, beauty is skincare 🧖♀️
With so many advancements in formulations, the beauty and skincare categories are overlapping and a new breed of “hybrid formulation” is on the market (think Haus Lab’s Fermented Arnica-infused foundation, or ILIA Limitless Lash Mascara, which is made with lash-loving ingredients like bee wax and shea butter).
At the True Match event in Toronto, Scientific Communications Officer for L'Oréal Paris Balanda Atis shared the brand’s new formulation contains Hyaluronic Acid, a moisturizing ingredient that has surged in popularity over time.
Trend #2: Every Colour of the “Ultrarainbow” 🌈
More than just a trend, diversity is a movement. I credit the success of Rihanna for shining a spotlight on the lack of options for people of colour (especially when it comes to foundation) and since then, every brand has followed in the steps of her stilettos. Today, Rihanna’s Fenty Beauty is valued at $2.8 billion, proving that there’s profit in products made with diversity in mind.
L'Oréal Paris’ True Match now offers more than 50 shades and even incorporates a colour called “ultrarainbow,” which includes ultraviolet shades for really dark and very fair skin tones.
But the inclusivity doesn’t just stop at the product level. Brands have increasingly been cognizant of who is in their advertising and what the brand stands for. According to The Business of Fashion:
Millennials initially drove much of the mainstream interest in diversity in the beauty industry. Yet, as the most diverse generation to date when it comes to gender, ethnicity, sexual orientation and more, Gen-Z is more adamant that brands, products and marketing stand for something and reflect their values relating to topics ranging from mental health to climate change, while also acknowledging their diversity
Trend #3: Tech-Enabled Shopping 🤖🪞
Advancements in the smartphone and the development of augmented reality try-on have made technology-assisted shopping the new norm in beauty. The Business of Fashion’s Industry Outlook projects that eCommerce is expected to represent a quarter of the beauty market by 2027, which means we’ll increasingly rely on digital technologies to ensure customers receive the product that’s right for them.
L'Oréal has been a leader in investing in digital technology, so it's no wonder their colour-matching tools are available directly on their website without any apps or downloads required. Show the camera your skin, and it will shade match you in less than a minute. According to L'Oréal, 99.5% of people find their true match.
Trend #4 Personalization 🎨
Following #3, with all the available data about preferences and shopping patterns, it’s no wonder we want more personalized shopping experiences. According to data from a recent McKinsey & Company study, 71% of consumers expect personalization, with a further 76% of consumers saying they feel frustrated when they don’t get it.
At L'Oréal’s True Match event, we were sent home with our own foundation as well as a makeup bag we could personalize with cute varsity lettering.
Trend #5: Science-Backed Claims 🔬
If the beauty campaigns of the late 90s and early 2000s were all about aspiration, today’s messaging is all about reality. Brands can make a lot of promises, but L'Oréal Paris is ready to back up their claims with science. “Our consumers want to understand the benefits of our products and it’s very important for us to explain the benefits with data,” says Balanda Atis, Scientific Communications Officer for L'Oréal Paris. Peppered throughout the campaign’s marketing materials you’ll find figures that appeal to the audience’s logos or reason:
Will improve the skin’s quality in 2 weeks
Higher hydration in skin in 72 hours
99.5% found their true match
In the fashion industry, consumers have been cracking down on brands that make sustainability claims without any evidence, a trend known as “greenwashing.” The beauty industry seems to be leading with evidence in order to eschew any backlash.
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