The Future of Beauty: Trends Shaping the Services Industry
The beauty industry, a dynamic segment ripe for disruption, is on an upward trajectory across all categories. It has proven to be resilient amid global economic crises and in a turbulent macroeconomic environment1. The beauty market is expected to grow by a projected six percent a year.To get more news about
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One of the key trends shaping the future of the beauty industry is the fluctuating costs of products and materials. Prices for beauty and personal care products last year were volatile due to the increasing costs of raw materials. These fluctuating costs, particularly for natural ingredients, are impacting product pricing and consumer affordability.
Another trend is the influx of direct-to-consumer (D2C) and digitally-native beauty and personal care brands. These brands have pushed product innovation boundaries, especially within the clean beauty and beauty science spaces. However, as more small brands emerge, demand for these newcomers is unpredictable.
The beauty industry is also characterized by “
premiumization”. The premium beauty tier is projected to grow at an annual rate of eight percent. Consumers are trading up and increasing their spending, especially in fragrance and makeup.
E-commerce in beauty has nearly quadrupled between 2015 and 2022. A number of factors have fueled e-commerce growth in beauty: the expansion of beauty offerings from online giants like Amazon in the United States and
Tmall in China; the increased digital sophistication from direct-to-consumer players; the steadily growing significance of online for
omnichannel retailers; and the proliferation of social selling, including
livestreaming, in Asia.
In conclusion, the future of the beauty industry is being shaped by several trends. These include fluctuating costs of products and materials, the influx of D2C and digitally-native brands,
premiumization, and the growth of e-commerce. These trends are expected to continue to shape the industry in the coming years, leading to a future that is both exciting and challenging.
