The beauty market (skincare, fragrance, makeup, and haircare) is expected to top $450 billion in revenues this year, according to McKinsey.
In its report on the latest trends, BeautyMatter says, “TikTok is here to stay.” That’s not to say TikTok is the only effective social platform when it comes to social selling. While TikTok is tops with Gen Z, millennials still prefer Instagram. But, BeautyMatter says, “Social selling on various platforms and the enduring power of TikTok will continue to shape the way brands market products and engage with their highly segmented communities.
Another particularly hot category (which I’ve noted for years) is male grooming. Beauty Matter says the number of male customers in the industry will continue to rise, reaching $100 billion by 2030, according to Custom Market Insights. And they add that some attribute the rise in sales to “highly targeted social selling,” which reaches more men. Plus, there are so many more brands devoted to male skincare and cosmetics.
The industry has changed. BeautyMatter notes that “Specifically, within the confines of social engagement and community building, many brands now feel a responsibility to help shape the conversation around beauty and define it and its impact.”
And consumer expectations have changed as well. Consumers want to “learn everything they can about the products they’re buying, the founders behind the brands, and their missions. This desire for information has raised the bar for companies and puts added pressure on them to ensure they are presenting their brands in the best light and authentically and transparently.”
The rise of e-commerce, the broader digital ecosystem, and consumer behavior patterns have all created new opportunities for brands, says BeautyMatter, but it’s also increased the rate at which trends come and go.
Beauty stock image by Daniel Pawer/Shutterstock
