A new study released by Nielsen suggests beauty companies may be missing out on sales as a result of not paying attention to consumer demands and shifting trends.
In the past year, beauty advertising as a whole decreased its spend in America. The most significant change was in the digital domain, which experienced a 73 per cent decline in the US - despite consumers increasingly choosing online stores over physical retailers. Beauty advertisers instead chose to allocate more funds to the traditional mediums of TV and print, which gained 42 per cent and 54 per cent of overall spend respectively in the States.
According to Nielsen, this means beauty brands are not reaching a large number of consumers. To remedy the situation, the group encourages a shift towards digital spend, as well as targeting marketing to niche groups and age brackets. Given that consumers spend big on beauty, Nielsen believes it is worth tailoring advertising to specific segments as well as the preferences of different age groups.
“Beauty is fragmenting. In addition to the growing number of outlets for consumers to spend their beauty dollars, there's also a huge variety of products and people of all ages with different beauty needs. Getting the right message to the right customer is a crucial step to improve sales - but it's one that marketers in the industry aren't getting right,” states the Nielsen report.
