01 Face economy is popular
The love of beauty is common to all; it is the same in both ancient and modern times.
As early as two thousand years ago, the great philosopher Aristotle said to his disciples: “A handsome appearance is a more useful recommendation than any letter of introduction”; in our country, there are four beautiful women of the immortal legend and “a smile back a hundred charmed” of the good old saying; to the Today, in the Internet era, in the popular “three spell”, “the value of the face can not spell character, character can not spell sentiment”, the value of the face in the first place, even between men and women in love to talk about “began with the value of the face, trapped in talent, loyalty to character”.
There is a lot of evidence to show that high value has a “premium effect” and can bring a lot of additional benefits to its owner.
According to the British publication The Economist, power tends to go to leaders with higher face value, and in both the gorilla community and today’s developed Western countries, looks (including height, muscles, and tone of voice) are as important as accomplishments in order for leaders to reach the top of their careers.
American labor economist Daniel Homers, in his article “Face Value and the Labor Market,” clearly states that there is a strong positive correlation between face value and total lifetime labor earnings, and that both the Ugliness Penalty and Beauty Premium phenomena exist in society.
A Korean research paper titled “Cosmetic Surgery Effects in Marriage and Labor Market” confirms that men with the highest face value earn 15.2% more than men with medium face value, and women with the highest face value earn 11.1% more than women with medium face value.
All the evidence shows that there is indeed some truth in “eating with your face”, as people with high facial features tend to get more attention and opportunities, and thus grow faster and develop better.
However, in real life, not everyone is born beautiful, coupled with the change in people’s mindset and income level, making a series of consumption activities and business behavior around the face began to rise, is the “face value economy”.
Looking back at the development history, the face value economy has gone through four stages, manifesting itself as the evolution of the pursuit of face value “from virtual to real”, each of which is a huge windfall.
One of them is the shooting beautification app.
Shooting beautification, mainly divided into photo photography class App and picture beautification class App, the former can provide various functions of cell phone shooting, help real-time beauty and special effects. The latter is mainly for the post-editing and adjustment of the taken pictures or videos.
In the era of mobile Internet, pictures and videos have become an important medium for information transmission, and beautiful pictures and videos are easy to receive more attention and spread, which in turn bring more economic value to users and apps.
Because of this, shooting beautification class App is very popular among the majority of users, and some data show that the user scale reached 450 million in July 2019, with a penetration rate of 40.7%, and on average, 4 out of every 10 mobile Internet users are equipped with shooting beautification class App.
Nowadays, major cell phone brands are also committed to launching phones with their own beauty and filter functions and continuously improving their front camera performance to enhance user experience.
Second, beauty and apparel.
Beauty care and apparel have always been the backbone of the beauty consumption market, especially for women who are naturally beautiful, cosmetics, skin care products and good-looking clothes are always their favorites.
At the same time, along with the accelerated process of offline integration, businesses are increasingly able to understand consumers comprehensively, accurately and quickly; and the great development of the Internet, so that e-commerce, short video / live, content communities and social platforms have become an important marketing channel for beauty and personal care products.
The market is expected that by 2022, the market size of the beauty and personal care industry will exceed 500 billion, and the industry has a bright future.
Third, sports and fitness.
In addition to looks, people are also increasingly focused on health and weight loss muscle shaping, the national fitness awareness awakened in recent years, giving rise to more industrial value.
Research data shows that 50% of sports and fitness users often go to the gym, 10.4% of users work out every day, 44.7% of users work out 2-6 times a week, and 32.6% of users work out once a week, which means that nearly 90% of fitness users work out every week.
With users identifying more than ever with additional paid value-added services such as group classes and personal trainers, the awareness of payment is also rising, while fitness apps represented by Keep are also popular.
As a result of this, the market size of sports and fitness is expanding rapidly. According to statistics, the number of sports and fitness is planned to grow to 530 million by 2030, and the scale of fitness and leisure industry will increase to 3 trillion by 2025.
The fourth, medical beauty.
Nowadays, more and more people are really willing to pay for “beauty”, in addition to the daily skin care and makeup to maintain stability, many people are also keen to invest in medical beauty projects.
Medical beauty market started late, but with the promotion of social and economic factors, people’s income level and the change of concept, medical beauty services demand growth is obvious, the major medical institutions in this track race, driving the rapid rise of the medical beauty industry, and compared to developed countries, China’s medical beauty penetration rate is significantly low, there is still huge room for improvement.
Consulting data shows that China’s medical beauty market is expected to reach 311.5 billion in 2023; Frost & Sullivan data also shows that the CAGR of the medical beauty market will remain above 17% from 2019 to 2024, with promising prospects.
It is worth mentioning that, in addition to the improvement of their own “value”, the value of the economy is also expressed in the favor of high value goods.
From the consumer’s point of view, when the function is the same, the visual impact brought by the design sense of the “value” of goods can often influence their own purchase decisions, and thus make themselves willing to pay a high premium for them, such as cool sports cars, beautiful cell phones, good-looking clothes, stunning games and so on.
