The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreDec 2019
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Euromonitor has coined the term “Geographic Hotspots” to describe the country-branded beauty movement, whereby brands are categorised by their region of origin. This concept of home-grown beauty has long impacted domestic markets, through the ability to meet specific racial, cultural and environmental needs. Today, demand for hotspot brands is escalating, due to globalisation and peaked interest in foreign travel and culture, with the “Made in” stamp carrying more meaning than ever before.
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The existence of beauty hotspots can be explained by significant variations in beauty standards and regimes around the globe, influenced by one’s race, religion and local lifestyle. This, combined with differences in technological capabilities and access to native ingredients, is what creates beauty hotspots.
The evolution of the hotspot trend can be attributed to consumers growing interest in international travel and culture, with the number of foreign trips for leisure purposes rising by 28% globally over 2014-2019. Beauty hotspot brands thrive on their association with local culture, providing something more meaningful to consumers than just a simple beauty purchase.
Korean beauty arguably paved the way for the hotspot movement, but now K-beauty giants such as AmorePacific and LG Household & Health Care are seeing weaker performance. A wave of new beauty hotspots have gained popularity, including Japanese, Chinese, Australian and Scandinavian beauty.
The success of certain beauty hotspots has encouraged brands in other regions to consider how they capitalise on their own cultural associations. Notably we are seeing a rise in beauty brands from Germany, Brazil, the Middle East and Africa particularly, as consumers warm towards local players.
Multinationals such as L'Oréal and Unilever are participating in the hotspot trend, through acquisitions and investments of independent hotspot players. We are also seeing more “hotspot-inspired” brands, as well as brands using cross-cultural influences as a strategy to reach more international consumers. However, debate ensues over what classifies as a true hotspot brand.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.