As Ricardo Montalban once said, the key to feeling good is to look good. That’s the core concept behind the beauty industry, where people don’t mind investing in themselves to have greater self-confidence.
Beauty Industry Statistics
The beauty industry is expected to be valued at $630 billion by 2017.
Both men and women utilize the beauty industry every day. Shaving is part of beauty, as are the various lotions, moisturizers, and other accessories that people put on, often without thinking. If you put gel or pomade in your hair, that’s also contributing to this industry!
Essential Facts About Beauty Industry
1. Premium cosmetics outperformed mass cosmetics in three major markets: Western Europe, North America, and the Asia-Pacific Region. In 2011, the growth was 4.7%.
2. Beauty care products are expected to account for 33% of the total sales in this area by 2017.
3. Products that absorb UV had the highest percentage of global growth in the last year, improving sales by 5%.
Takeaway: People have transitioned from a short-term perspective to a long-term perspective. What good is it to look beautiful today when in 5 years the sun may damage the skin so extensively that it is irreparable? That’s why the increase in sales in this market has been with premium products and UV absorption products. These help people be beautiful today and still stay beautiful tomorrow, which helps someone believe their investment has more value to it.
Key Facts About the Beauty Industry to Know
1. The are four key concepts to watch in this market in the next decade: wrinkle reduction that penetrates to the fat layers, increased UV protection, a transition from lotions to foam, and an increased emotional awareness of beauty.
2. 50% of consumers around the world rely on beauty products that will save them time.
3. 67% of people say that they feel their lives are too busy to utilize any beauty products, yet they feel pressured to use them in order to be competitive.
4. Nail polish sales in the United States were up 23% over the previous year.
5. 36% of people in the United States purchase soap products not based on the ingredients in the soap, but by the scent the soap has.
6. In using shampoo, 44% of respondents to a recent survey said that the odor of the shampoo was the primary reason why they purchased it.
7. Spa water is the most commonly used source of hydration in beauty products, accounting for 78% of the industry.
8. 30% of customers in a recent survey said they would pay more for water if it just had extra vitamins in it.
Takeaway: As Ricardo Montalban said so many years ago, people look at being beautiful as being healthy. To improve their beauty, they’re willing to take on a multi-faceted investment in order to achieve results, even if those results are slight. The future of the beauty industry appears to rest on this reliance of hope by targeted specific areas on the human body that aren’t necessarily targeted right now. These new products, when combined with today’s best sellers, will certainly help see this industry see explosive growth in the next decade.
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