The beauty and cosmetics industry are particularly susceptible to trends, as the market is constantly changing due to technology and fashion. There are many groups with their eyes on the beauty market, and we take a look at some of their predictions below.
Skincare Benefits Still Popular
According to the NPD group, 86% of women purchase makeup products with skincare benefits, like moisturizer or SPF protection. If you are selling a product or thinking of entering the makeup market with a cosmetic sales representative, know that this added benefit will be a major plus to your consumer.
Beauty Spending Has Bounced Back from the Recession
The recent economic recession depressed spending in all areas. However, spending is bouncing back. In 2012, 14% of women began to spend more on beauty products, whereas 45% of women had spent less due to the economic crunch. Households with incomes greater than $75,000 a year were never touched by the recession, increasing their spending from 2008-2010. Beauty sales are a good bet in almost any economy.
The Men’s Grooming Sector Continues to Grow
When looking at product development, it’s hard to avoid the men’s grooming market. This market continues to grow as men pay more attention to their appearance, driven by the move from physical labor toward white collar office jobs. From 2012 to 2014, men’s grooming is expected to grow from $27 billion globally to $31 billion. Products contributing to this are shaving-related and increasingly post-shave, skincare and fragrance products.
BB Creams Are Flagging Slightly
BB Creams were the biggest trend of the past few years in the cosmetics industry. These products were advertised as an all in one product that helps eliminate blemishes, spots, and so on. If you are looking at selling cosmetics, these still provide a lot of opportunity, as does any product offering multi-purpose use. The buzz has died down a bit, however.
DD Creams May Be Rising
Buzz seems to have shifted to “DD creams” or “daily defense” creams. These are multi-purpose, like BB creams, and their added value is to protect the skin against external pollution as well as sweat and grease.
What trends do you see emerging in the beauty industry in 2014? Share your thoughts on skincare, cosmetic sales, and beauty supply sales in the comments section below!