SURVEY ON “DEMAND FOR TRANSPARENCY”
As an FIT alumn, I was super happy to read about the Survey by the Cosmetics and Fragrance Marketing and Management Graduate Program’s 2018. “How the Beauty Industry Can Answer the Consumer Demand for Transparency”. Here are some facts that I’d like to share form the survey.
Consumers around the world are demanding transparency and authenticity in every facet of their lives. This is manifested in our political climate, in the fast-changing world of advertising, in our fixation on natural and organic foods—and, increasingly, in the call from consumers for transparency in beauty. But what does “transparent beauty” really mean? Is it a call for clean cosmetics? Is it a demand for insight into how our beauty companies source their innovations and run their business? Or something else entirely?
To reach their conclusions, the 2018 CFMM graduate students examined data, conducted extensive global research, designed and fielded the 2018 FIT Transparency Perception Assessment Survey, and interviewed industry executives.
The proprietary survey discovered that consumers crave communication, accountability, and values from both brands and beauty industry employers. Lack of transparency is impeding the consumer path to purchase as well as the employee pursuit of purpose.
- 72 % of consumers want a brand to explain what the ingredients do.
- 42 % of respondents feel that they do not get enough information from brands on ingredient safety.
- 60+ % of consumers want brands to identify sources for ingredients.
- 74 % of consumers agree to share their data if they are getting something in return.
- The beauty industry is 72 % more likely to rank company culture as the top reason for employment over the general population.
- 55 % of participants within the beauty industry said they do not have enough clarity or information about career progression. This is two times the rate of the general population.
The FIT Master of Professional Studies (MPS) in Cosmetics and Fragrance Marketing and Management (CFMM) program, one of seven advanced degree programs in FIT’s School of Graduate Studies, was developed in collaboration with industry as a leadership development program for outstanding mid-career executives. Global luxury firms including Chanel, Shiseido, Estée Lauder, and LVMH, and global consumer packaged goods companies including Coty, L’Oréal, and Unilever, nominate talented emerging executives to participate in the two-year program. The CFMM program has become the beauty industry’s recognized think tank, producing high-level research presented to industry executives and organizations, and during specialized panels, symposia, and forums in both academia and industry. Visit fitnyc.edu/cfmm.
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SOURCE Fashion Institute of Technology