If you’re an established brand that has spent years (and millions) working your way to the top, there’s bad news for you. The beauty industry is becoming increasingly competitive, and consumers with highly complex sets of preferences are also responding to new players. You’re going to have to step up and mark down.
But if you’re a new name hoping to make a breakthrough, it would be easier under this climate, thanks in part to the Internet and social media. Let’s take a quick look at how salons and makeup brands are doing these days.
The hair segment is growing at an annual rate of 2.4%, with around yearly revenue of $5 billion. Stylists are seeing innovations in tools like professional hairdressing scissors in Canada sold online at very accessible prices. The web also provides a wealth of resources on the latest trends and techniques, making it easier for aspirants to provide hair care, cut and styling services.
Skin care and makeup
Rightly or wrongly, there is a current emphasis on stopping the time through a healthy diet, meticulous skin care and choices of products. According to Fabrizio Freda, Estee Lauder President and CEO, 65% of teens are prowling through social media in search of new products. Some 80% of women use at least three skin care products daily. Everyone is also spending more on concealers, foundation and mascaras.
This trend is more than just a quest to look beautiful. The cultural shift that leads to the massive demand for beauty products and services is highly complex involving self-expression, career growth and overall quality of life. In response, the beauty industry becomes more saturated, more affordable and more advanced.