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The Business of Beauty: Understanding the Services Market (Jul 12, 2024)
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The Business of Beauty: Understanding the Services MarketThe beauty industry, especially beauty services, was significantly affected by the COVID-19 pandemic. However, it is bouncing back. The post-pandemic industry is characterized by five important trends: growth in beauty players offering both products and services, a shift in customer preferences to specialized over generic, growth in advanced procedures, the increased centrality of customer experiences, and shifts in the labor market for beauty service professionals.To get more news about 부산해운대출장샵, you can visit our 24-call.net official website.In 2022, the beauty market—defined as skincare, fragrance, makeup, and haircare—generated approximately $430 billion in revenue2. Today, beauty is on an upward trajectory across all categories. It has proven to be resilient amid global economic crises and in a turbulent macroeconomic environment. The beauty market is expected to reach approximately $580 billion by 2027, growing by a projected six percent a year.Consumers, particularly younger generations, will spur this shift, as their own definitions of beauty morph while their perceptions of everything—from the meaning of sustainability and the role of influencers and key opinion leaders to the importance of self-care—evolve. Overall, beauty is expected to be characterized by “premiumization,” with the premium beauty tier projected to grow at an annual rate of eight percent.E-commerce in beauty nearly quadrupled between 2015 and 2022, and its share now exceeds 20 percent, with significant runway ahead2. This compares with a 2022 e-commerce share of approximately 30 percent in apparel and footwear, and around 65 percent in toys and games. A number of factors have fueled e-commerce growth in beauty: the expansion of beauty offerings from online giants like Amazon in the United States and Tmall in China; the increased digital sophistication from direct-to-consumer players; the steadily growing significance of online for omnichannel retailers; and the proliferation of social selling, including livestreaming, in Asia.The beauty services market encompasses three key service segments—hair, skin (including injectables, makeup, tanning, and waxing), and nails—as well as beauty merchandise sold in salons. Market growth was strong in the years immediately before the global pandemic, with a CAGR of 4 percent between 2017 and 2019. The beauty industry was among the hardest hit during the COVID-19 pandemic, which forced temporary closures and caused an estimated 20 percent of salons to shut down permanently. In 2021, sales bounced back to about 70 percent of prepandemic levels, corresponding to an estimated market value of $57 billion.In conclusion, understanding the business of beauty and the services market is crucial for companies looking to consolidate or expand their positions in this highly dynamic and innovative industry. The beauty industry has long been a platform for self-expression. These services have the ability to boost confidence, promote self-care, aid in recovery, create connections, and empower individuals.
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