The global beauty sector is on track to make $548 billion by the end of the year, up 4.5 per cent from 2023 with a forecasted 3.2 per cent growth rate for 2025, according to data analytics firm Euromonitor.
The article from Vogue Business discusses the key trends and events that shaped the beauty industry in 2023. It highlights the significant influence of social media, particularly TikTok, on beauty trends, with a focus on "get ready with me" (GRWM) videos and the rise of "skinimalism" where consumers prefer minimal, natural-looking makeup. The year also saw a surge in demand for products promising longevity and health, driven by a cultural shift towards wellness and anti-aging. There was a notable trend towards inclusivity, with brands expanding their shade ranges and focusing on diverse skin tones. Additionally, the beauty sector faced economic pressures, leading to strategic shifts like focusing on core products, reducing prices, or enhancing value propositions. The article also touches on the regulatory landscape, with new laws affecting how beauty products are marketed and sold, particularly in terms of sustainability and ingredient transparency.
Health & Fitness
Thu, December 19, 2024
