Beauty has blown up to be a $532 billion industry - and analysts say that these 4 trends will make it even bigger
- The beauty industry is valued at $532 billion and is on a rapid upward trajectory, according to a new report from retail analytics firm Edited.
- Cosmetics and personal-care companies will continue to benefit from social media influencers and brand ambassadors, even as they increasingly pivot to sustainable beauty and increased transparency in both manufacturing and pricing, the report stated.
- Here are the four major trends Edited analysts say to look out for in the beauty industry as it moves into the future.
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The beauty industry is growing faster than ever before. Today it's valued at an estimated $532 billion and counting, according to a new report from retail analytics firm Edited.
The rise of beauty vloggers sharing YouTube tutorials and posting about their favorite lipstick on Instagram continues to change the way consumers discover new products and engage with brands. In recent years, many cosmetic companies and direct-to-consumer beauty brands have started eschewing traditional advertising altogether, in favor of tapping into the power of influencer marketing and brand ambassadors.
At the same time, social platforms have evolved to be more shoppable by allowing consumers to purchase items they see in a post directly from the app. Thanks to features like Instagram Shopping and Pinterest's shoppable Pins, if consumers see an item they like, they can click on it to learn more and subsequently make a purchase.
According to the Edited report, there are several burgeoning beauty trends that will help the industry continue to grow. Here are the four key factors Edited believes will advance the beauty market:
1. Traditional retailers experiment with beauty
2. Targeted pricing helps reach new demographics
3. Increased transparency
4. Sustainable alternatives
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