Beauty Industry Responds to Impact of COVID-19 Pandemic
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Beauty Industry Responds to Impact of COVID-19 Pandemic
Beauty is always both lucrative and exciting. Women (and increasingly men) have always been willing to spend money on products and treatments that make them look and feel their best.
In recent years, we have seen a surge in the popularity of natural and organic products, as well as increased demand for treatments that provide visible results with minimal effort.
Photo by Fall Goodman on Unsplash
That’s why more and more people want to become experts and make a career in it, leaving people wondering how to become a qualified beauty trainer? , especially after the COVID-19 pandemic.
product ingredients
In the wake of COVID-19, consumers are now looking for safer beauty and personal care products. Due to growing concerns about bacteria, more consumers are turning to more hygienic personal care products.
This has led to innovation in every aspect of the industry. Many brands have had to reformulate their products to meet new safety guidelines, and some ingredients have become difficult to source.
As a result, the beauty industry has quickly adapted to the changing landscape. Fortunately, many brands are up to the challenge. Over the past year, we have witnessed an explosion of new products and formulations designed to meet the demands of a post-COVID world.
consumer spending pattern
The outbreak of COVID-19 has led to changes in consumer spending habits. With many people now working from home, there is less need for expensive beauty products and treatments. Instead, people opt for more affordable and convenient options, such as drugstore makeup and skincare.
Changes in consumer preferences were also observed. Cosmetics sales fell 5% between 2019 and 2020. This equates to a Β£1.2bn reduction in revenue from lip products alone.
Before this crisis, the prestige market in the segment had increased by 14%. Nonetheless, after it was lowered by 2 points, the main reason for its decline in popularity among consumers is that they are now opting for eye makeup due to an increase in home experimentation.
Increase in skin care and face masks
The increased demand for skin care products and face masks is one of the most notable changes we have seen in the beauty industry since the outbreak of COVID-19. With many people now working from home, there is more time to focus on self-care and personal appearance. This has resulted in increased sales of skin care products.
Over the past two years, the explosion of “medicated” or dermo-cosmetics has transformed skincare. The skin cosmetics market is primarily a European market, but has since become global, spanning demographics and countries.
Companies such as Cera Ve, Cetaphil, and others saw their U.S. sales grow by 15% or more, along with solid double-digit growth outside the African continent, especially in China, where growth rates were around 30%-40% .
Content elf photo on Unsplash
in conclusion
There is no doubt that the beauty industry is changing, and the industry has responded to COVID-19. But one thing is for sure: the pandemic has had a major impact on how the beauty industry works.
Many brands have been forced to adjust and change their business models to stay afloat. What does the future of the beauty industry look like? Only time will tell.
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