The beauty industry is facing a crisis, and its impact is spreading far beyond the beauty-conscious consumer.
The American Beauty Council, a trade group for beauty professionals, predicts that beauty sales will fall by about 25 percent by 2025, while the beauty industry’s sales in the U.S. will shrink by about 30 percent, from $6.3 billion in 2016 to $5.5 billion in 2025.
The organization says the trend for mass-market brands such as Nordstrom, Sephora and Revlon will drive down prices and profits for both consumers and sellers.
“I think we’re at a tipping point in beauty,” said Dr. Katherine Glynn, the chief medical officer of the American Beauty Association, a nonprofit trade association for beauty specialists.
“The market has become so saturated, that it’s really hard for any brand to continue to succeed, and so the focus of a lot of companies is just on getting to the top.”
Glynn has been working on a report that lays out the challenges facing beauty brands in the face of these changing trends.
The report, which is due out in early February, will highlight how brands can help customers better understand the beauty they want and how they can maximize their potential.
The key is to make it easy for consumers to get to the source of their product, said Glynn.
She said consumers are more likely to buy products that they already know and like.
“We need to be really clear and very clear about what it is we’re selling, and what it isn’t,” she said.
“There are a lot more people who are going to be able to use this information.”
For example, a recent study by the Institute for Behavioral Health and Wellbeing at Johns Hopkins University found that consumers who shop online are more than twice as likely to choose a product online as those who shop at a retail store.
And consumers are less likely to shop for cosmetics, because of the higher price tag and the fact that most cosmetics are imported.
“You don’t have to be a beauty professional to understand the trend, and it’s just that we need to make that information available to consumers,” said Glynne.
Glynn is a consultant for the nonprofit organization and the report focuses on the consumer-centric approach to beauty.
For example: Beauty products that were previously considered affordable are no longer sold as often.
That means consumers are spending more money for a product that is not a high-end product.
That leads to lower quality products, which leads to fewer customers and a drop in sales.
It also leads to increased competition and more competition for the same products.
The market for “luxury” products has become fragmented, which means consumers have less purchasing power.
In the beauty community, the number of beauty salons has been on a steep decline.
So has the number and type of high-quality brands.
And because there’s no market for high-value products, the only way to get high-margin products is to charge more for them.
The beauty community needs to work together to create more and more products that appeal to the consumer, not just for beauty but for everyday needs, said Barbara Besser, an analyst with IBISWorld.
“When people shop for products that aren’t going to work for them, they don’t buy them.
And that creates a vacuum that the market will fill up with a lot less quality, lower-quality products,” she added.
“If we don’t start doing that, we’re going to have a much greater problem in the long term.”
As beauty companies grapple with the challenges, the beauty market has also faced a steep drop in consumer loyalty, according to Glynn’s report.
In 2017, a majority of Americans, 57 percent, said they would not recommend a beauty product to someone they did not know.
The same percentage, 52 percent, also said they wouldn’t recommend a product to a friend who has never worn beauty products.
Glynnes study found that, in 2017, the percentage of Americans saying they wouldn´t recommend a friend to someone who hadn´t tried beauty products fell from 73 percent in 2016 and 62 percent in 2017 to 46 percent in 2020.
A majority of consumers say they would never recommend a trusted friend to a potential client, according a survey of nearly 1,000 people conducted by the organization in 2018.
The survey found that when people are offered products that are not what they know, that leads to distrust and an inability to trust them.
According to Glynns report, many consumers believe that the beauty brand is more important than their own well-being.
The reality is that beauty is not just about looks.
“It’s not just a look,” said Barbara.
They don’t know the full story, but they have a better understanding of it. Beauty