Changing the ConversationThe Evolving Opportunity for Women’s Health, Beauty & Wellness
A reprioritization of consumer values, particularly a more holistic lifestyle approach, fueled the exponential growth of the beauty & wellness market in recent years. Baird assembled a panel of experts to explore this evolving area and share perspectives on what the future may hold for the industry.
Moderator Dulma Altan, TikTok and podcast Creator and Host, asked panelists for their views on the current state of health, beauty and wellness and what they feel has changed most.
Sharon Leite, CEO & member of the board of directors of Ideal Image, cited shifts in consumers’ perspectives, behaviors and how they are prioritizing health and nutrition.
People are having the conversation about health and looking at what you can do to control your health. It has become an opportunity to democratize the space. Make it more accessible.
Sharon Leite
Mandy Fields, CFO of e.l.f. Beauty, added, “There’s been a move to self-care. Today there is a lot more self-acceptance with people doing things like rocking the gray hair. And so, we think about: How can we help people do that? How can we meet the consumer where they are?”
Sally Mueller, CEO and Founder of Womaness, agreed with the shift in the consumer focus on self-care, but further cited the de-stigmatization of certain taboo topics such as menopause: “There is this generational shift. Women want to talk about menopause. It’s no longer taboo. Now, everyone is talking about it. The Millennials have taught Gen X to talk about it.”
The Rise of Education & Transparency
Conversation turned to the consumer and how leading heath, beauty and wellness brands are engaging with the consumer in relevant ways. Education and transparency emerged as consistent themes.
Melanie Goldey, CEO and member of the board of directors for Tally Health, acknowledged how difficult it can be for consumers to find sound information about women’s health and wellness. “There’s a lot of misinformation and noise out there.
We want to spark conversations around longevity and aging. To do that, we need to give the consumer different pathways to think about it, talk about it, etc. Consumers want and need hard science, but they also want the perspectives of their peers.
Melanie Goldey
Sally added: “Education is the entry point to our brand. Women are desperate for information about menopause. We offer this hub of trusted information because we’ve brought in the experts, and we offer ways for people to engage through events and places like a private Facebook group.”
Further emphasizing the value of transparency, Mandy noted the growing demand for beauty brands like e.l.f. to use untouched or unedited images. “Things like that are really educating the consumer about what is realistically possible from a product. It helps us be transparent about what you can expect. And a lot of our consumers do that work for us by showing how to use the product on social media. They have been our messengers.”
Exciting Horizons
Discussion concluded with each panelist sharing what developments in health, beauty and wellness are most exciting to them. Panelists cited current and anticipated innovation in the space, as well as evolving ideas and perceptions.
New products and services that are really data backed – they can empower us to take action on our health in ways that we previously were never able to.
Melanie Goldey
Mandy added, “Beauty is the one category that offers so much opportunity. It is a wonderful place where you can push the boundaries. I’m excited to see what is to come.”
Sally added, “retail finally getting behind women’s health, menopause specifically. I’m excited to see the results of the innovation that the retailers will have coming out of these conversations. They’re really focused on it.”
The panel agreed that innovation in products and services will be more welcome as consumer ideas and perceptions continue to shift. “I am really excited about the innovation and the conversations that are being had about health and wellness,” said Sharon. “It’s gone mainstream.”
Thrive
These insights were originally shared at Thrive, a first-of-its kind event where Baird brought together extraordinary women, including some of our most successful clients, in an energizing forum for networking and exploration of topics spanning business, leadership, wealth creation and wellness.
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