The Future of the Beauty Industry
From skincare, makeup, hair, nails to our personal fav, lashes, the beauty industry has truly evolved over the years.
Long before social media, influencers and alluring advertising, people searched for ways to enhance their appearance (we’re talking all the way back to the days of the Egyptians).
Fast forward to the early 20th century and there was a shift in the beauty industry in terms of the products and beauty services that became readily available. When silent films became popular, men and women were seen on the big screen with distinct hairstyles and meticulous makeup. This led to a large demand for products and services that allowed people to replicate the iconic looks they were seeing in films.
Cosmetics were sold in department stores, hair and other beauty services became more accessible. And the advertising world led the charge, taking to new, creative ways to reach consumers (hello, fashion mags!).
While the beauty industry is quite broad, decade after decade, we’ve seen beauty innovations change the lives and everyday routines of all races, ages and people. Today, the options and outlets for anything and everything related to the beauty industry are astonishing. But how different do things look now compared to years past?
The Beauty Industry Now
If we had to choose a single word to describe the beauty industry today, we’d pick INNOVATIVE! From the offerings in the cosmetic and beauty services industry to the influence of digital marketing and social media, the beauty industry has taken on a whole new construct!
To help paint the massive picture on the growth of the beauty industry (we’re talking in just the past couple of years), check out these jaw-dropping stats:
- In 2020, the beauty industry was at $483B.
- In 2021, (that’s right—in just one. single. year) it grew to $511B with an annual growth rate of 4.75% WORLDWIDE! 🌎😮
These trailblazing numbers serve up a great deal to consider as to why the beauty industry has grown like it has. Here are some of the things that have played a significant role:
💄 Product Innovation
- Example: Think less is more! Companies have figured out how to create a line of products that can work together in 3 simple steps vs. needing 8 products to get the job done.
💻 Digital and Consumer Marketing
- Example: You know when you’re scrolling on your phone and get an ad for a local business and that business happens to be right in your Louisville neighborhood? Ta-da! Internet search trends are being analyzed like never before. Companies are using that info to target consumers and taking further steps by using things like chatbots on their websites to further engage with consumers.
👩🏻👱🏾♀👨🏽 Inclusivity
- Example: Skin tones and skin needs differ; therefore, offering products in a wider range of shades and formulas has opened doors to a whole new market of consumers.
🛍 Consumer Demand
- Example: Companies have kept a close eye on the ever-changing needs/wants of their customers, and have figured out how to deliver new or reinvented products or services to meet those needs.
🤳🏽 Social Media and Influencers
- This one speaks for itself. As we all know, social media and the way influencers use, demonstrate and advertise products has been a total game-changer.
This list could go on and on! Curious where it’s going?
The Future of The Beauty Industry
With the acceleration just this year in the beauty industry, it’s mind-blowing to think about the growth that’s upon us. As products, services, brands, technology and marketing continue to reach new heights, take a look at the booming beauty industry predictions that are just around the corner:
(You might want to sit down. These numbers are insane! 🤯)
- By 2025, the beauty industry is predicted to exceed a whopping $716B!
- Hold on tight! By 2027, it’s projected to be at $784.6B!
What does this mean in the big scheme of things? A lot! The future of the beauty industry is not slowing down and, to keep up, companies offering products and services are going to have to pay attention to trends, needs of their customers and innovative ways to deliver.
Lean Into the Booming Lash Industry
The growth in the beauty industry also means JOBS! In order to keep up with the high demand, job opportunities in the Louisville area will flourish. We’ve seen this in the lash extension industry ourselves and continue to look for qualified lash technicians to join our team in order to meet the demand in our KY salons. To say it’s an exciting time to embark on a beauty industry career would be an understatement. BIG things are happening! If there’s ever a time to consider a rewarding, new career in an industry that’s going places, this is it!
Consider a career as a lash technician! As our industry continues to boom like never before, The Lash Lounge St. Matthews – Chenoweth Square is honored to be a part of something BIG and YOU can, too! 👇🏽
