International fashion and beauty industries are worth an estimated $765.1 billion (AUD) and are expected to continue to grow at a rate of about 6% per years, skyrocketing to over a trillion Australian dollars by 2025.
Even as other supposed “luxury” industries peak and trough, beauty industries continue to have a steady growth. This is suggested to be due to the ‘lipstick effect’, a theory proposed that as financial situations tighten, people are more likely to spend extra on things like cosmetics that make them feel good.
Here are the top beauty trends that are predicted to grow and boom in 2020.
Increase in Demand for Instant Beauty
With less time and a greater need for solutions that last longer, instant beauty procedures are on the rise. Instant beauty treatments are fast, usually non-surgical, procedures, still performed by qualified cosmetic surgeons, that offer staggering results that last a long time.
As technology has advanced, it’s now easier than ever to have a nose job or facelift, often with procedures being completed in your lunch hour. Of course, with speed and skill comes some extra expenses, so these treatments aren’t for everybody. Still, if you want stunning results in the time it takes to eat a salad, instant beauty solutions may be for you.
Sustainable and Clean Beauty
Sustainable and clean beauty can be hard to follow. With almost every cosmetic brand having an ever-growing ingredients list on the back of their product, it can be hard to source the products that truly are clean and safe. But the payoff is worth it.
People are becoming increasingly aware of the amount of potentially toxic and carcinogenic chemicals in all the products we use regularly. Beauty is no exception. More and more, consumers are pushing for products that contain natural and sustainable ingredients that don’t pose potential risks to health, or in the worst cases cause further skin and beauty issues down the line.
Buying from Personal Brands
Younger teens and millennials are pushing the beauty and cosmetic industries. That’s not to say those of us who are older don’t buy beauty products, but the 14 – 30 age group are more likely to spend more and try new products than any other.
This group also has another key purchasing metric — they are more likely to shop through e-commerce, seeking beauty products such as hair styling products or makeup out online. That has spurred a whole range of new cosmetic and beauty companies who are smaller and more personal. Not only do they come with a story, rather than a multi-billion dollar backing, but they also offer a greater range of customisable and personalised cosmetics.
Further reinforcing and tying into the above point, more and more consumers are relying on influencers and social media posters to seek out their recommendations for new products. Traditional advertising is shrinking and becoming less effective in exchange for products being pushed by actual real people—rather than advertising ‘real’ people—on social media platforms.
Brands that collaborate with influencers are more likely to be successful in increasing their consumer-base and growing their market in the coming year.