The demand for mini beauty products is on the rise in India, driven by affordability and the desire for experimentation, especially among Gen Z. Lakme, a leading beauty brand, expects a significant boost in sales of small packs, which are becoming increasingly popular among consumers.
Key Drivers of Demand
• Affordability: Mini beauty products offer consumers the flexibility to try new products and experiment with different looks without breaking the bank. • Flexibility: Small packs are ideal for on-the-go consumption, making them perfect for busy lives. • Experimentation: Gen Z is known for its love of experimentation, and mini beauty products allow them to try out new products and trends without committing to a full-size purchase.
Quick Commerce Platforms
- Swiggy and Zepto are two popular quick commerce platforms in India that offer a wide range of beauty products, including mini beauty products.
- These platforms have enabled consumers to stock up on beauty products, such as nail remover and kajal, on-the-go.
Lakme’s Strategy
- Democratization of beauty: Lakme aims to make beauty products more accessible and affordable for consumers, regardless of their geographical location or socio-economic background.
- Investment in digital marketing: Lakme is investing heavily in digital marketing, including social media and influencer partnerships, to reach its target audience and promote its products.
- Lakme faces intense competition in the Indian beauty market, with new age brands and international players entering the space.
- However, Lakme remains committed to staying relevant and adapting to changing consumer preferences.
Market Share and Competition
Impact of Inflation
Despite inflation, the beauty segment has not seen a significant impact on spending. Consumers are still willing to invest in beauty products, and the rise of quick commerce platforms has enabled them to stock up on products on-the-go.
Conclusion
The demand for mini beauty products is on the rise in India, driven by affordability, flexibility, and experimentation. Lakme is well-positioned to capitalize on this trend, with its strategy of democratization of beauty and investment in digital marketing. As the beauty market continues to evolve, it will be interesting to see how Lakme and other players adapt to changing consumer preferences.