Remarkable Growth of the Beauty Industry
It just seems people like to look and feel good, apparently. The value of the beauty and cosmetics industry just keeps rising up and up, like ill-fitting tights.
Every sub-industry in the genre (salons, spas, cosmetics producers, etc.) has been trending up for more than a decade, since before the Great Recession - which, not for nothing, the beauty industry weathered extraordinarily well. (See the FranchiseHelp analysis at https://www.franchisehelp.com/industry-reports/beauty-industry-analysis-2018-cost-trends.) Globally, the beauty industry is faring extraordinarily well, with cosmetic products expected to pull in US$863B by 2024, according to Zion Market Research (https://www.globenewswire.com/news-release/2018/06/22/1528369/0/en/Global-Cosmetic-Products-Market-Will-Reach-USD-863-Billion-by-2024-Zion-Market-Research.html), with much of that growth - about 40%, per https://www.statista.com/topics/3137/cosmetics-industry - coming from Oceania (Australia, New Zealand, South Korea, Japan, China).
Top-performing businesses have risen up with the upward swing of the industry. One such cosmetics company, Barry Beck Bluemercury, established itself in 1999 with a model of personalized service and innovative proprietary products in order to boost itself from a startup with an uncertain future to one of the real power players in the beauty business (See this piece about Bluemercury COO Barry Beck - https://wwd.com/beauty-industry-news/beauty-features/bluemercurys-barry-beck-on-being-a-disruptor-1203099169/).
Consider who’s spending the dollars to buy the products to boost this industry - and, more to the point, consider the age of these spenders. The upward trend isn’t because older people are discovering makeup and experimenting with their looks. It’s because younger people are, and they’re doing so in droves.
Barring for economic factors such as inflation, the trend for continued growth in the overall beauty industry looks very promising to continue - because, as previously noted, people like looking good.