Brand familiarity ranks high in beauty business.
Price, while important for many decisions, was a distant second, according to the Chicago-based group's report.
Brand preference, in addition to a continued focus on affordability, remains paramount and underscores the rapidly evolving and unique nature of shopper attitudes and behaviors shaping the $11.5 billion U.S. beauty market.
"The beauty industry is characterized by significantly different dynamics than other CPG market sectors, creating a major opportunity for beauty marketers and retailers that can quickly and effectively leverage the nuances," said John Deputato, senior vice president, Client Solutions, IRI. "Even within the hair care, skin care and cosmetic segments of the industry, shoppers often exhibit behaviors unique to each of those categories. Shopper behavior diverges a great deal among these segments particularly in times of changing economic climates, such as today's emergence from the recession, where some consumers are exhibiting a new confidence, while others are keeping their frugal practices in place."
More info: http://us.infores.com