The Gen Z and millenial consumers are extremely techno-savvy. These consumers also depend on free-to-air digital marketing channels and their peers to make purchasing decisions. Keeping this in mind, L’Oréal Paris has unveiled a new influencer-minded marketing strategy recently. This announcement would atleast turn a few heads in the global eye makeup market.
The company made the marketing announcement on February 13, with a pack of various photo-editing filters on its website. The decision may signal the end of hard-selling marketing era in the eye makeup market. L’Oréal Paris had earlier collaborated with Kylie Jenner with a custom filter of Kylie’s face. The marketing promotion had received tremendous success, resulting in 1 billion impressions on Instagram in 4 weeks.
What is driving the global eye makeup market?
Approximately, 50-55% women in the baby-boom generation actively were seeking validation and approval about appearances from peers. The percentage has since risen to 70%-75% today. Additionally, there are many young untapped influencers online on channels like YouTube and Instagram. This transformation in ground reality and the basket of opportunity is expected to drive the global eye makeup market during the forecast period.
As social media gains more prominence, the advertising costs on TV are expected to come down remarkably and present a more fair-playing field for many in the global eye makeup market. Lowered marketing costs, large population of young techno-savvy consumers and influx of new consumers is expected to become a boon for the eye makeup market.
Growing Opportunities in the Eye Makeup Market
Growing expansion of social networks youngsters is driving new standards of beauty and personalization globally. The growing digitalization and increasing investment in technology is also expected to open new avenues for marketers in the global eye makeup market.
Additionally, large volumes of important personal data and access to it through social mediums is also expected to drive growth for eye makeup market players. The social networks are also opening new market and gathering insights at an incredible pace for marketers.
Many brands are now reaching out to unexpected markets and audience groups with new product lines. The new insights and low cost-investments in social media is expected to aid growth of the global eye makeup market.
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Which innovations are expected to drive the eye makeup market?
Influencer led marketing is on the rise in the eye makeup market globally. Additionally, the digital technology at hand is expected to create more opportunities with small website extensions. Major players in the eye makeup market are innovating to recreate the in-store experience online.
Recent research advocates marketing gimmicks including virtual facial makeup simulation on websites. These serve as makeup tutorials as well as branding tools for the eye makeup market. Virtual tools offer makeup removal methods, virtual end-effects, stimulated textures, and virtual makeup add-ons. Faces of celebrity personalities can help consumers experiment and familiarize themselves with various makeup techniques at an extremely low cost too.
What are some restraints to growth of the eye makeup market?
Increasing fragmentation in the global market is expected to restrain its growth during the forecast period. Mass eye makeup and cosmetics products make up for over 70% of market share currently. This trend coupled with increasing FDA regulations and liabilities are expected to hinder the market growth during the forecast period.
To offset the negative impact, major players would be required to innovate with new marketing tools, diversify their product offerings and reach new markets at a breakneck speed.