Marie Redding, Senior Editor06.24.21
The Fashion Institute of Technology is celebrating the 20th year of its Cosmetics and Fragrance Marketing Management (CFMM) master's program—and this year's graduates gave a virtual presentation, 'Beauty's Think Tank"--The Future of Consumerism.
Dr. Joyce Brown, president, FIT (shown above), welcomed guests during opening remarks.
Stephan Kanlian, founder and professor of the CFMM graduate program, comments:
"Each year 700 industry attendees come to FIT to review the findings of these emerging leaders on issues challenging the consumer products sector."
"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."Highlights of the presentation are below.
Also see the in-depth report and the presentation video in our Online Exclusive: FIT Grads Reveal New Findings About Beauty Consumers
Awards were also presented—scroll down for the winners.
The Future of Global Consumption & the 'Chameleon Consumer'
FIT's CFMM master's program graduates presented the Future of Consumerism study in two parts—The Future of Global Consumption and The Chameleon Consumer.The study spanned 16 countries—and examines how Covid-19 triggered shifts in consumer mindsets. It also identifies its ensuing impact on brands and retailers in a post-pandemic world.
Standout findings include:
- Targeting consumers by segmentation is no longer applicable
- Brands need to prioritize their consumers versus their shareholders
- Consumption will be measured by a new “personal impact index in” the future
How was research conducted? The 2021 graduates 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.
The students will present their findings at CosmoProf North America on August 30th in Las Vegas.
Award Winners
Award winners were anounced at the end of the presentation. They are—Department Medal Winner & Outstanding Scholar
- Allyson Trayah, director, marketing - Global Retail Lead, Redken, L'Oreal USA
Outstanding Scholar
- Alecceandra Meier, sr manager, global marketing, IT Cosmetics, L'Oreal USA
Coty Award for Professional Excellence
- Dr. Mark Polson, Professor, Cosmetics & Fragrance Marketing & Management and founder of Polson Associates
L'Oreal Student Leadership Award
- Ryan Larson, group director, fragrance marketing, L'Oreal
Scholarship Recognition
- Annalee Rice, sr marketing manager, Giorgio Armani Beauty, L'Oreal USA
Estee Lauder Companies Faculty Leadership Award
- Dr. Brooke Carlson, Dean, School of Graduate Studies
