What forces will impact the sweetness industry probably the most, worker behavior or AI? The arrival of India as an emerging market, or shoppers over the age of 60?

Students from the 2023 class of the Fashion Institute of Technology’s Masters in Cosmetics and Fragrance Marketing and Management program had a powerful answer during their two capstone presentations last week: all the above.

The theses, presented in-person on Thursday, posited that the change wrought on beauty by the pandemic will only speed up. Keeping pace, the groups agreed, was essential to long-term business health.

Throughout the first presentation, students focused on a triumvirate of trends — the emergence of India as a key global market, tapping into the spending power of consumers over 60, and the way artificial intelligence will change the best way consumers interact with beauty firms.

In accordance with the presentation, India shall be the third largest global economy by 2030, which given its sheer size — the population has already surpassed that of China with greater than 1.4 billion people — means big things for beauty. The category is growing at 8 percent, driven by prestige beauty, which is swelling at twice the speed of mass market products. Per the research, it represents a $28 billion opportunity for beauty brands.

Pricing strategies, in addition to next-generation payment options, are imperative to resonating with Indian consumers, the group contended. Ninety percent of the population can have web by 2030, and its “smart cities” have driven the adoption of digital payments. The group got here up with a framework for considering of India called “EPIC,” an acronym for economic opportunities, population growth, infrastructure and cultural growth pillars reminiscent of Bollywood, weddings and yoga.

One other demographic to look at is more domestic in nature. Called the Silver Spender, consumers ages 60 and older will comprise roughly half of the world’s population, and currently hold the identical percentage of worldwide net value. Lots of them currently spend on beauty, particularly on spa services, wellness offerings and facials.

A targeted approach with representation of the group’s heterogeneity was a part of the team’s advice. Consumers in that cohort span three generations and five a long time, nuances which might be oft ignored in promoting. Per the research, silver spenders are more typically depicted in media as ailing or sick, often under medical care.

Artificial intelligence will even play a job in how shoppers are advisable products. Platforms reminiscent of Spotify, Netflix and TikTok provide a template to beauty brands and retailers on how one can recommend based on current popular culture references, emotions and seasonal recommendations.

The second presentation thematically focused on the long run of talent and worker retention. That necessitates evaluating candidates more holistically. Enter the Profession Cosmo, the scholars’ proposed talent evaluation matrix. It takes into consideration the private and skilled, starting from values and aspirations to experiences, skilled background and personality.

The group also saw room for innovation in human resources. The presentation reimagined traditional HR departments as a CARES Team, an acronym that stands for coaching, acquisition, rotation, exploration and services. That team focuses on profession growth and training, strategizing profession trajectories and essential functions, reminiscent of payroll and advantages.

Despite the dimensions of the sweetness industry, researched indicated that it hasn’t been sufficiently marketed to workforce entrants and up to date graduates. The team sees room for an industry collective, à la Cosmetic Executive Women and the Personal Care Products Council, to give attention to talent development and retention across organizations.