Brands are increasingly segmenting offerings on the basis of ethnic and cultural needs, but the question is how are they developing such targeted solutions and what are the challenges? Do regional players with better understanding of indigenous market dynamics have greater competitive advantages over multinationals?
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Multicultural beauty is being increasingly explored for future growth. This involves developing targeted lines and marketing strategies to target consumers from diverse cultural and ethnic backgrounds.
Demographic shifts triggered by migration, flow of tourism, growing purchasing power of ethnic consumers in developed markets and urbanisation in emerging countries have been key demand drivers.
A key strategy is developing targeted marketing for the same product, highlighting the most relevant benefit to the target audience in order to optimise return.
Some regional players have grown strongly thanks to their understanding of market dynamics. In recent years, they have also been expanding beyond their immediate markets.
Cross-cultural influence has become a major inspiration for innovation. South Korean beauty has been influencing brands globally, but mainstream brands are also incorporating exotic ingredients with strong health benefits.
The segment is expected to witness more dynamism as technological developments help create a better understanding of diversity. More niche brands are expected to emerge as targeting diversity gains momentum.