Research Unveiled Today by FIT's Cosmetics and Fragrance Marketing and Management Class of 2021--"Beauty's Think Tank"--on the Future of Consumerism - PRNewswire

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NEW YORK, June 23, 2021 /PRNewswire/ -- Today, students from the FIT Cosmetics and Fragrance Marketing and Management (CFMM) master's degree program present their capstone project—The Future of Consumerism—a two-part study spanning 16 countries that examines how COVID-19 triggered shifts in consumer mindsets and identifies its ensuing impact on brands and retailers in a post-pandemic world.

The 2021 cohort completed an in-depth analysis consisting of primary and secondary research; field work; original consumer research inclusive of over 1,600 respondents; and interviews with 28 market experts across five continents. Recognized internationally as a think tank of innovation, the two-year graduate business program educates emerging executives from the beauty industry through advanced coursework and global field studies that focus on identifying marketing best practices across all consumer industries. To register for today's webinar, click here. The students will also present their findings at CosmoProf North America on August 30 in Las Vegas.

Part One of The Future of Consumerism study, titled The Future of Global Consumption, addresses the shift from shareholder-led capitalism to consumer-led capitalism. Part Two, The Chameleon Consumer, examines the evolving values of U.S. consumers and their emotional relationship to purchasing. Sample highlights from the research are included below.

"Each year 700 industry attendees come to FIT to review the findings of these emerging leaders on issues challenging the consumer products sector," Stephan Kanlian said, founder and professor of the Cosmetics and Fragrance Marketing and Management graduate program. "FIT students go on to present their capstone research to executive leadership within their own companies and at industry conferences around the world. This year's research explores the permanent shifts in consumer values, thinking, and purchase behavior caused by the global pandemic, easily the greatest disruption in corporate strategy and individual behavior patterns we are likely to see in our lifetimes."

CFMM Market Opportunity #1: The Circular Economy
We live in a linear economy in which consumers and brands are on a never-ending cycle of take, consume, and dispose. With a circular economy, brands can be value-driven and allow consumers the opportunity to disrupt the old pattern with a model of "make, use, return, and repeat." Today, only 9% of the global economy is circular and the opportunity for brands to profit from the untapped 91% will be valued at $4.5 trillion by 2030. (Accenture)

Consumer Behavior: The Future of Traceability

Consumers track all aspects of their lives and are looking to make better choices for their futures. Therefore, brands need to put the consumer's core values at the center of their business and strategy.
66% of global consumers align themselves with brands that mirror their values. (FIT Lifestyle Survey, 2021)
88% of global consumers want brands to help them make a difference. (Forbes, 2019)
71% of global consumers are willing to pay a premium for brands that provide traceability. (IBM Institute of Business Value, 2020)

Recommendation: CFMM's Personal Impact Index (PII)
Brands must value consumers over all other stakeholders. Research led the students to create an indexing tool, dubbed the "Personal Impact Index (PII)," through which consumers can track every purchase to see how it aligns with their social values, such as transparency and sustainability. In turn, consumers with higher PII scores can unlock higher credit scores as a result of participating in ethical consumption as responsible global citizens. Simultaneously, brands can leverage PII data to predict future purchasing behavior and marketing opportunities.

CFMM Market Opportunity #2: Understanding the Post-COVID Consumer
How can brands in the U.S. pinpoint consumers' shape-shifting values? Brands can better serve their consumer audience by identifying which of the following CFMM-coined values is driving their purchasing decisions:

"For Me" values: introverted and self-serving
"Fulfillment" values: rewarding and community-building
"Fundamental" values: logical and practical

Consumer Behavior: Chameleon Consumers
Today's consumer is like a chameleon, constantly changing their purchasing behavior based on mood, situation, and core values.

75% of U.S. consumers believe their purchasing decisions shift based on the circumstance they are in. (FIT Lifestyle Survey, 2021)

Recommendation: CFMM's Chameleon Credo
The CFMM students developed a brand survival guide, coined the Chameleon Credo, which brands must follow to future-proof their businesses:

Deliver newness that's intentional when it comes to communication, innovation, and buying channels.

62% of U.S. consumers say brands need less assortment and higher quality. (FIT CFMM Consumer Values and Behaviors Survey, 2021)

Predict the shift by understanding what a consumer values the most at a particular moment (flexibility, quality, wellness, time and convenience, price, or community)

100% of the time, flexibility was marked as a top 3 driver in all purchase scenarios presented to survey respondents. (FIT CFMM Mood Mapping Survey, 2021)

Transform the experience by offering interactivity from the comfort of the consumer's home.

7 out of 10 respondents prefer shopping online because it's convenient for them. (FIT Shopping Experience Survey, 2021)

The class of 2021's respective white papers can be viewed upon request.

About CFMM
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, L'Oréal and LVMH, and global consumer packaged goods companies including Coty 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.

About FIT
FIT, a part of the State University of New York, has been an internationally recognized leader in career education in design, fashion, business, and technology for 75 years. Providing an uncommon blend of practical experience and theory on a foundation of arts and sciences, FIT offers a wide range of affordable programs that foster innovation, collaboration, and a global perspective. FIT draws on its New York City location to provide a vibrant, creative environment for learning, exploration, and research. The college offers nearly 50 majors and grants AAS, BFA, BS, MA, MFA, and MPS degrees, preparing students for professional success and leadership in the new creative economy. Visit fitnyc.edu.

Ivana Cepeda, Media Relations Specialist
[email protected]

SOURCE Fashion Institute of Technology