“The cost-of-living crisis has definitely affected consumer spend on certain beauty categories,” says Lisa Payne, head of beauty trends at Stylus. “Instead, we see a savvier attitude towards beauty purchases, whereby ‘value for money’ and ‘quality versus cost’ is inspiring consumers to choose products that give them more bang for their buck.” And the positive benefits don’t stop at cost efficiency: “Practicality and convenience are among the main benefits of multifunctional products, with on-the-go consumers wanting efficient, time-saving and high-performing formulas that do many things,” confirms Maya Regan, beauty trends researcher. “Multi-functional products [also] minimise the use of natural resources and waste production.” * ‘The Rise of Multi-Purpose Skin Care Products Understanding Consumer Preferences, Mintel via RevivaLabs, 2023 MULTIFUNCTIONAL BEAUTY An extension of the minimalist beauty trend, multifunctional products are the latest buzzword. But in a world saturated with overconsumption – be it in our beauty collections or our wardrobes – have we finally reached a breakthrough?
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