Because high value goods can often contribute to higher marginal utility and bring higher gross profit, the improvement of public aesthetics has been forcing manufacturers to make continuous breakthroughs in design, technology and even technology, creating a variety of goods containing aesthetic features, while also promoting the continuous development of economic and social progress; and the development of economic and social progress in turn promotes the improvement of public aesthetics, thus forming a virtuous circle.
In a sense, the pursuit of beauty and economic development are mutually reinforcing.
02 Three major pushers to help
What is the power of the rise of the face value economy?
First of all, it is the increase of residents’ income and consumption upgrade.
Income is the key to driving face value consumption expenditure.
According to Maslow’s hierarchy of needs theory, when income growth reaches a certain stage, physiological needs and security needs are basically satisfied, social, respect and self-actualization needs will usher in rapid growth, and the shaping and improvement of personal external image is closely related to social, respect and even self-actualization needs. When income accumulation reaches a certain stage, the consumption of face value will take off.
The Korean experience shows a significant correlation between cosmetics sales per capita and GDP per capita; a similar phenomenon is seen in Japanese households.
The rising income of the population, the growing size of the middle class, the need for status and identity recognition, the psychology of higher consumption and the increasing importance placed on one’s own image have led to a boom in the “value economy”.
At the same time, as the core consumers of the face value economy, women’s income level and social status have also played a key role in the improvement.
In today’s society, many women are no less ambitious than men in the pursuit of their careers, and correspondingly, women have more and more say in the control of wealth in the family.
Second, the new social relationship in the Internet era has amplified the influence of face value.
On the one hand, the current weak relationship social model of the Internet shows characteristics such as haste and fragmentation, and the importance of “looking at faces” is repeatedly magnified in social scenes based on strangers and different circles, and the status of face value is increasingly important in the Internet social model.
According to data, 1.8 billion photos are shared on the Internet every day, most of them are selfies, and high face value has become the easiest and most direct way to get attention.
On the other hand, the rapid development of self-media and the pan-entertainment industry has made the commercial value of “looks” bigger and bigger, from netflix to live streaming platforms, the increasingly perfect industry chain is providing more channels for face value to be realized.
Under the role of the Internet, many people have developed a kind of “appearance anxiety”, and the concern for their own face value has reached an unprecedented climax, and the amplification of monetization value has stimulated the public’s pursuit of beauty, resulting in a hotter and hotter face value economy.
Finally, it is the growing maturity of “Generation Z”.
The special upbringing of the “Generation Z” group has formed a personality and characteristics different from those of their predecessors.
They grew up in a period of economic boom and have an abundant material life; they are generally only children and receive more attention from their family elders, and the loneliness of their childhood makes them more eager to rely on online channels to seek identity; in addition, they are the natives of the Internet and are very curious about new things.
All these characteristics have shaped their personality, pursuit of quality, attention to new and exciting things, and they are deeply influenced by the “second generation” culture, they admire high value and have a strong will to socialize.
Along with the maturity of “Generation Z”, its culture and values are increasingly accepted by the public, and its influence is growing day by day, and is growing into the leading force of China’s new economy, new consumption and new culture in the future.
The “Z generation” is keen on pursuing everything related to high face value, which makes the “face value economy” prevalent among the “Z generation”, and beauty makeup, skin care, lip gloss and other related products are Beauty, skincare, lip gloss and other related products are therefore sought after in the market.
03 Medical beauty windfall must be grasped
At present, the biggest windfall of the face value economy is medical beauty.
As mentioned earlier, in recent years, along with the increase in Internet social media penetration, the demonstration effect of celebrities is getting stronger and stronger, and the demand for “sunshine pictures” on various platforms is getting stronger, which also makes many people more anxious about their face value and aging.
In this way, more and more people are really willing to pay for “becoming beautiful”, in addition to daily skin care and makeup to maintain stability, many women and some “sophisticated” men are also keen to invest in medical beauty projects, which has led to the development of the medical beauty industry.
Compared to traditional skin care products, the effect of achieving a face “upgrade” by means of light medical beauty is more immediate.
The light medical beauty project recovery time is faster than surgical plastic surgery, the price and risk is relatively lower, more easily accepted by consumers, the market demand is increasingly strong.
Data show that the proportion of the overall medical beauty market is significantly higher than the proportion of surgical cosmetic surgery market, about 65% to 70%, 2016 to 2020 young medical beauty user scale compound annual growth rate of 52.6%; with the change in people’s perception and the maturity of the industry development, the future intention to experience the proportion of light medical beauty will be higher and higher.
The most popular item in light medical beauty is hyaluronic acid.
At one time, hyaluronic acid was only exclusive to a few high-income people; however, in recent years, hyaluronic acid has gradually entered the public’s view and is increasingly sought after by ordinary consumers who have the pursuit of “beauty” and “youth”.
