How soon will we reach the point where sustainable packaging is a pre-requisite ‘must’ for the consumer?
A 2019 study by VIGA & OC&C Strategy Consultants found that 27% of Gen Z prefer to buy products that can be used repeatedly, and 37% try to buy and keep what they truly only need - reflecting an attitude shift to "Good for Me and Good for the Planet", which underlies many of the trends in beauty we're seeing today.
However, sustainability is hard; it takes time, could involve changes to production lines and machinery, it needs to be done carefully and can incur significant costs. Raconteur state this could mean an increase of up to 10% for manufacturers, while brands may see a 1% rise.
As a result, we're seeing a real uptick in M&A activity across the entire beauty value chain from retail to packaging suppliers, while global corporate players are beginning to incubate their own new, sustainable brands - Unilever's Love Beauty & Planet being a prime example.
With Gen Z influence getting stronger by the day and many brands still navigating the design and operational challenges that being sustainable brings, this trend and M&A activity shows no sign of slowing down.
In a bid to reduce single-use plastics, there’s a growing trend for beauty brands to move towards recyclable and refillable packaging