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Around the world, people have been shaken into uncertainty by the economic crisis. Yet, looking ahead to 2009, Mintel sees five key changes to consumer behavior and explains how businesses can translate these into profits. In addition, the company’s analysts expect that the beauty industry will undergo a year of consolidation. Meanwhile, they have identified four beauty trends that will capture imaginations.
You are in Control
Even as a recession hits, consumers will seek out products and services that give them exactly what they want, when they want it, especially as their budgets tighten. And the Internet will be the key that will give people the power to demand more, while also allowing them to influence others through user reviews and feedback.
What it means for businesses: Manufacturers will respond with products that suit people’s specific needs and lifestyles. Baby boomers will be of particular interest to businesses, with companies moving beyond traditional "old age" products and services to ones that embrace the active, healthy lifestyles of many older consumers.
Simplify and Purify
From understandable ingredients to clear company practices, consumers will want complete transparency when it comes to the products they buy. Old-fashioned skills such as cooking at home, sewing and gardening will become increasingly popular as they will help people stretch their budgets further.