Pulse January / February 2016 - Page 57

running and open-water swimming are both growing in popularity. The boundaries between outdoor extreme sports and indoor, gym-based activities are also blurring, as illustrated by the growing popularity of indoor climbing walls. P: “Work-Life Balance” is another growing trend for 2016. Why do you think there’s a growing interest in finding balance in both areas? P: Leisure time is forever being squeezed, due to work, commuting and family commitments and an “on-call” culture. According to data from the Organization for Economic Cooperation and Development, Denmark and Spain enjoy the highest amount of leisure time (16.1 hours), while Turkey and Mexico devote only 13.4 hours and 13.9 hours to leisure, respectively. Euromonitor International’s global Middle Class Home survey found that the preferred activity outside the home was shopping (50 percent). A decline in leisure time, combined with a desire to communicate achievements via social media, means that consumers are taking a greater interest in experiences over possessions (e.g., music or food festivals, yoga classes, sporting events). P: Is there a specific consumer group that is primarily driving the change in how businesses promote their brand or operate their businesses? P: Millennials—defined as consumers with ages 25 to 34 years old—represent a sizable demographic, ranging from 11 percent of the population in aging Japan, to 18 percent in more youthful markets, such as Vietnam and South Africa, to 31 percent in extreme cases, such as the United Arab Emirates, where there is a large group of workforce age expats present. Millennials are a key target audience for a large number of companies, due to their spending power and influence. P: In terms of beauty and skin care, which trends in these categories do you anticipate to gain momentum in 2016? P: Skin care, the industry’s largest category, will continue to embrace innovation inspired by Asia both in terms of product benefits but also expansion of the beauty routine, which is paramount to sustaining market growth. China is predicted to lead in terms of absolute growth in skin care, followed by Indonesia, which is set to join the top 10 global leading skincare markets by 2019. Saudi Arabia is expected to be the third On Disease Prevention and Well-being E uromonitor International’s Global Consumer Trends survey revealed that taking health supplements for disease prevention and well-being is very common among women respondents under the age of 30. Some key data include: 71% Percentage of female respondents under the age of 30 who say they take health supplements or vitamins. However, in this age group, only 15 percent say they take supplements daily. 67% Percentage of females in the younger segment (with ages 15 to 19) who say they take supplements, but only 12 percent in the younger segment take it daily. 70% Percentage of women between 20 to 29 years old who say they engage in stress-busting activities like meditation and massage at least once a month. 12% Percentage of Indian women who say they do stress-busting activities almost daily, while in contrast, 12 percent of Chinese women say they never do stress-reducing activities. largest contributor to absolute growth in premium beauty, largely driven by premium fragrances and growing penetration of premium skin care. With market saturation and the need to re-invigorate brand equity in a highly competitive landscape, brands need to boost their portfolios with products in highgrowth areas and niche and untapped product segments. This has meant tapping into more personalized and customized solutions, both regionally and in terms of product tailoring; adopting cross-border trends and concepts, as well as increased digital efforts to reach out to new connected consumers. n January/February 2016 ■ PULSE 55