Instinct of Color
Nail polish has been becoming a huge rage. Bottles are going for close to $8.00 and women are
continuing to flock to stores to buy all the shades of the rainbow. Sparkles, glitter, neon, and glow-in-the-dark are just a few of the newest trends that are sweeping the industry. Spending a girl’s night in to paint your nails is no longer just for the mom and her youngsters. This new trend is something that is available and open to all markets including the modern, CEO woman. It's kind of a big deal.
Now About the Market...
The nail polish industry has benefited from its products’ ability to be a small indulgence nature. The nail polish is typically bought by consumers with discretionary incomes. Like shoes, clothes, and fashion, these purchases are typically not limited to a one-time purchase. Rather, they are consumed on a regular enough basis. Consumers did shy away from salons when there was a decline in the per capita income. At home manicures and pedicures are becoming the rage. Due to this recent new trend, Americans have become flocking to drugstores and the nail polishes are relatively inexpensive. The top two firms within the nail industry are Coty Inc. and Revlon while the remaining share of the industry is split between several different small-scale manufacturing firms that will cater to one specific desire in the country. Industry growth reached total sales at around $426 billion globally this past year. Nail polish is becoming recognized as the new “lipstick effect”. It offers its consumers a feel-good factor and the perception of a luxury makeover at a relatively affordable price. For penny pinchers like myself that tend to look at the cost of an item and weighing the difference between options; I have indulged and find pleasure in getting my nails done. The perception of having your nails done is one that is well-cared for and that you have taken the time to make yourself presentable. Who wouldn’t want that confidence that comes along with something as easy to do as moving a little paintbrush over your nails?
Innovative Culture and Design
Nail art is something that is on the rise. You are no longer painting your nails on solid color, but rather infusing some type of pattern or design. The polishes I bought both supported breast cancer as well as offered a pink glitter/shimmer. Advanced technology has played a large role in allowing this to play out. The application process and the evolution in the format and formulation of colors has transformed over the years. Such things as gel-textured formulas and magnetic polish from Nails Inc. are just a few examples of ways that the industry has advanced.
Overall, I fit into the demographic that is to be considered the “correct market” for nail polish purchasers. I am constantly looking to spice things up and get a little bit of variety on my hands, sort of like the OPI commercial above (probably one of the most innovative I've seen in a long time). It brings me a little bit of happiness and makes me feel empowered. I am sure that this sporadic purchase touches other women within the same way. Marketing to women in the way that the nail industry has is both constantly involving and incredibly creative.