Hyaluronic acid, also known as hyaluronic acid (HA), is distributed in the dermis of the human body. It has good filling effect and biocompatibility, and when injected into the surface layer of the skin, it can not only fill the depressed areas, smooth wrinkles and modify the contour of the face, but also provide nutrients to the skin, making it more moist and smooth. Because of these characteristics, hyaluronic acid has been widely used in light medical aesthetic projects such as hydration, filling and wrinkle removal, and the market scale has been expanding.
Data show that the market size of hyaluronic acid has grown from 4.52 billion in 2015 to 13.60 in 2019, with a compound annual growth rate of 27.5%, and the market size is expected to reach 15.46 billion in 2021.
Looking into the future, the prospect of medical beauty market is broad: on the one hand, the world’s largest middle-income group, the continuous improvement of consumption ability will inevitably lead to the further release of medical beauty demand potential, which provides a huge demand base for the development of hyaluronic acid industry; on the other hand, the penetration rate of medical beauty is still significantly low, and the penetration rate of hyaluronic acid is only less than 0.2%, and the number of treatment per capita is also very small, which precisely
However, the medical beauty industry is not without problems, the biggest pain point is that driven by high profits, the entire medical beauty industry is mixed, chaos, such as “black medical beauty” institutions, the proliferation of informal physicians, injection quality is not good and other problems are common, seriously damage the rights and interests of consumers and even health, the medical beauty industry has also become a high incidence of market complaints, in the long run is bound to be detrimental to the development of the industry.
In the long run, the market demand will gradually shift to genuine and legal medical beauty terminals, and the development of the whole industry will become more and more standardized. Along with the reduction of medical beauty accidents and industry disputes, as well as the increase in public trust, the industry on the right track will certainly usher in the further expansion of the market.
04 Male potential should be concerned
In people’s inherent impression, it seems that beauty consumer products have always been exclusive to women, but nowadays, male compatriots are also becoming more and more “beautiful”.
The 2019 Face Economy Report shows that the growth rate of lipstick consumption among men’s cosmetics has reached 278%, and more and more men are using lipstick, eyebrow pencils, sunscreen and face masks, and many companies have started to develop special facial skin care kits, cleansers, lotions and creams, special masks, BB creams, etc. for men.
The consultation report also shows that 65.1% of male Internet users surveyed have a positive attitude toward improving their face, with 74.4% of those under 25 years old supporting the idea.
The reason for this is that with the development of the economy and society, the economic strength of men continues to improve, and the pursuit of career also prompted them to expand in the social field.
At this time, men are increasingly aware that their external image, clothing and personal taste have become an integral part of their workplace and career. They gradually start to show their ability and charm by purchasing skin care products, high-end suits and fashionable watches to achieve acceptance and recognition by more people and achieve achievement and progress at work, and some are also willing to enhance their face value through medical aesthetic means.
At present, the male face value economy market is mainly concentrated in four major areas: personal care, clothing and accessories, medical beauty and sports and fitness.
When choosing face value products, the male group pays extra attention to the quality and practicality of goods, mostly rational purchase, not easily influenced by the appearance of goods, the environment and others, they also focus on the use of goods and the overall quality, less attention to details.
The survey results show that male consumers in the purchase of value economy products, the top four factors to consider are product effectiveness, product safety, whether it suits them and product price, the overall performance of the “pragmatic” consumer characteristics.
In addition, a strong sense of self-esteem and competitiveness, male consumers do not pay much attention to price when shopping, preferring to buy high-grade products, and are reluctant to bargain, avoiding others to say they are cheap or the products purchased “not upscale”.
At present, the personalized features of male value products are not obvious, and the problem of product homogenization is prominent. In the huge male scale base, as well as men gradually focus on improving their own image and external temperament, the male face value market is huge, and there is room for development in various segments.
In the future, each male face value product market player needs to continue to deepen its development in the segmentation area, including product content setting, differentiated competition, category design and so on.
Specific efforts can be made in the following three areas.
First, to meet the “de-gendered consumption trend”, to create men-specific related products, including beauty, beauty, clothing, etc.; to strengthen consumer guidance, with the use of advertising image to change the traditional concept of value consumption, so that men’s value consumption is deeply rooted in people’s hearts.
Second, to improve the online shopping environment and atmosphere, for male consumers simple, direct, efficient and other shopping tags, improve the construction of relevant websites, such as: goods with or without other special costs, the page requires links, please put the link directly displayed; accurate postage costs; estimated arrival time; all payment methods in the same list available; provide clear customer service contact information, etc., to help the male group to quickly and accurately make consumption decisions.
Third, we should focus on improving the quality and connotation of goods, all shopping for the quality of goods are demanding, especially men. If women put style in the first place, men will put quality in the first place, and to improve the quality of goods connotation, it is easier to cater to male consumer demand, to build male consumers shopping loyalty.