Beauty Industry Trends in 2023
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Loading... - Ales Balaz
- 09 Feb 2023
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The beauty and self-care market remains one of the world leaders in marketing and tech innovations. Major brands successfully implement new customer acquisition and retention strategies, use augmented reality to showcase their products, and disrupt traditional business models. Let’s review the beauty industry trends in 2023 and how they impact the market and consumers behavior.
Beauty Industry Overview
The beauty industry has never in its modern history faced such a global decline as in 2019. The pandemic has led to a 20-35% drop in the market and brick-and-mortar locations closing. Since up to 85% of product purchases were made in offline stores, this was a major blow.
Like it or not, beauty brands had to adapt to the new reality. The digital transformation sped up, introducing virtual try-on and artificial intelligence for enhanced customer experiences, resulting in a beauty tech notion.
Covid-19 also altered beauty consumers' habits and behavior as remote work and lockdowns changed their lifestyles drastically. Their attitude shifted from covering blemishes to treating their skin and buying quality self-care cosmetic products rather than makeup.
Surprisingly, Covid-19 became a trendsetter and triggered the skyrocketing development and transformation of the beauty industry. It is expected to grow from $500 to $716 billion by 2025. Read More…
