Beauty covers skincare, color cosmetics as well as hair care and fragrances. Experts are expecting a recovery in the industry by 2022.
Most people think that BEAUTY INDUSTRY is only about women’s products and services when they hear the term. For all men out, however, this is not true. Recent trends have seen an increase in the sales of men’s unisex products.
Beauty Industry Still Faces Challenges
CONSUMERS FAILURE TO TRY PRODUCTS ON STORES
There has been a significant drop in cosmetics consumption due to the quarantine and pandemic. People don’t have access to the malls to sample and purchase the products they want.
Consumers also increased their DIY product consumption, as they found it hard to get or make them at clinics or stores. Thankfully, all is going well and we hope that it will continue.
CONSUMERS – A JOURNEY IN EXPLORATION
Most consumers, especially females, love discovering new products. Today’s young consumers love to shop for smaller brands and shun larger brands. They value local-made, allnatural and cruelty-free products. Being Instagrammable is a must.
THE SURGE CREATIVITY
Young, independent brands are supporting a wave of creativity. Every day there are new brands with innovative ideas about how to stay or become beautiful. The beauty industry is experiencing a boom in entrepreneurship. These young brands can be supported by the physical retailer beauty channel.
ACQUISITION OF BIGGER COMPANIES BY SMALLER CORPORATIONS
Since large companies tend to acquire young, start-up businesses at very high valuations most founders are encouraged to be more creative.
Fastest-Growing Trends
FAST AND EASY FIX
This category refers to the desire for immediate satisfaction. This category contains products that give immediate improvement to bags, skin, or complexion.
THE “NO-MAKE-UP” MAKEUP STYLE
A majority of beauty enthusiasts desire a natural, minimally-applied look. It is about natural-looking results, and not perfection. These looks emphasize your individual features and let your skin breathe.
EARTH-SOURCED SSKINCARE WITH NO CRUELTY
No longer are consumers concerned about ingredients and the chemicals used in the products they use. The skin category is thriving with new products that are clean, natural, and even wholesome.
CUSTOMIZING/PERSONALIZING
This is a new kind of luxury: products that are created with customer input. Now, customers want to personalize their purchases, such as adding their names or selecting the packaging.
This allows them to choose the products they want and the components. This makes products more personalized and better suited to each individual.
