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Survey of Thousands of Consumers in the U.S., UK, France and Germany Reveals Significant Evolution of Consumer Priorities

GREENWICH, Conn., Oct. 31, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world’s largest pure-play contract logistics provider, today released a comprehensive report on key trends shaping the fast-growing global beauty industry, which is expected to double in revenue to $758 billion over the next decade.

In a rapidly evolving consumer landscape, GXO’s research analyzed current consumer behavior in the beauty industry and the forces driving it. The report, "Beauty Industry Insights 2024: A Consumer Spending Pulse Check," highlights a significant shift in consumer preferences compared to just five years ago. Today’s consumers are savvier and more intentional in their choices, and nearly half are choosing to shop online. As such, ensuring a seamless customer experience, both online and offline, is of paramount importance to building and maintaining brand loyalty and to meeting quickly shifting customer demands.

GXO Commerce Strategist Kamran Iqbal, noted, “To thrive in this dynamic retail environment, beauty brands increasingly must prioritize a customer experience that fortifies brand and product loyalty. Of course, retailers must have the right product in the right place at the right time. But to cement the brand experience, they must also ensure a seamless buying experience from beginning to end, including more effectively leveraging online channels and enhancing product personalization.”

Key findings from the report include:

• Beauty products play an increasingly important role in people’s lives, with 66% of respondents saying that beauty and related products were essential or very important to them.

• The importance of loyalty and trust is growing… yet is still largely untapped. Brand loyalty currently sits at 38% yet a majority of consumers consider brand reputation and previous experience an important factor in their buying decisions.

• The ‘less is more’, #nomakeup, and clean beauty trends present an opportunity to deepen product loyalty, as customers turn towards minimalistic and clean beauty items. 41% of beauty consumers are already loyal to specific products and most are opting to wear minimal makeup that fits the “no makeup” look and slim skincare trends – cementing certain products as essentials in their beauty routines.

• There’s still a lot of room for growth in the online channel. Almost half of consumers prefer purchasing beauty products online. Furthermore, over seven in ten consumers use one or more digitals channels as sources for the latest beauty trends and products. This represents an opportunity to grow online shopping through digital platforms such as YouTube, TikTok and Instagram.