The global beauty industry generates roughly $500 billion per year in sales, accounting for millions of jobs. The worldwide pandemic and dramatic economic shifts have affected this market in surprising ways.
Covid-19 And The Lipstick Effect
The “Lipstick Effect,” observed by the chairman of Estee Lauder, shows cosmetic sales increase during economic downturns, a phenomenon dating back to World War 2. Studies suggest people prioritize their appearance in challenging times due to various psychological factors.
In the era of lockdowns and social distancing, we see a focus on self-care and DIY beauty options. The consumer’s desire for beauty, wellness, and luxury products remains strong, shifting sales to other categories.
While brick-and-mortar aesthetic businesses see decreased traffic, online sales are booming. Beauty product and device manufacturers like Sylton are helping distributors innovate to meet changing demands.
DIY Beauty- What Do WFH And Lockdowns Have To Do With Purchasing?
The pandemic accelerated trends toward remote work and virtual meetings. People found themselves breaking free of their 9-5 routine, yet still wanting to look their best for video calls.
YouTube DIY videos gained popularity in 2020 as people learned to perform various beauty procedures at home. Whether driven by cost savings or lack of options, clients find ways to access products that make them feel good.
The Digital Beauty Sales Shift
Online sales have exploded in place of in-person shopping. The anticipation of web purchases and self-care days keep spirits up in trying times.
Luxury hand soap sales increased dramatically in France, and Europe’s biggest online lifestyle and fashion marketplace reported growth in pampering categories. Amazon in the USA reports significantly higher numbers for hair, bath, and body products.
Beauty remains closely tied to well-being for many, suggesting clients will continue indulging this need affordably during stressful times. The beauty industry stays agile through evaluating practices and partnering with aesthetic business innovators.
Beyond Covid- Planning for A Thriving Beauty Industry
Difficult times can inspire valuable, lasting improvements. The COVID-19 crisis may have altered our industry, but you can get on track with where we’re headed.
Digital communication, marketing, and sales are increasingly central to business. More people are conducting detailed product research online. Global borders are less of a barrier, benefiting those who master direct-to-consumer marketing, branding, and customer care. Social-media in-app shopping springs from dynamic engagement and an effortless user experience.
Beauty-industry leaders who thrive have maximized digital channels to engage new clients taking beauty into their own hands. Are you making the most of digital communication and services through virtual consultations, visually engaging product advertising, and a personalized client experience?
Are you primed to keep up with rapidly shifting beauty product demands? One challenge beauty distributors face is reallocating resources to meet online demand. The product innovation pipeline is now lightning fast. To keep up with shrinking timelines and increased pressure, providers need strong collaborations with beauty product manufacturers specialized in adaptation and innovation.
Sylton, and our parent company InnoFaith beauty sciences, offer full-custom products. We cooperate closely with you to meet rapidly changing needs and help fortify your presence in the market.
Sylton distributors benefit from our vision and experience around the world. Contact us to chat.