The increasing consumer awareness and acceptance of wellness and beauty as an integral part of everyday life, has altered the outlook of the wellness and beauty industry in India, with it no longer being concentrated to just a few geographies. The beauty and wellness industry in India has rapidly evolved from being a highly unorganized ecosystem to a more well defined, and active one.
While the pandemic has somehow impacted the pace of growth of this industry, it has actually put forth an opportunity to critically analyse the existing business models and reset them in accordance to the evolving needs of the consumers in the New Normal.
Source: FICCI – EY Beauty & Wellness Report 2019
Wellness at the Heart
Over the last few years wellness has become an integral part of the industry thereby causing a paradigm shift in the sector fuelled by the young generation in their 20s and 30s becoming more aware about the concept of staying fit and healthy. Wellness has never been so centre stage as it is now in the times of COVID, thereby unlocking a plethora of newer business opportunities for the industry to pursue. While some of the opportunities will require research and innovation many would require just a small tweaking in the existing business model and service offerings, merging their marketing approaches and consumers with a new wellness-oriented viewpoint.
Reassess & Reset the Beauty
Reassess and Reset have been underlying theme of the year, with the industry ushering into new ways of functioning and overnight adaptation to the New normal. Not immune to the pandemic affect, the beauty regimes have been disrupted in a significant manner with contact-less services emerging in a touch-driven industry and faces hidden behind masks.
A study by McKinsey and Company reports that the sales of luxury hand soap in France were up 800 per cent the week of March 16, 2020, when the country went into lockdown, proving that feel-good products are fast selling. The report indicated a slight decline in make-up sales, whereas nail colours, bath and body products, DIY and at-home kits finding place in the cart. Another key determining factor in the beauty industry has been #VOCAL4LOCAL with more & more consumers supporting local businesses like never before.
Traditional segment of curative healthcare continues to rule the roost as far as business opportunities are concerned in India. While Yoga and meditation have been tapped by regional and international players already, the year has witnessed a significant surge in virtual gyms, personal trainings, digital workouts as more and more people aim for wholesome fitness. The development and use of mobile apps for personalized wellness is et to retain its dominance among consumers and developers are coming up with innovative features to draw users.