October 19, 2022
BANGKOK – A large portion of Thai consumers are willing to buy second-hand beauty products through social media due to the rising cost of living, according to a survey.
Despite the risk of getting counterfeit products, 22% of Thai consumers are willing to take the risk of buying second-hand beauty products through Twitter and Instagram channels as well as other social media channels because they don’t don’t want to pay full price for products, said Mintel, a global market research firm.
Chayapat Ratchatawipasnan, senior beauty and personal care analyst at Mintel, said Thailand is currently experiencing 7.1% inflation, so consumers are trying to cut costs when buying beauty products.
Chayapat said beauty brand owners might lose some customers to second-hand sellers, but brands could still build loyalty by creating a marketplace for users to sell their used products.
Chayapat said brands could also add their own promotions to the used goods exchange market. Such exchange markets would also ensure the quality of second-hand products while maintaining brand loyalty.
Mintel found that many consumers took to social media to search for used beauty products instead of searching for new products on conventional media, he said.
He added that TikTok, which is a platform for short music videos, has become popular among Thai Gen Zers looking for second-hand beauty products.
Sales of second-hand beauty products through TikTok are expected to increase by 42%, he added.
Mintel found that 46% of Gen Z Thais admitted that social media influenced their purchase of beauty products through online stores, Chayapat added.
He recommended owners of major beauty brands use their second-hand exchanges to reach out to various groups of customers through chats and messages through apps to attract them to their new products.
Chayapat said Mintel’s research also found that most shoppers, aged 45 and over, don’t like to risk buying second-hand products and 40% of this group said they had purchased products of beauty directly in the online stores of the brands.
So while brands create and manage exchange marketplaces for their own-brand second-hand products, they can still use the marketplace to reach the 45+ group of shoppers, Chayapat added.